With the license approval, Coinbase now joins the ranks of other crypto companies with full licenses, demonstrating the country’s commitment to fostering a vibrant and well-regulated digital asset ecosystem.
Leading US cryptocurrency exchange coinbase has been granted an operating license to legally serve its customers in the region through its subsidiary in Singapore.
On October 1, Coinbase announcement of It received a regulatory approval from the Monetary Authority of Singapore (MAS), the country’s central bank, to operate as a major payments institution (MPI) company. This regulatory milestone allows the US-based exchange to expand its digital payment token services into Singapore, serving both individual and institutional clients.
Coinbase granted full operating license
Coinbase previously received in-principle approval from the MAS in 2022 after entering the country in July 2015 in compliance with the country’s local crypto regulations.
At that time, the exchange could only provide certain services to Singapore users. However, with the current MPI approval, the company has got permission to provide its entire product range to users in the country.
“Coinbase Singapore is pleased to announce that we have received a Major Payment Institution (MPI) license from the Monetary Authority of Singapore. “This development, coming after our initial in-principle approval, enhances our commitment to the Singapore market, enabling us to expand our provision of digital payment token services to individuals and institutions in Singapore,” the company said.
In addition to Singapore, Coinbase has received regulatory approval from the Netherlands, Spain, Italy, and Ireland in the past year.
Coinbase introduces PayNow services for Singapore users
The new development is part of the company’s international expansion goals to establish its presence in key markets in Asia and European markets to further strengthen its position in the industry.
The crypto exchange has made strategic efforts to cater to the Singapore market ahead of the MPI license. Earlier this year, Coinbase launched services like PayNow and FAST bank transfer specifically for Singapore users.
Additionally, the company has integrated with SingPass, Singapore’s digital identity service, streamlining user onboarding processes.
Coinbase said it has identified Singapore as a priority market due to the country’s progressive economic strategies and regulatory approach to crypto.
The country has rapidly emerged as a crypto hub in Asia, attracting digital asset firms from around the world. A recent report from Coinbase found that over 30% of Singaporeans either own or currently own cryptocurrencies. The country is also home to over 700 Web3 companies, further strengthening its position in the crypto and Web3 economy.
Other crypto companies with full license in Singapore
With the license approval, Coinbase now joins the ranks of other crypto companies with full licenses, demonstrating the country’s commitment to fostering a vibrant and well-regulated digital asset ecosystem.
In June, M.A.S. granted Crypto.com has an MPI license, which allows the company to explore the market.
Other companies, such as USDC stablecoin issuers sassy And Blockchain.com are also fully licensed in Singapore.
Meanwhile, Coinbase’s expansion into Singapore comes as the company grapples with legal disputes with regulators in its home market, the United States. US Securities and Exchange Commission (seconds) sued the exchange in June, alleging violations of federal securities laws.
Chimamanda is a crypto enthusiast and experienced writer who focuses on the dynamic world of cryptocurrencies. She joined the industry in 2019 and has since developed her interest in emerging economies. She combines her passion for blockchain technology with her love for travel and food, bringing a new and engaging perspective to her work.
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