Coinbase Lands Full Operating License in Singapore

Coinbase It announced that it has received a Major Payments Institution (MPI) license from the Monetary Authority of Singapore (MAS).

The crypto exchange said the license would allow it to provide improved services to both individuals and institutions.

This development follows the In-Principle Proval (IPA) Coinbase received last year, underscoring the company's commitment to the Singapore market.

Highlighting the region's crypto-friendly environment, Coinbase noted, “25% of surveyed Singaporeans see crypto as their financial future, with 32% currently or previously owning crypto.”

The exchange's presence in Singapore includes several initiatives, including strategic investments through Coinbase Ventures, collaborations with regional partners such as Nansen.ai, sponsorship of Ethereum Singapore, and workshops at universities.

Earlier this year, the cryptoe exchange unveiled user-centric services in Singapore, such as PayNow, FAST bank transfers and Singapore's trusted digital identity integration with SingPass.

Reached by Decrypt for comment, Coinbase did not immediately respond.

Coinbase goes deep

Coinbase praised the openness of Singapore's crypto regulations, which contrasted sharply with the regulatory landscape of the US.

The crypto exchange is facing charges from the US Securities and Exchange Commission (SEC), including the unregistered exchange, brokerage and clearing agency.

In this context, last year, the company launched the strategy of “Go Broad, Go Broad, Go Deep” international markets to expand globally.

Underscoring its global ambitions, Coinbase announced last week that its global arm Coinbase International Exchange has received approval from the Bermuda Monetary Authority (BMA) to offer perpetual futures to non-US retail customers.

In an interview with CNBC, Coinbase CEO Brian Armstrong recently said that “83% of the other G20 countries you looked at either now have crypto legislation on the books or in the process, being drafted, being implemented.”