San Francisco-based crypto platform, Coinbase, has secured significant permissions in Singapore, marking a crucial step in its Asian market expansion. The Monetary Authority of Singapore (MAS) awarded the company a Major Payment Institution (MPI) license, which was officially announced by Coinbase on October 1.
This latest development comes a year subsequent to Coinbase receiving preliminary approval in Singapore, empowering the exchange to increase its digital token offerings to both individual and institutional clients within the nation.
MAS clarified that companies possessing the MPI license can provide payment amenities without being restricted to transaction caps, like the previously set 3 million Singapore dollars (equivalent to $2.2 million) for any individual service. Furthermore, these licensed establishments are not constrained by the 6 million Singapore dollars ($4.4 million) monthly transaction boundary applicable for two or more distinct payment services.
Coinbase expressed that this license isn't just an acknowledgment of its steadfast efforts but symbolizes their commitment to the evolving crypto and Web3 users in Singapore.
In terms of adaptation for the Singapore market, Coinbase unveiled services such as PayNow and FAST bank transfers earlier in March 2023.
They've incorporated Singapore's digital ID system, SingPass, to streamline the user registration process. To bolster their suite of offerings, collaborations have been established with top-tier Singaporean blockchain enterprises like Nansen.ai, Blockdaemon, and Infura. These partnerships have augmented products, including the Base blockchain and their wallet services.
Highlighting its engagement in what's colloquially referred to as the "Lion City", Coinbase emphasized its recognition of Singapore's critical position in the crypto sphere. Their research indicated that over a third of Singapore residents have either presently or previously possessed cryptocurrency.
With the nation hosting upwards of 700 Web3-centric businesses, its significance in the domain of cryptocurrency and Web3 is undeniable.
Coinbase's recent Singapore licensing mirrors a trend in the digital currency space. For instance, Blockchain.com obtained the same licensing in August 2023, while Circle, the entity behind the USDC stablecoin, procured its MPI license two months prior, closely trailing the crypto platform Crypto.com.