Coinbase, the digital currency platform, has achieved a significant milestone by obtaining a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS).
This development follows Coinbase’s initial In Principle Approval and underscores the company’s commitment to the Singaporean market. The MPI license empowers Coinbase to expand its range of Digital Payment Token services, catering to both individual and institutional clients in Singapore.
Coinbase’s international expansion update highlighted the importance of clear regulatory frameworks, innovation, and building trust among users. Singapore is an especially important market for the company, with a quarter of surveyed Singaporeans considering cryptocurrencies the future of finance and 32% having been either current or previous crypto owners. The nation is also home to over 700 Web3 companies, further solidifying its significance in the crypto and Web3 economy.
Recognizing Singapore’s alignment with their global mission and objectives, Coinbase has consistently identified it as a crucial market. In 2023, the company responded to the growing demand and specific market needs in Singapore by introducing tailored products. These offerings include convenient funding methods like PayNow and FAST bank transfers, simplifying onboarding through SingPass integration. Furthermore, Coinbase facilitated no-fee purchases of USDC with SGD, enhancing accessibility for Singaporean customers.
Coinbase’s achievement of the MPI license reinforces its commitment to providing innovative and regulated digital currency services in Singapore, a market with immense potential in the crypto and blockchain space.
