Coinbase has secured a Major Payment Institution license from the Monetary Authority of Singapore. The license, granted after receiving in-principal approval last year, allows Coinbase’s Singapore entity to expand its offerings of Digital Payment Token services to both retail and institutional customers in the region, Coinbase said in an announcement.
Hassan Ahmed, the country director of Coinbase Singapore, emphasized the importance of regulatory clarity and clear rules in Singapore, in contrast to the ongoing regulatory challenges faced by the company in the United States.
Singapore, known for its relatively crypto-friendly environment, has been navigating challenges within the industry, including crises involving crypto outfits with Singapore links. Despite these challenges, MAS continues to process license applications, and Coinbase now joins the ranks of other crypto operators in the region with full licenses.
“At Coinbase, we see thoughtful and practical regulation as a key ingredient for growth that will ultimately help fulfill the potential of this financial and technological revolution,” the company said.
Coinbase’s commitment to the market and its international strategy is reinforced by the license, which also solidifies its partnerships with local institutions, including Standard Chartered as its banking partner.
In response to local demands, Coinbase has tailored its products, introducing simple account funding options such as PayNow and FAST bank transfers, along with fee-free purchases of USDC, the stablecoin.
