Crypto exchange Coinbase obtains MPI license in Singapore

On Oct 2, 2023

Coinbase has prioritized collaboration with regulators in key countries as part of its international expansion efforts.
The exchange has actively developed and introduced products tailored specifically for Singaporean users.

Coinbase Singapore has achieved a significant milestone by obtaining a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS).

In its recent international expansion strategy, Coinbase emphasized the importance of clear regulations, innovation, and user trust.

Singapore, with a growing interest in cryptocurrencies, has become a crucial market for Coinbase. 25% of surveyed Singaporeans are considering cryptocurrencies as the future of finance. Also, 32% reported having owned or currently owning cryptocurrencies.

Furthermore, Singapore boasts more than 700 Web3 companies, making it a pivotal player in the growth of the crypto and Web3 economy.

Recognizing Singapore as a priority market

To cater to the unique demands of the region, Coinbase has actively developed and introduced products tailored specifically for Singaporean users. Earlier this year, the company introduced convenient funding options, including PayNow and FAST bank transfers.

By integrating SingPass, Singapore’s trusted digital identity system, Coinbase streamlined its onboarding process. Additionally, Coinbase made it easier for Singaporean customers by offering no-fee USDC purchases with SGD.

Supporting the regional cryptoeconomy

Coinbase’s commitment extends beyond product offerings to the broader Web3 ecosystem in Singapore. This includes initiatives such as training and hiring programs at the Coinbase tech hub in Singapore.

The company has also forged strong partnerships with industry associations like ACCESS, the Singapore Fintech Association, and the Blockchain Association of Singapore.

Furthermore, Coinbase Ventures has made region-specific investments, with over 15 of these investments rooted in Singapore.

Collaboration with the local developer community and key partners like Nansen.ai, Blockdaemon, and Infura has been instrumental in Coinbase’s growth in the region.

Coinbase’s Base blockchain and Wallet-as-a-Service, along with its active involvement in initiatives like sponsoring Ethereum Singapore and conducting workshops at prestigious universities, have solidified its presence in Singapore.

A commitment to reshaping finance

Coinbase’s core belief is in reshaping the financial landscape by developing trusted products that drive the adoption of cryptocurrencies. The company recognizes the transformative power of blockchain and crypto technologies in expanding economic freedom and opportunities worldwide.

The MPI license is not just an approval of Coinbase’s operations but also a promise and responsibility to the growing crypto and Web3 community in Singapore.

Coinbase has prioritized collaboration with regulators in key countries as part of its international expansion efforts. Over the past year, the company has secured VASP (Virtual Asset Service Provider) registrations in Spain, Italy, Ireland, and the Netherlands.

Obtaining the MPI license from MAS signifies not only an approval, but also a shared commitment.

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