The well-known cryptocurrency exchange based in the United States, Coinbase, is ready to significantly expand in Singapore after receiving important regulatory approval from the Monetary Authority of Singapore (MAS). Coinbase has reached a significant milestone with this achievement, which was announced on October 1st. Coinbase has now been granted a Major Payment Institution (MPI) license by the MAS.
This important license, which comes a year after Coinbase’s initial in-principle clearance in Singapore, gives the exchange the flexibility to increase the number of individuals and institutions who use its digital payment token services.
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One key advantage of the MPI license is that firms holding it are authorized to conduct payment services without being subject to transaction limits. Specifically, they are free from the $2.2 million limit for any payment service and the $4.4 million limit for monthly transactions for two or more payment services, excluding e-money account issuance and money-changing services.
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In Coinbase’s view, this newly acquired license not only validates its operations but also underscores its commitment to serving the burgeoning crypto and Web3 community in Singapore. The company has made substantial efforts to cater to the Singaporean market. Earlier this year, Coinbase introduced features like PayNow and FAST bank transfers in March 2023. Additionally, it streamlined the onboarding process by integrating Singapore’s digital identity service, SingPass. Coinbase has also established partnerships with prominent local blockchain firms such as Nansen.ai, Blockdaemon, and Infura, with a focus on expanding its product offerings, including the Base blockchain and wallet-as-a-service.
Singapore is an integral market for Coinbase, as it has witnessed a remarkable adoption of cryptocurrencies. More than 30% of Singaporeans have reported being current or past owners of cryptocurrencies in recent surveys. Furthermore, Singapore boasts over 700 Web3 companies, cementing its status as a pivotal market for the growth of the crypto and Web3 economy.
Coinbase is not the only major cryptocurrency player to secure an MPI license in Singapore. In fact, several other global cryptocurrency firms have followed suit. Blockchain.com, a prominent crypto data provider and wallet, received the license in August 2023, becoming the 12th firm to do so. Earlier in June, Circle, the issuer of the USDC stablecoin, also obtained the MPI license, following Crypto.com, another significant cryptocurrency exchange. These developments underscore the growing importance of Singapore as a hub for cryptocurrency and blockchain-related activities, making it an attractive destination for both established players and emerging startups in the crypto space.
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