The world of cryptocurrencies is constantly evolving, and as it does, major players in the industry are navigating complex regulatory landscapes to expand their services globally.  It looks like there is great hope for the ecosystem as Coinbase gets a payment license in Singapore.

This platform is growing in Singapore after receiving crucial regulatory approval from the local central bank. This development reflects Coinbase’s commitment to regulatory compliance and holds implications for the broader cryptocurrency market in Southeast Asia.

Monetary Authority Ensure Coinbase Gets a Payment License in Singapore

Coinbase Gets a Payment License in Singapore

The company said the Monetary Authority of Singapore (MAS) granted Coinbase a Major Payment Institution (MPI) license on October 1. The new license, which comes one year after Coinbase’s initial in-principle approval in Singapore, enables the business to increase the availability of its digital payment token services to residents and organizations.

The MAS states that MPI-licensed businesses can conduct payment services without being constrained by transaction limitations of S$3 million ($2.2 million) for any payment service. The approved businesses are exempt from the 6 million Singapore Dollars ($4.4 million) per month limit on transactions for two or more payment services, excluding those for creating electronic money accounts and exchanging currency.

The company stated in the release that the recently gained license is “not only a validation of Coinbase’s operations” but also a commitment to the expanding Web3 and cryptocurrency communities in Singapore.

To launch PayNow and FAST bank transfers in March 2023, Coinbase has been strongly establishing products and services tailored especially for Singapore. To make onboarding simpler, Coinbase has integrated SingPass, Singapore’s digital identity service. Additionally, Coinbase has been working with significant local blockchain companies like Nansen.ai, Blockdaemon, and Infura to extend its products like Base blockchain and wallet-as-a-service.

The exchange said that Singapore is a crucial market for Coinbase, highlighting that more than 30% of Singaporeans were discovered to be current or former owners of cryptocurrency in its most recent poll. “From our initial involvement in the Lion City, we’ve identified Singapore as a vital market for Coinbase,” it said.

The announcement added:

“Singapore has naturally become a significant location for this industry. Moreover, Singapore is home to over 700 Web3 companies, making it a pivotal market for the growth of the crypto and Web3 economy.”

Other Significant Bitcoin Companies

Coinbase Gets a Payment License in Singapore

As previously reported, significant international Bitcoin companies have recently secured Singapore’s MPI license more frequently. In August 2023, Blockchain.com, a provider of cryptocurrency data and wallets, became the 12th company to receive a license. Following cryptocurrency exchange Crypto.com, USD Coin stablecoin issuer Circle obtained the MPI license in June 2023.

In conclusion, Coinbase’s attainment of a payment license in Singapore is a significant milestone for the cryptocurrency exchange and the broader crypto industry. This achievement demonstrates Coinbase’s commitment to regulatory compliance and positions the company to provide a more comprehensive suite of services to customers in Singapore. As cryptocurrencies continue to gain traction globally, this move by Coinbase highlights the increasing importance of regulatory compliance and the potential for cryptocurrencies to play a more significant role in the financial landscape of Singapore and beyond.