Coinbase Obtains Major Payment Institution License in Singapore

Coinbase Singapore has been granted a Major Payment Institution (MPI) license by the Monetary Authority of Singapore (MAS). This milestone, following the initial In Principle Approval, allows Coinbase to expand its Digital Payment Token services to individuals and institutions in Singapore.

To meet the region's increasing demands and unique market conditions, Coinbase has actively developed and introduced products specifically designed for Singapore. For example, earlier this year, they introduced convenient funding options like PayNow and FAST bank transfers. They have also integrated SingPass, Singapore's trusted digital identity, to streamline the onboarding process.

Furthermore, Coinbase has implemented no-fee USDC purchases with SGD to simplify the process for its Singaporean customers.

Coinbase places a strong emphasis on collaborating with regulators in key countries as part of its global expansion efforts. In the past year, the company has achieved VASP (Virtual Asset Service Provider) registrations in Spain, Italy, Ireland, and the Netherlands.