Coinbase Secures 'Major Payment Institution' License From Singaporean Authorities

Zinger Key Points
  • Coinbase's involvement in Singapore extends to the broader Web3 ecosystem.
  • Coinbase made over 15 investments in the region and has collaborated with local entities like Nansen.ai, Blockdaemon, and Infura.

Coinbase COIN Singapore has been granted a Major Payment Institution (MPI) license by the Monetary Authority of Singapore (MAS).

This follows their initial in-principal approval and allows them to offer Digital Payment Token services in Singapore.

Singapore has become a significant locale for the crypto industry. Per a Coinbase survey, 25% of residents see cryptocurrency as the future of finance.

Also Read: 8 Hollywood Celebrities Buying Into Crypto Hype - Is Bitcoin Having A Red Carpet Moment?

Additionally, 32% of Singaporeans have previously or currently own crypto, and the country is home to over 700 Web3 companies.

Recognizing Singapore's strategic importance, Coinbase stated it has tailored its offerings to the region and has introduced funding methods and integrated SingPass for a simplified onboarding process.

Additionally, Coinbase has made USD Coin USDC/USD purchases using SGD more accessible by eliminating fees.

Coinbase's involvement in Singapore extends to the broader Web3 ecosystem.

The company made over 15 investments in the region through Coinbase Ventures and have collaborated with local entities such as Nansen.ai, Blockdaemon, and Infura.

Coinbase further added that it has also engaged with the community by sponsoring Ethereum ETH/USD Singapore and conducting workshops at universities like the National University of Singapore.

Read Next: EXCLUSIVE - CBDCs Epitomize Anti-Crypto Movement But There's A Catch, Elusiv Founder Says

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Posted In: CryptocurrencyNewsTop StoriesMarketscryptocurrency regulationsDigital AssetsDigital Payment Token servicesMajor Payment Institution licenseMonetary Authority of SingaporeNansen.aiNational University of SingaporeWeb3
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