Coinbase Acquires Major Payment Institution Licence in Singapore

Published 7 months ago

Coinbase Singapore has successfully obtained a Major Payment Institution (MPI) licence from the Monetary Authority of Singapore. This development enhances the company’s commitment to the Singapore market and allows for an expanded provision of Digital Payment Token services to both individuals and institutions in the region.

Crypto and Web3 Economy in Singapore

The importance of Singapore in the global crypto and Web3 economy cannot be overstated. With 25% of surveyed Singaporeans viewing crypto as the future of finance and 32% being either current or past owners of crypto, Singapore has naturally evolved into a significant hub for the industry. Furthermore, Singapore is home to over 700 Web3 companies, showing its pivotal role in the growth of the crypto and Web3 economy.

Singapore: A Vital Market for Coinbase

Coinbase has identified Singapore as an essential market for its operations due to the nation’s progressive economic strategies and approach to regulation. In response to the region’s growing demands and unique market dynamics, Coinbase has developed and released products tailored specifically for Singapore. This includes convenient funding options such as PayNow and FAST bank transfers, and the integration of SingPass, the trusted digital identity of Singapore, for a more streamlined onboarding process.

Growing the Regional Cryptoeconomy

Beyond offering products, Coinbase’s commitment extends to the broader Web3 ecosystem in Singapore. It has made significant strides in fostering strong relationships with industry associations and making region-specific investments through Coinbase Ventures. Over 15 of these investments are based in Singapore.

Coinbase’s collaborations with the local developer community and key partners have been instrumental in its growth in the region. Its active community involvement is evident through initiatives like sponsoring Ethereum Singapore and conducting workshops at prestigious universities.

Coinbase’s Commitment to the Global Crypto Economy

Coinbase is deeply committed to reshaping the financial landscape by developing trusted products that increase the utility and adoption of crypto. Its core belief is that blockchain and crypto technologies can amplify economic freedom and opportunities globally. The recent achievement in Singapore is a testament to this commitment.

Coinbase has made it a priority to work with regulators in key countries to support its international growth. The company has achieved VASP registrations in Spain, Italy, Ireland, and the Netherlands over the last year.

The Monetary Authority of Singapore is a significant regulatory partner for Coinbase. The newly acquired licence is not just an approval but a shared commitment, representing a promise and responsibility to the growing crypto and Web3 community in Singapore.

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