Coinbase crypto exchange gets payment license in Singapore

US-based cryptocurrency exchange Coinbase is expanding operations in Singapore after receiving major regulatory approval from the country's central bank.

Coinbase has received a Major Payments Institution (MPI) license from the Monetary Authority of Singapore (MAS), the company announced on October 1. The new license – a year after Coinbase received its first proof of principle in Singapore – will allow the company to Expanding digital payment token services to individuals and institutions in the country.

According to MAS, MPI-licensed firms are allowed to operate payment services without a transaction limit of 3 million Singapore dollars ($2.2 million) for any payment service. The approved companies are exempted from SG$6 million ($4.4 million) monthly transactions for two or more payment services other than e-money billing and money exchange services.

The newly acquired license “is not only a validation of Coinbase's operations, but also represents a commitment to the growing crypto and Web3 community in Singapore,” the firm said in the announcement.

Coinbase is actively developing products and services designed for Singapore, launching PayNow and FAST bank transfers in March 2023. Coinbase has also integrated Singapore's digital ID service SingPass to ease onboarding. In addition, Coinbase is partnering with major domestic blockchain companies including Nansen.ai, Blockdaemon and Infura to expand its products such as Base blockchain and Wallet-as-a-service.

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“From our initial involvement in the Lion City, we identified Singapore as a critical market for Coinbase,” the exchange said, noting that more than 30% of Singaporeans were current or past crypto owners in a recent survey. The announcement added:

“Singapore is naturally a great location for this industry. Moreover, Singapore is home to more than 700 Web3 companies, making it a prime market for the growth of the crypto and Web3 economy.”

Coinbase did not immediately respond to Cointelegraph's request for comment.

As previously reported, major international cryptocurrency companies have recently been waiting for Singapore's MPI license. Crypto data and wallet provider Blockchain.com became the 12th company to receive its license in August 2023. USD Coin (USDC) stablecoin issuing circle received MPI license in June 2023 following crypto exchange Crypto.com.

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