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- 1 Coinbase Singapore recently announced obtaining a Major Payment Institution (MPI) license.
- 2 With this significant announcement, Coinbase continues its expansion globally.
On October 1, 2023, the U.S.-based crypto exchange, Coinbase, shared its recent international expansion update. According to this, Coinbase Singapore has obtained a Major Payment Institution (MPI) license from the Monetary Authority of Singapore. Notably, this development comes after its initial In Principal Approval.
The crypto exchange noted that it amplifies its commitment to the Singapore market. It also enables them to expand their provision of Digital Payment Token services to both individuals and institutions in Singapore.
🇸🇬 Securing a license from the Monetary Authority of Singapore (MAS) underscores the importance of clear rules in fostering innovation.
— Coinbase 🛡️📞 (@coinbase) October 2, 2023
With clarity comes opportunity. Here’s to driving forward and expanding the crypto ecosystem.https://t.co/u1sORsrLDU
Coinbase Spreading its Wings in Singapore Market
As per the recent international expansion update, Coinbase emphasized the importance of clear regulation, innovation, and trust from the users. With 25% of surveyed “Singaporeans considering crypto as the future of finance and 32% being either current or past owners of crypto, Singapore has naturally become a significant location for this industry.”
Moreover, as the crypto exchange noted, Singapore is home to more than 700 Web3 companies. It makes it a pivotal market for the growth of crypto and the Web3 economy. The exchange sees the place as a priority market. From their initial involvement in the Lion City, Coinbase identified Singapore as a vital market. The nation’s progressive economic strategies and approach to regulation sync well with its global mission and objectives.
In response to the region’s growing demands and unique market dynamics, Coinbase actively developed and released products tailored specifically for Singapore. Earlier this year, for instance, the exchange introduced convenient funding options including PayNow and FAST bank transfers.
With “the integration of SingPass,” the trusted digital identity of Singapore, Coinbase “rolled out a more streamlined onboarding process.” Additionally, it introduced no-fee USDC purchases with SGD to make it easier for its Singaporean customers to get started.
Developing the Regional Crypto Economy
Beyond simply offering products, Coinbase’s commitment stretches to the broader Web3 ecosystem in the nation. This includes training and hiring initiatives at its Singapore tech hub. It fosters strong relationships with industry associations “such as ACCESS, the Singapore Fintech Association, and the Blockchain Association of Singapore.” This has made “region-specific investments through Coinbase Ventures. Notably, over 15 of these investments are rooted in Singapore.”
The ongoing collaborations with the local developer community and key partners, such as “Nansen.ai, Blockdaemon, and Infura, have been instrumental, particularly when supplemented with innovative solutions like our Base blockchain and Wallet-as-a-Service.”
Moreover, active community involvement is evident through initiatives like sponsoring Ethereum Singapore and conducting workshops at prestigious universities including the National University of Singapore, Singapore Management University, and Nanyang Technological University.
Notably, the Monetary Authority of Singapore is among the Web3 regulators Coinbase works with around the globe. The exchange made it a priority to work with regulators in key countries as part of its international growth. Over the last year, the crypto exchange has achieved VASP registrations in Spain, Italy, Ireland, and the Netherlands.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
