Coinbase secures a Major Payment Institution license from the Monetary Authority of Singapore (MAS), highlighting Singapore’s importance in the crypto industry.
- Coinbase secures a Major Payment Institution license from the Monetary Authority of Singapore (MAS).
- Singapore identified as a “vital market” due to its progressive economic strategies and approach to regulation.
- 25% of surveyed Singaporeans see crypto as the future of finance, with 32% being current or past crypto owners.
Coinbase, the renowned cryptocurrency exchange listed on NASDAQ, has successfully obtained a Major Payment Institution (MPI) license from Singapore’s central bank, the Monetary Authority of Singapore (MAS). Recognizing Singapore as a pivotal market, the crypto exchange underlines its commitment to enriching the nation’s crypto and Web3 economy.
— Bitcoin Magazine (@BitcoinMagazine) October 2, 2023
Singapore’s Allure for Crypto
Given that Singapore houses over 700 Web3 companies and showcases a significant inclination toward crypto – with 25% of surveyed citizens viewing it as finance’s future and 32% having owned crypto either now or in the past – the nation has emerged as a crucial locale for the industry. The MAS has been proactive in shaping a conducive regulatory environment, announcing new regulations for crypto service providers in July and introducing a regulatory framework for stablecoins in August.
Coinbase’s Synchronized Objectives with Singapore
The awarding of the MPI license follows the In Principle Approval given to Coinbase by the MAS in October of the previous year. Coinbase asserts:
“This development amplifies our commitment to the Singapore market, enabling us to expand our provision of Digital Payment Token services to both individuals and institutions in Singapore.”
In congruence with Singapore’s progressive economic strategies and regulatory approach, Coinbase identifies it as a vital market, asserting its alignment with their global mission and objectives. The exchange has been industriously expanding its international footprint, achieving virtual asset service provider (VASP) registrations in multiple European countries over the last year.
A Future-Forward Regulatory Approach
Singapore’s latest President, Tharman Shanmugaratnam, supports a unified regulatory system for both traditional finance and cryptocurrencies, reflecting the nation’s forward-thinking stance toward the financial future.
With Singapore regarded as a major crypto hub and its robust regulatory developments, Coinbase’s enhanced presence in the market represents a strategic move to bridge its services with the progressive financial landscape of the region.
To Sum it All Up….
Coinbase’s securement of an MPI license from Singapore’s MAS reinforces its dedication to the Singaporean market, aligning its services with the nation’s significant crypto and Web3 presence. This development mirrors the broader global trend of exchanges navigating through the intricate web of varied regulatory landscapes, signifying a crucial step in knitting the traditional and digital financial realms closely together.