Cryptocurrency exchange Coinbase has obtained a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS), marking a significant milestone in its expansion efforts.
Facts
- Coinbase received In Principle Approval (IPA) from MAS one year ago, allowing it to begin operations in Singapore.
- Singapore is a crucial market for Coinbase due to its progressive economic strategies, regulatory approach, and a thriving Web3 ecosystem with 700+ companies.
- Coinbase tailored products for Singapore, including PayNow, FAST bank transfers, and integration with SingPass for streamlined onboarding.
- Coinbase invested in 15 startups, led training initiatives, and formed partnerships with local associations.
- The MPI license enables Coinbase to offer Digital Payment Token services to both individuals and institutions in Singapore.
- Coinbase has also recently announced expansion plans in Canada, aiming to create a platform tailored to Canadian users.
