- On October 1, 2023, Coinbase Singapore obtained the Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS).
- Coinbase values Singapore as a key market and recognizes its pivotal role in the Web3 and cryptocurrency ecosystem.
Coinbase Singapore achieved a remarkable milestone on October 1, 2023, as it announced the successful acquisition of a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS).
Singapore: A Key Hub for Coinbase
Coinbase’s dedication to expanding its presence in Asia’s financial hub is evident through this accomplishment. Nana Murugesan, representing Coinbase Singapore, highlighted the significance of Singapore as a strategic market for the company, saying:
“Singapore has always been a significant market for Coinbase. The nation’s forward-thinking economic strategies align perfectly with our global mission. We’re not just here to provide exchange services; we’re here to build an ecosystem.”
Nana Murugesan, VP International Business Coinbase.
Tailored Services for Singapore
Coinbase Singapore has made deliberate efforts to cater to the specific needs of the Singaporean market. This includes integrating PayNow and FAST bank transfers and introducing no-fee USDC purchases with the Singapore Dollar (SGD).
Coinbase also actively engages with the local community by sponsoring events like Ethereum Singapore and conducting workshops at renowned universities such as the National University of Singapore (NUS), Singapore Management University (SMU), and Nanyang Technological University (NTU).
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Crypto Adoption in Singapore
Recent surveys indicate that approximately 25% of Singaporeans regard cryptocurrencies as the future of finance. Moreover, an impressive 32% of residents have either currently or in the past owned cryptocurrencies. With more than 700 Web3 companies in Singapore, the city-state has emerged as a vital hub for the Web3 and crypto economy.
A Wider Web3 Ecosystem
This licensing achievement goes beyond cryptocurrency exchanges; it underscores Coinbase’s commitment to nurturing a comprehensive Web3 ecosystem. The company has invested in Singapore through Coinbase Ventures, with over 15 investments made to date. Additionally, partnerships have been forged with key local tech leaders, including Nansen.ai, Blockdaemon, and Infura.
Global Regulatory Compliance
The acquisition of this new license adds another layer to Coinbase’s strong regulatory framework. It complements the company’s existing VASP (Virtual Asset Service Provider) registrations in various countries, including Spain, Italy, Ireland, and the Netherlands.
A Cornerstone of International Growth
Coinbase’s spokesperson emphasized that working with regulatory bodies worldwide is a cornerstone of their international growth strategy. This latest achievement reaffirms the company’s commitment to adhering to global regulatory standards while expanding its global presence.
Singapore: The Crypto-Friendly Haven
This development underlines why Singapore is recognized as a crypto-friendly haven and a major influencer in shaping the future of digital assets on a global scale. With this MPI license, Coinbase Singapore isn’t merely establishing a presence; they are actively contributing to shaping the future of finance, one blockchain at a time.
Final Thoughts
Coinbase Singapore’s acquisition of the MPI license from the Monetary Authority of Singapore shows that the crypto market is still rising. The company’s commitment to building a thriving Web3 ecosystem and engaging with the community highlights Singapore’s role as a crypto-friendly hub with a promising future in digital finance. This achievement also adds another layer to Coinbase’s global regulatory compliance strategy, positioning it as a key player in the market.
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