Crypto exchange Coinbase has received a Major Payment Institution (MPI) license in Singapore. The country’s regulatory agency, the Monetary Authority of Singapore (MAS), approved the full payment license.
The latest achievement by Coinbase Singapore will scale the firm’s digital payment token services to individuals and institutions within the country.
Coinbase Obtains MPI License In Singapore
The Coinbase subsidiary arm in Singapore announced the receipt of the MPI license in Singapore, as reported by Reuters. Notably, Coinbase obtained initial Principal Approval in October 2022. This approval subjects the firm to the strict MAS Payment Service Act regulation.
In its recent announcement, Coinbase mentioned that the full license will provide enhanced services to different classes of customers in Singapore. Further, Coinbase revealed that 25% of surveyed Singaporeans see digital assets as the future of global finance.
Also, 32% of the surveyed citizens are either past or current owners of crypto tokens. As such, there is a need to ensure regulated operations to instill more confidence in the industry.
Additionally, the director of Coinbase Singapore, Hassan Ahmed, noted that the license is an essential tool for the exchange in its operations, especially on institutional deals with other financial institutions.
“Where we see the (full license) also come into play is in helping us accelerate relationships with stakeholders, particularly those that are regulated such as banks.”
Singapore As A Growing Crypto Hub To Expand Digital Asset Markets
Over the years, Singapore has become a prominent hub that attracts crypto-related companies worldwide. It offers favorable regulations for key players and is recognized as a vital digital asset services and product expansion market.
Currently, Singapore has more than 700 Web3 firms operational in the country. This makes it a conducive market ground supporting the advancement of the crypto and Web3 economy. Coinbase acknowledged that Singapore’s progressive economic strategies and regulatory approaches perfectly align with its global objectives.
The exchange noted that its expansion aims within Singapore are to create operations to match the country’s growing demands and market dynamics. So, it has built and launched some exclusive products in Singapore. For instance, Coinbase rolled out convenient funding options in the country, including PayNow and FAST bank transfers.
Also, the exchange integrated SingPass, the credible virtual identity gateway of Singapore citizens, to streamline users’ registration process. Further, Coinbase started no-fee USDC purchases with SGD, a move that simplifies the engagement of Singaporean users on its platform.
On its part, Singapore’s central bank and financial regulator, the MAS, has added more clarity in its regulation. Last month, the regulator revealed conditions for approving licenses to crypto companies on its website.
According to the MAS, it will only grant licenses to firms that maintain robust anti-money laundering controls, stating that “most applicants have not been successful.”Also, the regulator disclosed its plan to lay out regulations limiting retail investors in crypto trading when they appear oblivious to associated risks.
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