Coinbase Obtains Major Payment License from Singapore’s Monetary Authority

Coinbase Obtains Major Payment License from Singapore's Monetary Authority

Coinbase Singapore proudly publicizes the acquisition of a Major Payment Institution (MPI) license from the Monetary Authority of Singapore, marking a vast step in our commitment to the Singaporean marketplace. This license allows us to enlarge our Digital Payment Token services for both individuals and institutions in Singapore.

In line with our global challenge and focus on clear regulation, innovation, and user consider, this improvement is specifically big. With 25% of surveyed Singaporeans seeing crypto because the future of finance and 32% having owned or currently owning cryptocurrencies, Singapore has emerged as a essential market. The presence of over seven-hundred Web3 organizations further solidifies its importance within the crypto and Web3 economies.

Singapore as a Priority Market

From our preliminary engagement in Singapore, we diagnosed its strategic importance. The kingdom’s revolutionary financial techniques and regulatory method align flawlessly with our dreams. To cater to the vicinity’s specific demands and specific marketplace dynamics, we’ve got added tailor-made products and services.

Earlier this year, we introduced handy investment alternatives such as PayNow and FAST bank transfers, alongside an more advantageous onboarding process integrated with SingPass, Singapore’s relied on digital identification. We additionally facilitated no-fee USDC purchases with SGD to simplify crypto access for our Singaporean clients.

Growing the Regional Cryptoeconomy

Our commitment extends beyond product services to assist the broader Web3 surroundings in Singapore. This includes projects like schooling and hiring at our Singapore tech hub, collaboration with enterprise associations which include ACCESS, the Singapore Fintech Association, and the Blockchain Association of Singapore, and area-precise investments thru Coinbase Ventures, with over 15 investments rooted in Singapore.

We actively have interaction with the neighborhood developer community and key companions, such as Nansen.Ai, Blockdaemon, and Infura. Innovative solutions like our Base blockchain and Wallet-as-a-Service have played a pivotal role. We also preserve a sturdy presence in the network via sponsorships of Ethereum Singapore and workshops at esteemed universities like the National University of Singapore, Singapore Management University, and Nanyang Technological University.

Commitment to Reshaping Finance

At Coinbase, our center belief is in reshaping the economic panorama by way of imparting relied on merchandise that sell the software and adoption of crypto. We view blockchain and crypto technologies as catalysts for international monetary freedom and opportunities. Many international markets are crafting modern regulations to end up crypto hubs, and our achievements in Singapore align with this imaginative and prescient.

The newly received MPI license no longer most effective validates Coinbase’s operations however also indicates our dedication and duty to the growing crypto and Web3 network in Singapore.

As part of our international growth, we prioritize working with regulators in key nations. Over the past 12 months, we have completed VASP registrations in Spain, Italy, Ireland, and the Netherlands. The Monetary Authority of Singapore, regarded for its sophistication in Web3 regulation, sticks out as one of our valued regulatory partners.

Looking ahead, we’re obsessed with contributing to and developing alongside the crypto and Web3 network in Singapore.

About Maria Morgan

Maria Morgan is a full-time cryptocurrency journalist at Coinography. She is graduate in Political Science and Journalism from London, her writing is centered around cryptocurrency news, regulation and policy-making across the glob.

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