(Reuters) – The Singapore arm of cryptocurrency exchange Coinbase announced on Monday that it has secured a Major Payment Institution (MPI) licence from the Monetary Authority of Singapore (MAS), the city-state’s central bank. With this licence, Coinbase Singapore will now be able to provide digital payment token services to both individuals and institutions in Singapore.
The MPI licence obtained by Coinbase Singapore marks an important milestone for the largest cryptocurrency exchange in the United States. By expanding its services into Singapore, Coinbase aims to tap into the growing cryptocurrency market in Southeast Asia and capitalize on the increasing demand for digital payment token services in the region.
The acquisition of the licence allows Coinbase to operate as a regulated payment institution in Singapore, ensuring that its operations comply with the regulatory framework established by MAS. This will increase trust and confidence among Singaporean consumers and businesses who wish to engage in cryptocurrency transactions.
Rae Wee, a reporter in Singapore, stated that Coinbase Singapore’s successful application for the MPI licence demonstrates the company’s commitment to compliance and regulatory best practices. It also reflects the government’s recognition of the importance of embracing digital payment token services and fostering innovation in the financial industry.
With the MPI licence secured, Coinbase can now offer a wide range of services related to digital payment tokens. This includes facilitating the buying and selling of cryptocurrencies, providing custody services for digital assets, and enabling the conversion of cryptocurrencies into traditional fiat currencies.
The expansion into Singapore is part of Coinbase’s aggressive global expansion strategy. By entering the Southeast Asian market, the company aims to strengthen its presence in the region and establish itself as a key player in the cryptocurrency industry.
As the popularity of cryptocurrencies continues to rise, more individuals and institutions are seeking reliable and secure platforms to engage in cryptocurrency transactions. Coinbase Singapore’s MPI licence will position the exchange as a trusted partner for individuals and businesses looking to enter the cryptocurrency market.
Currently, Coinbase is one of the largest cryptocurrency exchanges globally, with a user base of over 68 million customers. The company’s entrance into the Singaporean market is expected to further boost its customer base and drive the adoption of cryptocurrencies in the region.
The granting of the MPI licence to Coinbase Singapore highlights the country’s progressive approach towards digital assets and its willingness to embrace the benefits of blockchain technology. It also showcases Singapore’s commitment to fostering an innovative and inclusive financial ecosystem.
With the regulatory approval in place, Coinbase Singapore can now kickstart its operations in the city-state and contribute to the development of the local cryptocurrency industry.
As Singapore continues to position itself as a fintech hub, the licensing of Coinbase Singapore is a positive step towards attracting more cryptocurrency companies to establish their presence in the country’s thriving financial landscape.
Reported by Rae Wee in Singapore; Editing by Jamie Freed
Credit: The Star : Tech Feed
