Leading cryptocurrency exchange Coinbase has received a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS), authorizing it to provide a range of digital payment services in the country.
In a blog post Monday, Coinbase said the new license allows the “provision of digital payment token services to both individuals and institutions in Singapore.”
The approval represents a major expansion of Coinbase’s presence in Asia’s crypto hub and its ability to serve broader customer segments with regulated products.
Expanding in a Top Global Crypto Market
Singapore has emerged as one of the most cryptocurrency and blockchain-friendly jurisdictions worldwide. The MAS actively works to enable crypto innovation through balanced regulation.
According to Coinbase, around 25% of Singaporeans believe crypto will play a role in the future of finance, with 32% having owned cryptocurrency previously or currently.
There are also over 700 Web3 companies based in Singapore, making it a nexus for development in these technologies.
The new MPI license effectively greenlights Coinbase to tap into the country’s high crypto demand from both retail and institutional customers. The company called it validation of its operations and “responsibility to the growing crypto and Web3 community in Singapore.”
Coinbase Ramps Up Regional Presence
Over the past year, Coinbase has been discreetly expanding its footprint in Singapore and the broader Asia-Pacific region.
It established a local tech hub focused on developing Asia-based engineering talent to support its Web3 product efforts. Coinbase’s venture arm has also invested in over 15 Singapore-based crypto and blockchain startups.
Furthermore, Singapore serves as the hub for the exchange’s institutional business activities across Asia. This includes services targeted at professional traders and larger investors.
The new MPI license represents a milestone in Coinbase’s Asia growth. It follows recent progress expanding into other markets like its registration approval from Spain’s central bank last week.
As one of the largest and most trusted crypto platforms worldwide, Coinbase’s deepening global reach promises to further drive mainstream adoption. With the prestigious Singapore payment license in tow, Coinbase looks poised for continued Asia success.