Coinbase Secures a Major Payment License from Singapore's Central Bank
Coinbase acquires MPI license from MAS, emphasizing dedication to Singaporean market and Asia-Pacific expansion.
On October 1, Coinbase officially announced its acquisition of the MPI license from MAS. This shows the exchange's dedication to the Singaporean market and its vision of establishing a strong foothold in the Asia-Pacific region.
The license will authorize Coinbase to improve its Digital Payment Token services, catering to both individual and institutional clients in Singapore. Furthermore, the firm has emphasized the significance of clear regulations, innovation, and the trust of its users as it continues its international expansion.
Singapore, with its burgeoning web3 companies (over 700 in number), presents a crucial market for the growth of the crypto and web3 economy. Recognizing this potential, Coinbase has stated:
“From our initial involvement in the Lion City, we’ve identified Singapore as a vital market for Coinbase. The nation’s progressive economic strategies and approach to regulation sync well with our global mission and objectives.”
To cater to the unique needs of the Singaporean market, Coinbase has introduced tailored products and services, including PayNow/FAST transfers, SingPass onboarding, and no-fee USDC purchases. Beyond these offerings, Coinbase is also deeply invested in boosting Singapore's crypto ecosystem.
This commitment is evident in their initiatives related to hiring, investments, partnerships, community events, and university workshops. The company has also highlighted its collaboration with local partners such as Nansen, Blockdaemon, and Infura, hinting at more partnerships in the future.
Coinbase's decision to secure licenses from regulatory authorities in key countries is a strategic move to strengthen its international presence. Amid increasing regulatory challenges in the US, Coinbase has successfully obtained virtual asset registrations in countries like Spain, Italy, Ireland, and the Netherlands over the past year.
However, it's worth noting that the journey hasn't been entirely smooth. The US Securities and Exchange Commission took legal action against Coinbase in early June, alleging that the firm had been operating as an unregistered securities broker since 2019. Coinbase, in its defense, has contested these claims, asserting that it neither offers securities nor 'investment contracts.'