US-based cryptocurrency exchange Coinbase is expanding its operations in Singapore by receiving key regulatory approval from the country’s central bank.
Coinbase has obtained a Master Payment Institution (MPI) license from the Monetary Authority of Singapore, the company Announce On October 1. The new license, which comes one year after Coinbase’s initial approval in Singapore, allows the company to expand its digital payment token services to individuals and institutions in the country.
According to According to the MAS, MPI-licensed businesses are allowed to conduct payment services without being subject to the transaction limits of S$3 million ($2.2 million) for any payment service. Approved businesses are also exempt from the monthly transaction limit of S$6 million ($4.4 million) for two or more payment services, other than electronic money account issuance and money changing services.
The newly acquired license “not only validates Coinbase’s operations” but also represents a responsibility to the growing cryptocurrency and Web3 community in Singapore, the company said in the announcement.
Coinbase is actively developing products and services tailored to Singapore, release PayNow and FAST bank transfers in March 2023. Coinbase has also integrated Singapore’s digital identity service SingPass in order to simplify the setup process. In addition, Coinbase is collaborating with major local blockchain companies, including Nansen.ai, Blockdaemon, and Infura, to expand its products such as Base blockchain and wallet-as-a-service.
Related: Coinbase secures anti-money laundering registration from the Bank of Spain
“Since our initial participation in Lion City, we have identified Singapore as a vital market for Coinbase,” the exchange noted, stressing that more than It turns out that 30% of Singaporeans are current or former cryptocurrency owners In its latest poll. The ad added:
“Singapore has naturally become an important location for this industry. Furthermore, Singapore is home to over 700 Web3 companies, making it a pivotal market for the growth of the cryptocurrency and Web3 economy.
Coinbase did not immediately respond to Cointelegraph’s request for comment.
As mentioned earlier, major global cryptocurrency companies have increasingly secured a Singaporean MPI license recently. Cryptocurrency data and wallet provider Blockchain.com became the 12th company to obtain a license in August 2023. USDC stablecoin issuance circuit (USDC) received an MPI license in June 2023, following cryptocurrency exchange Crypto.com.
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