The post Coinbase Secures Major Payment Institution Licence from Singapore’s Monetary Authority appeared first on Coinpedia Fintech News
Coinbase Singapore announced on 01 Oct 2023 that it has secured a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS). This strategic move amplifies Coinbase’s dedication to serving the rapidly evolving crypto landscape in the Asian financial hub.
“Singapore has always been a significant market for Coinbase. The nation’s forward-thinking economic strategies align perfectly with our global mission. We’re not just here to provide exchange services; we’re here to build an ecosystem,” said Nana Murugesan, a spokesperson for Coinbase Singapore.
This license follows several initiatives tailored for the Singaporean market, including integrating PayNow and FAST bank transfers and introducing no-fee USDC purchases with the Singapore Dollar (SGD).
According to recent surveys, approximately 25% of Singaporeans see cryptocurrencies as the future of finance. This comes alongside an additional 32% of residents who are either current or former crypto owners. With over 700 Web3 companies in Singapore, the locale is a crucial nerve center for the Web3 and crypto economy.
Growing Beyond Just Exchanges
The impact of this licensure extends beyond mere currency exchanges; it underscores Coinbase’s commitment to fostering a more extensive Web3 ecosystem. The company has made over 15 investments in Singapore via Coinbase Ventures and has initiated partnerships with crucial local tech leaders like Nansen.ai, Blockdaemon, and Infura.
Moreover, Coinbase is deeply involved with the community and has been sponsoring events like Ethereum Singapore and conducting workshops at renowned universities such as the National University of Singapore (NUS), Singapore Management University (SMU), and Nanyang Technological University (NTU).
Regulatory Harmonization: A Global Mission
Coinbase’s new license is yet another feather in its regulatory cap, adding to its existing VASP registrations in countries like Spain, Italy, Ireland, and the Netherlands.
“Working with regulatory bodies worldwide is a cornerstone of our international growth strategy,” emphasized the spokesperson.
This latest development is a vivid reminder of why Singapore has earned its reputation as a crypto-friendly haven and a significant player in shaping the future of digital assets globally. With this license, Coinbase Singapore isn’t just setting up shop; they’re building the future of finance, one block(chain) at a time.