Coinbase Singapore is thrilled to announce that they have obtained a Major Payment Institution (MPI) license from the Monetary Authority of Singapore. According to the company’s team members, this demonstrates their commitment to the Singaporean market and paves the way for expanding their digital payment token services, which will benefit both the general public and Singaporean institutions.
Regarding their declared global expansion plans, they are upholding their commitment by adhering to regulatory constraints, pursuing innovation, and acquiring the trust of their user base. According to their data, one-fourth of Singaporeans concur that crypto is the future of finance, whereas 32% of Singaporeans are already involved in the crypto space. Singapore claims more than 700 Web3 companies on its soil and will soon become the ultimate destination for the crypto and Web3 economies.
Coinbase has been steadily learning that Singapore is going to play a major role for them ever since they started doing business there. The company is in tandem with Singapore’s economic strategies and regulatory features. As per our Coinbase review, the company has consistently responded to market demands by introducing products that appeal to both consumers and businesses. Beginning in 2023, Coinbase introduced simple funding options such as PayNow and FAST bank transfers. With the incorporation of SingPass, Singapore’s popular digital identification system, onboarding became more convenient. This was followed by the delivery of no-fee USDC purchases with SGD, giving Singaporeans a helping hand.
Coinbase has been involved in Singapore’s broader Web3 ecosystem alongside its product offerings. This includes training options, hiring activities at their tech center, and forming lucrative partnerships with organizations such as ACCESS, the Singapore Fintech Association. Additionally, there is the Blockchain Association of Singapore. Coinbase Ventures contributes by making local investments, fifteen of which are located in Singapore.
Presently, Coinbase is carrying on with its partnerships with regard to the developer community and other prime associates like Nansen.ai, Blockdaeman, and Infura. Coinbase’s innovative solutions, like their Base blockchain and Wallet-as-a-Service, are being shared. The company is sponsoring Ethereum Singapore and organizing workshops at prime universities such as the National University of Singapore, the Singapore Management University, and the Nanyang Technological University.
Coinbase has taken the pledge to restructure the finance sector with the help of reliable products that increase the acceptance of crypto. They believe that blockchain and crypto technology will boost international opportunities. In this case, they are thrilled to have acquired the license, which will help further their endeavors. The company’s future plans are to associate with the regulators of various countries. Currently, they have VASP listings in Spain, Italy, Ireland, and the Netherlands. Coinbase considers the Monetary Authority of Singapore to be highly significant.