Coinbase crypto exchange obtains payment license in Singapore

United States-based cryptocurrency exchange Coinbase is increasing operations in Singapore after securing main regulatory approval from the nation’s central financial institution.

Coinbase has obtained a Main Payment Establishment (MPI) license from the Financial Authority of Singapore (MAS), the agency announced on Oct. 1. The brand new license — coming one 12 months after Coinbase’s initial in-principle approval in Singapore — permits the corporate to increase its digital payment token providers to people and establishments in the nation.

According to MAS, MPI-licensed companies are approved to conduct payment providers with out being subjected to transaction limits of three million Singapore {dollars} ($2.2 million) for any payment service. The authorized firms are additionally free from the 6 million SG$ ($4.4 million) restrict of month-to-month transactions for 2 or extra payment providers apart from e-money account issuance and money-changing providers.

The newly acquired license is “not solely a validation of Coinbase’s operations” but in addition represents a duty to the rising crypto and Web3 group in Singapore, the agency mentioned in the announcement.

Coinbase has been actively creating services and products designed particularly for Singapore, launching PayNow and FAST financial institution transfers in March 2023. Coinbase has additionally built-in Singapore’s digital id service, SingPass, to simplify onboarding. Moreover, Coinbase has been collaborating with main native blockchain companies, together with Nansen.ai, Blockdaemon and Infura, to increase its merchandise like Base blockchain and wallet-as-a-service.

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“From our preliminary involvement in the Lion Metropolis, we’ve recognized Singapore as a significant marketplace for Coinbase,” the exchange famous, stressing that greater than 30% of Singaporeans have been discovered to be current or past owners of crypto in its current survey. The announcement added:

“Singapore has naturally turn into a major location for this business. Furthermore, Singapore is residence to over 700 Web3 firms, making it a pivotal marketplace for the expansion of the crypto and Web3 economic system.”

Coinbase didn’t instantly reply to Cointelegraph’s request for remark.

As beforehand reported, main world cryptocurrency companies have been more and more securing Singapore’s MPI license lately. Crypto information and pockets supplier Blockchain.com became the 12th firm to receive the license in August 2023. The USD Coin (USDC) stablecoin issuer Circle received the MPI license in June 2023, following crypto exchange Crypto.com.

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