Coinbase Singapore has obtained a Major Payment Institution (MPI) licence from the Monetary Authority of Singapore (MAS). Coinbase is the largest cryptocurrency exchange platform by trading volumes and operates in many countries.
This development, comes after the company secured its initial In Principle Approval, amplifying its commitment to the Singapore market, enabling it to expand the Digital Payment Token (DPT) services to both individuals and institutions in Singapore.
“In our recent international expansion update, we emphasised the importance of clear regulation, innovation, and trust from our users. With 25% of surveyed Singaporeans considering crypto as the future of finance and 32% being either current or past owners of crypto, 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,” Coinbase Singapore said.
From its initial involvement in the Lion City, Coinbase has identified Singapore as a vital market for the company. The nation’s progressive economic strategies and approach to regulation sync well with its global mission and objectives.
In response to the region’s growing demands and unique market dynamics, Coinbase has developed and released products tailored specifically for Singapore. Earlier this year, it has introduced convenient funding options, including PayNow and FAST bank transfers.
“With the integration of SingPass, the trusted digital identity of Singapore, we rolled out a more streamlined onboarding process. Additionally, we introduced no-fee USDC purchases with SGD to make it easier for our Singaporean customers to get started,” the company said.
Beyond simply offering products, its commitment stretches to the broader Web3 ecosystem in Singapore. This includes training and hiring initiatives at its Singapore tech hub, fostering strong relationships with industry associations such as ACCESS, the Singapore Fintech Association, and the Blockchain Association of Singapore, and making region-specific investments through Coinbase Ventures. Notably, over 15 of these investments are rooted in Singapore.
“Our ongoing collaborations with the local developer community and key partners, such as Nansen.ai, Blockdaemon, and Infura, have been instrumental, particularly when supplemented with innovative solutions like our Base blockchain and Wallet-as-a-Service. Moreover, our active community involvement is evident through initiatives like sponsoring Ethereum Singapore and conducting workshops at prestigious universities including the National University of Singapore, Singapore Management University, and Nanyang Technological University,” the company said.
“We are committed to reshaping the financial landscape by developing trusted products that bolster the utility and adoption of crypto. Our core belief is that blockchain and crypto technologies have the power to amplify economic freedom and opportunities globally,” the company said.
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.
“We have made it a priority to work with regulators in key countries as part of our international growth. Over the last year, we’ve achieved VASP registrations in Spain, Italy, Ireland, and the Netherlands,” the company said.