Coinbase Obtains License From Singapore's Central Bank — Crypto Exchange Sees Singapore as 'a Vital Market'

The Nasdaq-listed crypto exchange Coinbase has obtained a license from Singapore’s central bank, the Monetary Authority of Singapore (MAS), to provide services to both individuals and institutions. “We’ve identified Singapore as a vital market for Coinbase,” the crypto exchange emphasized. “The nation’s progressive economic strategies and approach to regulation sync well with our global mission and objectives.”

Coinbase Expanding in Singapore

Cryptocurrency exchange Coinbase (Nasdaq: COIN) announced Sunday that it has obtained a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS), the Singaporean central bank and financial regulator. Coinbase emphasized:

This development, coming after our initial In Principle Approval, amplifies our commitment to the Singapore market, enabling us to expand our provision of Digital Payment Token services to both individuals and institutions in Singapore.

The Nasdaq-listed crypto exchange received In Principle Approval from the MAS in October last year.

“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,” Coinbase detailed, adding: “Singapore is home to over 700 Web3 companies, making it a pivotal market for the growth of the crypto and Web3 economy.”

Coinbase noted that Singapore is “a priority market” for its business, emphasizing:

From our initial involvement in the Lion City, we’ve identified Singapore as a vital market for Coinbase. The nation’s progressive economic strategies and approach to regulation sync well with our global mission and objectives.

The crypto exchange has been expanding internationally. “Over the last year, we’ve achieved VASP [virtual asset service provider] registrations in Spain, Italy, Ireland, and the Netherlands,” Coinbase shared.

Singapore is considered a major crypto hub. In July, the MAS announced new regulations for crypto service providers. In August, the central bank unveiled a new regulatory framework for stablecoins. Singapore’s new President Tharman Shanmugaratnam advocates “one regulatory system” for crypto and traditional finance.

What do you think about Coinbase obtaining a license in Singapore? Let us know in the comments section below.

Bitcoin News