Coinbase Singapore recently announced a major event for October 2023: the company has secured a Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS). This serves as further proof that Coinbase is growing in Asia’s finance hub.
Nana Murugesan, a spokeswoman for Coinbase Singapore, spoke on the importance of highlighting Singapore as a potential market for the business:
“Singapore has always been a significant market for Coinbase. The nation’s forward-thinking economic strategies align perfectly with our global mission. We’re not just here to provide exchange services; we’re here to build an ecosystem.”
The company has taken specific measures to cater to the Singaporean market. PayNow and FAST transfers will be integrated, offering USDC purchases without fees with the Singapore Dollar (SGD).
According to surveys, approximately 25 percent of Singaporeans consider cryptocurrencies the future of finance, and 32% are crypto owners or have been in the past. With more than 700 Web3 companies, Singapore has become a hub for Web3 and the crypto economy.
The MPI license has a far greater impact than just currency exchanges. Coinbase’s commitment to foster a more extensive Web3 ecosystem has resulted in investments in 15 countries. They are also actively involved in the Singaporean community, sponsoring events such as Ethereum Singapore and offering workshops at top universities (including NUS, SMU, and NTU).
This license is yet another feather in Coinbase’s regulatory cap, creating a stark reminder of why Singapore has earned its reputation as an enclave for crypto assets and a major player in the global digital currency future. With this license, Coinbase Singapore isn’t just setting up shop; they’re building the future of finance, one block(chain) at a time.