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In a major development, crypto giant Coinbase secured the Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS), the country’s central bank. This comes at a time when crypto regulatory developments are at full swing in Singapore.
As a result of securing this license, Coinbase will be able to offer its Digital Payment Token services to retail as well as institutional players in Singapore. Singapore has emerged as a key hub for the cryptocurrency and Web3 economy, with 32% of its surveyed residents having owned or currently owning cryptocurrencies, and 25% viewing crypto as the future of finance.
In addition to this strong adoption, Singapore hosts more than 700 Web3 companies, further solidifying its position as a pivotal market for the growth of these industries. Citing strong demand and unique market dynamics, Coinbase said that it’s developing tailor-made products, specifically for Singapore. In its official blog post, Coinbase noted:
Beyond simply offering products, our commitment stretches to the broader Web3 ecosystem in Singapore. This includes training and hiring initiatives at our Singapore tech hub, fostering strong relationships with industry associations such as ACCESS, the Singapore Fintech Association, and the Blockchain Association of Singapore, and making region-specific investments through Coinbase Ventures. Notably, over 15 of these investments are rooted in Singapore.
Coinbase Makes Major Push Into Singapore
Also, Coinbase has been making a move to overseas markets, especially Singapore, as it faces the regulatory heat from the US SEC.
As a result, Coinbase has also partnered with the local developer community and key partners such as Nansen.ai, Blockdaemon, and Infura. Coinbase said that it will also be conducting some workshops at some of the prestigious universities the National University of Singapore, Singapore Management University, and Nanyang Technological University.
Obtaining the new license not only affirms Coinbase’s operations but also signifies a commitment and obligation to the expanding crypto and Web3 community in Singapore. Coinbase will now focus on collaborating with regulators in strategic nations has been a focal point in our global expansion. In the past year, we have successfully secured VASP registrations in Spain, Italy, Ireland, and the Netherlands.
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