Coinbase, the US cryptocurrency exchange, has successfully obtained its major payment institution (MPI) licence from the Monetary Authority of Singapore (MAS), following its initial approval from the state regulator last October.
Hassan Ahmed, Country Director of Coinbase, took to X (formerly known as Twitter) to share the news.
This licence permits Coinbase to offer regulated digital payment token (DPT) products and services, expanding its offerings to both individuals and institutions.
Singapore has granted MPI licences to more than a dozen firms, including crypto exchange crypto.com and stablecoin issuer Circle, which received full licences in June.
Coinbase has been working to integrate locally by introducing new funding options like PayNow and FAST bank transfers, along with the SingPass onboarding system.
In its August filings, Coinbase reported a narrowing second-quarter loss and revenue that exceeded estimates.
The second-quarter net loss reduced to $97 million from a record $1.1 billion the previous year.
Despite this, Coinbase’s shares have more than doubled in value in 2023.
Coinbase acknowledges the significant role of the Monetary Authority of Singapore in its journey and views the newly acquired licence as validation of its operations and a commitment to the growing crypto and Web3 community in Singapore.
Founded in the US in 2012, Coinbase boasts over 100 million verified users globally and is considered one of the top crypto exchanges by market share.
As regulatory scrutiny intensifies in Singapore, Coinbase, along with other exchanges, faces increasing pressure to comply with MAS regulations.
Beyond product offerings, Coinbase is committed to the broader Web3 ecosystem in Singapore.
This includes initiatives such as training and hiring at its Singapore tech hub, partnerships with industry associations like ACCESS, the Singapore Fintech Association, and the Blockchain Association of Singapore, and region-specific investments through Coinbase Ventures, with more than 15 investments rooted in Singapore.
Coinlive previously interviewed Hassam Ahmed on Singaporean attitudes towards crypto and crypto exchanges.