Singapore Grants Full Operational License to Coinbase, Strengthening Crypto Presence
Coinbase has attained the Major Payment Institution (MPI) license from The Monetary Authority of Singapore (MAS), a significant milestone enabling the exchange to provide expanded services to individuals and institutions.
This achievement follows last year’s In-Principle Approval (IPA) and underscores Coinbase’s commitment to the Singaporean market. Noteworthy is Singapore’s crypto-friendly atmosphere, with 25% of surveyed locals seeing crypto as the future of finance, and 32% having owned or currently owning cryptocurrencies. Coinbase has actively engaged in Singapore through strategic investments, collaborations with partners like Nansen.ai, sponsorship of Ethereum Singapore, and educational workshops in universities. The company introduced user-centric features in Singapore, including PayNow, FAST bank transfers, and integration with SingPass.
Coinbase praised the clarity of Singapore’s crypto regulations, a contrast to the complex U.S. regulatory landscape, where it faces a lawsuit from the SEC. Coinbase’s global expansion strategy, named “Go Broad, Go Deep,” is evident, with recent approval from the Bermuda Monetary Authority (BMA) for offering perpetual futures to qualified non-U.S. retail customers. Coinbase CEO Brian Armstrong highlighted the global trend, stating that 83% of G20 countries are progressing with or have already implemented crypto legislation.
Clever Robot News Desk 3rd October 2023
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