Coinbase is thrilled to declare its attainment of the Major Payment Institution (MPI) license, a remarkable milestone granted by the Monetary Authority of Singapore. This noteworthy accomplishment comes on the heels of securing the initial In-Principle Approval, fortifying their steadfast dedication to the vibrant Singaporean market.
This achievement equips Coinbase with the capability to diversify its range of Digital Payment Token services, catering adeptly to both individuals and institutions in Singapore.
A Thriving Crypto Ecosystem in Singapore
In a recent update on their international expansion efforts, they underscored the utmost importance of clear regulatory frameworks, innovation, and user trust. Notably, their report revealed that 25% of surveyed Singaporeans view cryptocurrencies as the future of finance, with 32% having engaged as current or previous cryptocurrency owners.
As a result, Singapore has organically emerged as a significant hub for the cryptocurrency industry. Moreover, with over 700 Web3 companies based in Singapore, the nation stands as a pivotal market for the growth of the cryptocurrency and Web3 economy.
Identifying Singapore as a Vital Market
Since their initial involvement in the Lion City, they’ve strategically identified Singapore as a vital market for Coinbase. This strategic decision is bolstered by the nation’s progressive economic strategies and its harmonious approach to regulatory policies, aligning seamlessly with its global mission and objectives.
In response to the evolving demands and distinctive market dynamics of the region, they’ve proactively developed and launched products tailored specifically for Singapore. Earlier this year, for example, they introduced user-friendly funding options, including PayNow and FAST bank transfers.
With the seamless integration of SingPass, Singapore’s trusted digital identity system, they unveiled a more streamlined onboarding process. Additionally, they introduced fee-free USDC purchases with SGD, simplifying the initiation process for their Singaporean clientele.
Commitment Beyond Products
Their commitment extends beyond product offerings to encompass the broader Web3 ecosystem in Singapore. This encompasses training and employment initiatives at their Singapore tech hub, the cultivation of strong relationships with industry associations such as ACCESS, the Singapore Fintech Association, and the Blockchain Association of Singapore, as well as targeted region-specific investments through Coinbase Ventures.
Impressively, over 15 of these investments are deeply rooted in Singapore. Their ongoing collaborations with the local developer community and key partners, including Nansen.ai, Blockdaemon, and Infura, have been instrumental, particularly when coupled with innovative solutions like their Base blockchain and Wallet-as-a-Service.
Their active involvement within the community is evidenced by initiatives such as their sponsorship of Ethereum Singapore and the conduct of workshops at prestigious universities, including the National University of Singapore, Singapore Management University, and Nanyang Technological University.
At Coinbase, their profound commitment revolves around reshaping the financial landscape by creating trusted products that enhance the utility and adoption of cryptocurrencies. Their core belief is that blockchain and cryptocurrency technologies hold the potential to amplify economic freedom and opportunities on a global scale.
Singapore as a Crypto Hub
They’ve witnessed numerous international markets crafting innovative policies to position themselves as crypto hubs. In this context, their recent achievements in Singapore carry even greater significance. The newly acquired license not only validates the integrity of Coinbase’s operations but also represents a solemn commitment and responsibility to the burgeoning crypto and Web3 community in Singapore.
As part of their international growth strategy, they have made it a top priority to collaborate closely with regulators in key countries. Over the past year, they have successfully secured VASP registrations in Spain, Italy, Ireland, and the Netherlands.
The Monetary Authority of Singapore stands out as one of the most sophisticated Web3 regulators they engage with on a global scale. As we look ahead, we are filled with enthusiasm about their continued contributions to and growth alongside the crypto and Web3 community in Singapore.
Final Thought
Coinbase’s attainment of the Major Payment Institution license in Singapore marks a pivotal step towards its commitment to empowering the Singaporean market and fostering innovation in the cryptocurrency ecosystem. This achievement sets the stage for Coinbase’s ongoing dedication to delivering tailored solutions, driving community involvement, and collaborating on a global scale to shape the future of finance.