With the license approval, Coinbase has now joined the ranks of other crypto companies with full licenses, demonstrating the country’s commitment to fostering a vibrant and well-regulated digital assets ecosystem.
Leading American cryptocurrency exchange Coinbase has been granted an operational license in Singapore through its subsidiary to service its customers in the region legally.
On October 1, Coinbase announce it received a regulatory nod from the country’s central bank, the Monetary Authority of Singapore (MAS), to operate as a Major Payment Institution (MPI) company. This regulatory milestone allows the US-based exchange to expand its digital payment token services in Singapore, catering to both individual and institutional customers.
Coinbase Granted Full Operational License
Coinbase had previously received in-principle approval from MAS in 2022 after entering the country in July 2015 in compliance with the nation’s local crypto regulations.
At the time, the exchange could only offer certain services to Singapore users. However, with the current MPI approval, the company has received permission to provide its complete product offerings to users in the country.
“Coinbase Singapore is pleased to announce that we have obtained a Major Payment Institution (MPI) license from the Monetary Authority of Singapore. This development, coming after our initial In-Principle Approval, amplifies our commitment to the Singapore market, enabling us to expand our provision of Digital Payment Token services to individuals and institutions in Singapore,” the company said.
In addition to Singapore, Coinbase has obtained regulatory approvals from the Netherlands, Spain, Italy, and Ireland over the past year.
Coinbase Introduces PayNow Services to Singapore Users
The new development is part of the company’s international expansion goals to establish its presence in key markets in Asia and European markets to further solidify its position in the industry.
The crypto exchange has made strategic efforts to cater to the Singaporean market ahead of the MPI license. Earlier this year, Coinbase launched services such as PayNow and FAST bank transfers specifically for Singapore users.
Additionally, the company has integrated with SingPass, Singapore’s digital identity service, streamlining user onboarding processes.
Coinbase said it identified Singapore as a priority market due to the country’s progressive economic strategies and regulatory approach to crypto.
The country has rapidly emerged as a crypto hub in Asia, attracting digital asset firms worldwide. A recent Conbase report found that over 30% of Singaporeans have either owned or currently own cryptocurrencies. The country is also home to more than 700 Web3 companies, further solidifying its position in the crypto and Web3 economy.
Other Crypto Companies with Full Licenses in Singapore
With the license approval, Coinbase has now joined the ranks of other crypto companies with full licenses, demonstrating the country’s commitment to fostering a vibrant and well-regulated digital assets ecosystem.
In June, the MAS granted Crypto.com an MPI license, allowing the company to explore the market.
Other companies, such as USDC stablecoin issuer Circe and Blockchain.com, are also fully licensed in Singapore.
Meanwhile, Coinbase’s expansion to Singapore comes when the company is grappling with legal disputes with regulators in its home market, the United States. The US Securities and Exchange Commission (SEC) sued the exchange in June, alleging violations of federal securities laws.
Chimamanda is a crypto enthusiast and experienced writer focusing on the dynamic world of cryptocurrencies. She joined the industry in 2019 and has since developed an interest in the emerging economy. She combines her passion for blockchain technology with her love for travel and food, bringing a fresh and engaging perspective to her work.
