Coinbase, listed on Nasdaq as COIN, secures a Major Payment Institution license from the Monetary Authority of Singapore (MAS). This milestone solidifies Coinbase’s commitment to the Singaporean market and its expansion of Digital Payment Token services. Singapore, a crypto-friendly hub, is a priority market for Coinbase’s global mission.
Coinbase, traded as COIN on Nasdaq, announced its acquisition of a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS). This achievement follows their initial In Principle Approval and underscores their dedication to the Singapore market. Coinbase is poised to extend its Digital Payment Token services to individuals and institutions in Singapore.
Last year, the MAS granted Coinbase an In Principle Approval, paving the way for this latest development. Singapore, known for its crypto-friendly environment, is becoming increasingly significant in the crypto industry. A quarter of Singaporeans surveyed view cryptocurrency as the future of finance, with 32% having owned or currently owning crypto assets. The nation boasts over 700 Web3 companies, solidifying its position as a key market for crypto and Web3 growth.
Coinbase is strategically focused on Singapore, considering it a priority market. The nation’s progressive economic policies and regulatory approach align with Coinbase’s global mission. Over the past year, Coinbase has obtained VASP registrations in Spain, Italy, Ireland, and the Netherlands, marking its international expansion.
Singapore, with its robust crypto regulations and forward-thinking approach, continues to thrive as a crypto hub, supported by the advocacy of its President, Tharman Shanmugaratnam, for a unified regulatory system for both crypto and traditional finance.