Coinbase Expands Payment Services in Singapore with MPI License

Coinbase Expands Payment Services in Singapore with MPI License

Coinbase, the popular cryptocurrency exchange, has recently obtained a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS). This license allows Coinbase to extend its payment services in Singapore, enabling the exchange to provide digital token services to individuals and institutions in the country. The MPI license granted by MAS permits Coinbase to bypass various financial thresholds, such as transaction limits and daily outstanding money limits, facilitating the expansion of its operations in Singapore.

Singapore has been identified as a priority market by Coinbase due to its progressive economic strategies and regulatory approach, which align with the exchange’s global mission and objectives. Coinbase aims to actively support Singapore’s local crypto and web3 community through investments and partnerships. The exchange’s venture arm has already made more than 15 investments in local web3-related companies within the region.

Following the announcement of Coinbase’s MPI license, the company’s COIN stocks experienced a significant increase of over 5% during pre-market trading, reaching $79.26 according to Google Finance data. This positive market reaction reflects investor confidence in Coinbase’s expansion plans and its ability to navigate regulatory landscapes in different jurisdictions.

Coinbase’s recent licensing in Singapore is part of its broader international expansion strategy, driven by the uncertain regulatory environment in the United States. The exchange’s Chief Legal Officer, Paul Grewal, emphasized the importance of engaging with regulators globally, stating that the “world is not waiting on the US.” Coinbase seeks to collaborate with regulatory authorities in key countries to ensure compliance and foster growth in new markets.

Coinbase’s efforts to establish relationships with regulators have resulted in regulatory approvals in various European countries, including the Netherlands, Spain, Ireland, and Italy. These approvals have facilitated Coinbase’s expansion into these markets, allowing institutional and retail traders to access its perpetual futures products.

The acquisition of the MPI license from MAS marks a significant milestone for Coinbase, enabling the exchange to enhance its payment services in Singapore. With Singapore’s favorable regulatory environment and progressive strategies, Coinbase views the country as a crucial market for its global operations. As the company continues to expand internationally, Coinbase’s focus on collaboration with regulators and its commitment to supporting local communities in the crypto and web3 space will likely contribute to its sustained growth and success.

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