Coinbase Granted License for Crypto Payment Services in Singapore
US-based cryptocurrency exchange Coinbase has successfully obtained a major payment institution (MPI) license from the Monetary Authority of Singapore (MAS), building on its in-principle approval granted by the state regulator in October of the previous year. This significant milestone grants the company the authority to provide regulated digital payment token (DPT) products and services.
As a result, the exchange is poised to expand its offerings of DPT services to a broader spectrum of clients, encompassing both individuals and institutions, as stated in an announcement on October 2nd.
Coinbase Attains Singapore’s Full License
Over a dozen firms have received both major payment institution (MPI) and in-principle approvals from the MAS. Notably, crypto exchange crypto.com and Boston-based stablecoin issuer Circle were among the most recent recipients of the full license in June.
Coinbase has expressed its gratitude towards the MAS for its instrumental role in the company’s journey. The newly acquired license is seen as not only a validation of Coinbase’s operations but also a commitment and responsibility to the burgeoning crypto and Web3 community in Singapore.
With the granted MPI license, Coinbase is now authorized to offer a range of crypto payment services to both individuals and institutions in Singapore. At present, the exchange provides trading and staking services to its users.
In an effort to enhance local integration, Coinbase introduced new funding options this year, including PayNow and FAST bank transfers, in addition to implementing the SingPass onboarding system.
Hassan Ahmed, the director of Coinbase Singapore, emphasized the company’s desire for regulatory clarity, innovation, and user trust. He noted that Singapore’s progressive stance towards crypto and its robust Web3 ecosystem, which includes over 700 Web3 companies, make it a natural fit for Coinbase’s vision.
Additionally, survey data indicates that 25% of Singaporeans view crypto as the future of finance, and 32% have or have had some form of crypto asset ownership, aligning well with Coinbase’s mission for the region.
Coinbase Continues to Invest in Web3
Singapore holds a key position as Coinbase’s technology hub in the Asia Pacific region, and the company has actively invested in over 15 Web3 startups in the area through its investment arm, Coinbase Ventures.
In August, Coinbase reported improved financial results, with its net loss for the second quarter narrowing to $97 million, a significant improvement from the record $1.1 billion loss in the previous year. However, the company’s second-quarter revenue totaled $707.9 million, a 12% decline compared with last quarter.
Despite facing regulatory challenges, including a lawsuit filed by the United States Securities and Exchange Commission (SEC) alleging illegal operations, Coinbase has managed to perform well in the market.
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