Coinbase Secures 'Major Payment Institution' License From Singaporean Authorities

Coinbase (NASDAQ: COIN) Singapore has been granted a Major Payment Institution (MPI) license by the Monetary Authority of Singapore (MAS).

This follows their initial in-principal approval and allows them to offer Digital Payment Token services in Singapore.

Singapore has become a significant locale for the crypto industry. Per a Coinbase survey, 25% of residents see cryptocurrency as the future of finance.

Also Read: 8 Hollywood Celebrities Buying Into Crypto Hype - Is Bitcoin Having A Red Carpet Moment?

Additionally, 32% of Singaporeans have previously or currently own crypto, and the country is home to over 700 Web3 companies.

Recognizing Singapore's strategic importance, Coinbase stated it has tailored its offerings to the region and has introduced funding methods and integrated SingPass for a simplified onboarding process.

Additionally, Coinbase has made USD Coin (CRYPTO: USDC) purchases using SGD more accessible by eliminating fees.

Coinbase's involvement in Singapore extends to the broader Web3 ecosystem.

The company made over 15 investments in the region through Coinbase Ventures and have collaborated with local entities such as Nansen.ai, Blockdaemon, and Infura.

Coinbase further added that it has also engaged with the community by sponsoring Ethereum (CRYPTO: ETH) Singapore and conducting workshops at universities like the National University of Singapore.

Read Next: EXCLUSIVE - CBDCs Epitomize Anti-Crypto Movement But There's A Catch, Elusiv Founder Says

Join Benzinga's Fintech Deal Day & Awards on Nov. 13 and Future of Digital Assets on Nov. 14 in New York City to stay updated on trends like AI, regulations, SEC actions and institutional adoption in the crypto space. Secure early bird discounted tickets now!