Coinbase Singapore highlighted Singapore as its priority market, and introduced local payment options such as PayNow and FAST bank transfers.
Coinbase, the US-based cryptocurrency exchange, has been granted a major payment institution (MPI) licence by the Monetary Authority of Singapore (MAS). This licence enables Coinbase to offer regulated digital payment token (DPT) products and services in Singapore. The company had received its In-Principle Approval from MAS in October last year.
With this MPI licence, Coinbase can expand its range of DPT services to individuals and institutions in Singapore. The licence is significant as it demonstrates regulatory compliance and commitment to the local cryptocurrency and Web3 community.
In its announcement, Coinbase Singapore highlights that it has always seen Singapore as a vital market, and has been engaging in training and hiring initiatives while fostering strong relationships with local industry associations such as ACCESS, the Singapore Fintech Association, and the Blockchain Association of Singapore.
The cryptocurrency exchange has also sponsored Ethereum Singapore and conducted workshops at the National University of Singapore, Singapore Management University, and Nanyang Technological University.
The Monetary Authority of Singapore has been granting MPI licenses to various firms. Earlier in June, crypto exchange Crypto.com and stablecoin issuer Circle received full licences.