Coinbase has been granted a Major Payment Institution (MPI) licence by the Monetary Authority of Singapore (MAS).
The crypto exchange and its Singapore division have been gradually increasing their presence in the Lion City due to the market opportunities it presents for the wider adoption of crypto payments.
According to a study commissioned by Coinbase, 25% of Singaporeans consider crypto as “the future of finance” and 32% of the population are either current or past owners of cryptocurrencies. Coinbase also pointed out Singapore’s progressive economy with more than 700 Web3 companies as one more reason to invest in the Southeast Asian city-state.
New services have been gradually rolled out for Coinbase Singapore customers, such as the launch of funding options PayNow and FAST bank transfers earlier this year. The portfolio of services also includes no-fee USDC purchases with Singapore dollars.
Another evidence of Coinbase’s commitment to the local market can be seen through its various collaborations with local Web3 industry associations like ACCESS, the Singapore Fintech Association and the Blockchain Association of Singapore, as well as the investment in and development of regional talent through workshops held in various educational institutions across the country.
“At Coinbase, we’re deeply committed to reshaping the financial landscape by developing trusted products that bolster the utility and adoption of crypto,” a statement by the company read. “Our core belief is that blockchain and crypto technologies have the power to amplify economic freedom and opportunities globally.
“We’ve seen many international markets crafting innovative policies to emerge as crypto hubs. In this light, our recent achievements in Singapore resonate even stronger. The newly acquired licence is not only a validation of Coinbase’s operations but also represents a promise and responsibility to the growing crypto and Web3 community in Singapore.”