Coinbase, the United States-based cryptocurrency exchange, has received a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS), marking a significant expansion of its operations in the country. This new license, granted one year after Coinbase’s initial in-principle approval in Singapore, allows the exchange to provide digital payment token services to both individuals and institutions within Singapore.
MAS permits MPI-licensed companies to conduct payment services without being subject to transaction limits, including those concerning payment services’ transaction volumes and monthly transactions. Coinbase’s recent license acquisition not only validates its operations but also underscores its commitment to the growing crypto and Web3 community in Singapore.
Coinbase has been actively developing tailored products and services for the Singaporean market. In March 2023, the exchange launched PayNow and FAST bank transfers in Singapore. Additionally, it integrated SingPass, Singapore’s digital identity service, to streamline onboarding processes. Coinbase has also formed partnerships with prominent local blockchain companies such as Nansen.ai, Blockdaemon, and Infura to expand its product offerings, including Base blockchain and wallet-as-a-service.
The exchange views Singapore as a crucial market, particularly considering that more than 30% of Singaporeans have been identified as current or past crypto owners in recent surveys. Singapore is home to over 700 Web3 companies, further solidifying its importance in the growth of the crypto and Web3 economy.
This announcement reflects a growing trend among major global cryptocurrency companies seeking Singapore’s MPI license. Coinbase joins a list of firms such as Blockchain.com, Circle, and Crypto.com that have secured this license in recent months.