Coinbase Secures Full License to Extend Crypto Payment Services in Singapore

Coinbase Singapore has secured a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS). This achievement comes after obtaining In Principle Approval and marks a pivotal moment for Coinbase’s expansion plans in Singapore.

Coinbase’s strong commitment to the Singaporean market is evident in its pursuit of precise regulation, innovation, and user trust. The decision to pursue an MPI license reflects the growing significance of Singapore in cryptocurrency. Notably, around 25% of Singaporeans view cryptocurrency as the future of finance, with a substantial percentage having previously owned cryptocurrencies.

Beyond excited to announce that Coinbase Singapore has received an MPI license from MAS!

As Singapore Blockchain Week highlighted, the energy and excitement of 🇸🇬 as a web3 hub is unmistakable.

Excited to double down in this market and provide trusted solutions for consumers,…

— hassan.cbsg 🛡️🇸🇬 (@Hassan_NY) October 2, 2023

Furthermore, Singapore hosts over 700 Web3 companies, solidifying its position as a crucial market for the crypto and Web3 economy’s growth.

Tailored Solutions for Singapore

Coinbase has taken a proactive approach to understanding and addressing Singapore’s unique market dynamics. To cater to the local audience effectively, theyintroduced several specialized products:

Convenient Funding Options: Coinbase integrated PayNow and FAST bank transfers, making it easier for users to fund their accounts.

Streamlined Onboarding: Leveraging SingPass, Singapore’s trusted digital identity, Coinbase implemented a simplified onboarding process.

No-Fee USDC Purchases: The purchase of USDC with SGD has been facilitated, eliminating fees and simplifying the cryptocurrency acquisition process for Singaporean users.

Coinbase’s commitment extends beyond its platform. The company actively contributes to the broader Web3 ecosystem in Singapore through various initiatives:

Talent Development: Coinbase invests in talent development at its Singapore tech hub.

Strong Partnerships: Coinbase collaborates with industry associations like ACCESS, the Singapore Fintech Association, and the Blockchain Association of Singapore.

Strategic Investments: Coinbase Ventures has made over 15 investments in Singapore-based projects.

Community Engagement: Coinbase actively engages with the local developer community, conducts workshops at prestigious universities, and sponsors Ethereum Singapore.

Coinbase Global Vision

Coinbase’s mission revolves around reshaping the financial landscape through trusted crypto products. The company firmly believes that blockchain and crypto technologies have the potential to enhance economic freedom globally. The recent achievements in Singapore underscore this commitment.

Coinbases stated that their international growth strategy involves collaboration with regulators worldwide.

“We obtained VASP registrations in Spain, Italy, Ireland, and the Netherlands in the past year. The Monetary Authority of Singapore (MAS) plays a significant role in our regulatory journey. This license represents a shared commitment, and we look forward to continued collaboration with Singapore’s crypto and Web3 community.”

Coinbase

Coinbase remains dedicated to revolutionizing finance, one region at a time, through innovative and secure crypto services.