Coinbase (Crypto Exchange) announced that it has received a Major Payment Institution (MPI) licence from the Singapore Monetary Authority.
With this Full Payments licence, Coinbase will could offer token services to both individuals and institutions in Singapore. Prior to receiving this licence, Coinbase had conducted some surveys in Singapore. According to these surveys, 25% of Singapore citizens view crypto as the future of finance, and 32% have owned crypto in the present or past. Furthermore, Singapore is home to more than 700 Web3 companies, making it a significant market for the growth of the crypto and Web3 economy.
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Coinbase has announced MPI Licence
Coinbase stated, “From our very first engagement in Lion City, we have identified Singapore as a vital market for Coinbase. The country’s progressive economic strategies and approach to regulation align well with our global mission and goals.”
Earlier this year, Coinbase launched some local products in Singapore due to the increasing interest in crypto. For instance, they launched PayNow and FAST to expedite bank transfers in Singapore. Additionally, they also integrated the trustworthy digital identity of Singapore, known as SingPass, into the exchange.
Last month, MAS, Singapore’s central bank and financial regulator, stated on that it only grants licences to crypto firms if they have strong anti-money laundering controls, and that most applicants were not successful.
So far, only some companies like Blockchain.com, Circle Internet Singapore, Crypto.com and Revolut have managed to obtain an MPI licence for digital payment token services.