Coinbase Singapore has officially obtained a full Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS), joining a dozen other crypto-related firms offering digital asset payment services in the country.
The granting of the full payment license under Singapore’s Payment Services Act comes almost a year after the company secured an in-principle approval from MAS to offer trading and staking services.
Targeting Individuals and Institutions
According to an announcement made on October 1, the full MPI license will enable Coinbase to amplify its services in Singapore and to expand its Digital Payment Token offerings to both individual and institutional customers.
“The Monetary Authority of Singapore is a significant regulatory partner for us. Earning this license from MAS is not just an approval but a shared commitment. We're ready to continue our work in Singapore, supporting and growing with the local crypto and Web3 community.” The blog read.
Per the announcement, Singapore’s progressive stance toward crypto regulation, coupled with a generally positive user sentiment on digital assets and a vibrant Web3 ecosystem with over 700 companies, makes the market a natural fit for Coinbase.
In addition to offering cryptocurrency products and services, the Coinbase team reiterated that its commitment to the region’s growing crypto economy stretches to the broader Web3 ecosystem.
Commitment to the Singapore Market
Citing the country’s progressive economic and innovation strategies, Coinbase revealed that it would conduct training and hiring initiatives at its Singapore tech hub to foster strong relationships with industry associations, such as ACCESS, the Blockchain Association of Singapore, and the Singapore Fintech Association.
On top of sponsoring industry initiatives such as Ethereum Singapore alongside Nansen.ai, Blockdaemon, and Infura, the Coinbase team affirmed its involvement in conducting Web3 workshops at various prestigious universities, including Nanyang Technological University, Singapore Management University, and the National University of Singapore.
Source : DailyCoin by Brian Danga / October 02, 2023