"It seems like Coinbase is now easy to do business with Singapore."
After state regulators gave in-principle approval last October, cryptocurrency exchange Coinbase has finally received a major payment institution (MPI) license from the Monetary Authority of Singapore (MAS).
The license will not only allow Coinbase to offer regulated digital payment token (DPT) products and services but also pave the way for a network of DPT services for individuals or institutions.
This year, Coinbase has introduced a variety of new funding options, including PayNow, FAST bank transfers and the SingPass onboarding system as one of the ways to implement local integration.
In addition to validating Coinbase's operations, the license is also intended to represent the promise and responsibility of Singapore's growing crypto and Web3 community.
According to Hassan Ahmed, the director of Coinbase Singapore said the digital asset exchange strongly emphasizes clear regulation, innovation including user trust, therefore his country intends to take a progressive stance towards the crypto market including Web3.
Through observation, 25% of Singaporeans have seen crypto as the future of finance while 32% have some form of digital asset ownership that aligns with their mission and vision.
Following more than a dozen firms having received MPI and in-principle approval from MAS, kirpto exchange crypto.com and Boston Circle-based stablecoin issuer are among the latest companies to be awarded a full license in June 2023.
