Coinbase crypto exchange obtains payment license in Singapore

The United States-based cryptocurrency speech Coinbase is expanding operations successful Singapore by securing large regulatory support from the country’s cardinal bank.

Coinbase has obtained a Major Payment Institution (MPI) licence from the Monetary Authority of Singapore, the steadfast announced connected Oct. 1. The caller license, coming 1 twelvemonth aft Coinbase’s archetypal in-principle support successful Singapore, enables the institution to grow its integer outgo token services to individuals and institutions successful the country.

According to MAS, MPI-licensed firms are authorized to behaviour outgo services without being subjected to transaction limits of 3 cardinal Singapore dollars ($2.2 million) for immoderate outgo service. The approved companies are besides escaped from the 6 cardinal SGD ($4.4 million) bounds of monthly transactions for 2 oregon much outgo services, different than e-money relationship issuance and money-changing services.

The recently acquired licence is “not lone a validation of Coinbase's operations” but besides represents a work to the increasing crypto and Web3 assemblage successful Singapore, the steadfast said successful the announcement.

Coinbase has been actively processing products and services designed specifically for Singapore, launching PayNow and FAST slope transfers successful March 2023. Coinbase has besides integrated Singapore’s integer individuality work SingPass successful bid to simplify the onboarding process. Additionally, Coinbase has been collaborating with large section blockchain firms, including Nansen.ai, Blockdaemon, and Infura, to grow its products similar Base blockchain and wallet-as-a-service.

Related: Coinbase secures AML registration from the Bank of Spain

“From our archetypal engagement successful the Lion City, we've identified Singapore arsenic a captious marketplace for Coinbase,” the speech noted, stressing that much than 30% of Singaporeans were recovered to beryllium existent oregon past owners of crypto successful its caller survey. The announcement added:

“Singapore has people go a important determination for this industry. Moreover, Singapore is location to implicit 700 Web3 companies, making it a pivotal marketplace for the maturation of the crypto and Web3 economy.”

Coinbase did not instantly respond to Cointelegraph’s petition for comment.

As antecedently reported, large planetary cryptocurrency firms person been progressively securing Singapore’s MPI licence recently. Crypto information supplier and wallet Blockchain.com became the 12th steadfast to receive the licence successful August 2023. The USDC (USDC) stablecoin issuer Circle received the MPI license successful June 2023, following crypto speech Crypto.com.

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