Singapore Grants Payment License to Coinbase Crypto Exchange

Coinbase Expands Crypto Exchange in Singapore

The United States-based cryptocurrency exchange Coinbase is expanding operations in Singapore after securing approval from the country’s central bank. Coinbase has obtained a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS), which allows the company to expand its digital payment token services to individuals and institutions in the country.

The MPI license enables Coinbase to conduct payment services without being subjected to transaction limits of 3 million Singapore dollars ($2.2 million) for any payment service. Additionally, the license allows the company to bypass the 6 million SGD ($4.4 million) limit of monthly transactions for two or more payment services, other than e-money account issuance and money-changing services.

Coinbase’s new license is a major milestone for the firm, as well as for the growing crypto and Web3 community in Singapore. This includes the likes of XRP Crypto, XYO Crypto, Ren Crypto, Impt Crypto, Vra Crypto, LCX Crypto, Forexsfxgroup.com – Crypto, and Jasmy Crypto.

Coinbase Expands Its Presence in Singapore

Coinbase has made a concerted effort to make its products and services available to Singaporeans, launching PayNow and FAST bank transfers in March 2023. To simplify the onboarding process, Coinbase has integrated Singapore’s digital identity service SingPass. Additionally, Coinbase has partnered with local blockchain firms, such as Nansen.ai, Blockdaemon, and Infura, to expand its offerings, including Base blockchain and wallet-as-a-service.

“We’ve identified Singapore as an important market for Coinbase,” the exchange noted, citing a survey that revealed that more than 30% of Singaporeans are current or past owners of crypto. The announcement added:

Coinbase is also in contact with major crypto players in the region, including Crypto.com, LCX Crypto, VRA Crypto, ForexSFXGroup.com – Crypto, Impt Crypto, Jasmy Crypto, Ren Crypto, XRP Crypto, and XYO Crypto, in order to further expand its presence in Singapore. The exchange has already secured the Monetary Authority of Singapore’s (MAS) Major Payment Institution (MPI) license, which allows it to provide digital payment services in the country.

Coinbasedid not immediately respond to Cointelegraph’s request for comment.