US-listed Coinbase has received a full license in Singapore to offer more digital asset payment services in the city-state.
Coinbase has secured a major payment institution license (MPIL) from the Monetary Authority of Singapore, according to a statement. This enables the crypto exchange to expand its digital payment token services to both individuals and institutions in the city-state.
The new license follows Coinbase's obtainment of an in-principle approval in October 2022.
Priority Market
According to Coinbase, Singapore is a priority market with over 700 Web3 companies and it has been actively expanding its offering. Earlier this year, for example, it introduced funding options for instant payment platforms, a streamlined onboarding process and fee-free USDC purchases with Singapore dollars to attract new local customers.
Products aside, Coinbase said it was also committed to supporting the development of Singapore’s ecosystem, including training and hiring initiatives, fostering industry relationships and making region-specific investments through Coinbase Ventures.
«From our initial involvement in the Lion City, we've identified Singapore as a vital market for Coinbase. The nation's progressive economic strategies and approach to regulation sync well with our global mission and objectives,» the firm added.
