Coinbase, a leading crypto exchange based in the U.S., has disclosed its recent inroad for its efforts at international expansion, in which it has secured a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS).
This regulatory approval enables Coinbase to extend its digital payment token services to both individuals and institutions in Singapore. This development comes after Singapore's new president-elect, Tharman Shanmugaratnam, expressed skepticism over crypto and blockchain technologies. Notably, Shanmugaratnam previously chaired the Monetary Authority of Singapore, and served as the country's finance minister.
Despite these foreseeable setbacks, the MPI license represents a critical step for Coinbase in its commitment to the Singaporean market. According to a recent surcvey, over 30% of Singaporeans view cryptocurrency as the future of finance, with 32% having either owned or currently owning crypto assets. Notably, Singapore is also home to over 700 Web3 companies, making it a pivotal market for the crypto and Web3 sector's growth.
Coinbase has recognized Singapore as a priority market due to its progressive economic strategies and regulatory approach that align with its objectives. The crypto firm has since tailored its products and services to cater specifically to the Singaporean market. Earlier this year, Coinbase introduced convenient funding options, including PayNow and FAST bank transfers. The integration of SingPass, Singapore's trusted digital identity, has streamlined the onboarding process, and Coinbase introduced no-fee USDC purchases with SGD to simplify access for Singaporean customers.
Coinbase claims that its set of commitments extend beyond its products and services; the company actively participates in the broader Web3 ecosystem in Singapore. This includes initiatives like training and hiring programs at its Singapore tech hub, collaborations with industry associations, and investments through Coinbase Ventures, with over 15 investments rooted in Singapore. The company's active involvement with the local developer community and key partners, such as Nansen.ai, Blockdaemon, and Infura, has been instrumental towards these shared efforts, which extend towards educational initiatives, including sponsorship of Ethereum Singapore and workshops at the country's top universities.
Coinbase claims that blockchain and crypto technologies are tools that amplify economic freedom and opportunities globally. Its collaboration with regulators in key countries, including Singapore, aligns with its commitment to operate in a compliant and regulated manner. Coinbase says that this achievement is a validation of its operations and a promise to continue supporting and growing with the Singaporean crypto and Web3 ecosystem.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
