Coinbase secures Major Payment Institution licence in Singapore
Coinbase Singapore has obtained a Major Payment Institution (MPI) licence from the Monetary Authority of Singapore.
This development, coming after the initial In Principle Approval, enables Coinbase to expand its provision of Digital Payment Token services to both individuals and institutions in Singapore.
In response to the region’s growing demands and unique market dynamics, Coinbase has actively developed and released products tailored specifically for Singapore. Earlier this year, for instance, it introduced convenient funding options, including PayNow and FAST bank transfers.With the integration of SingPass, the trusted digital identity of Singapore, Coinbase rolled out a more streamlined onboarding process.
Additionally, Coinbase introduced no-fee USDC purchases with SGD to make it easier for its Singaporean customers to get started.
Coinbase has made it a priority to work with regulators in key countries as part of its international growth. Over the last year, the company has achieved VASP registrations in Spain, Italy, Ireland, and the Netherlands.