Cryptocurrency exchange Coinbase has secured a full Master Payment Institution (MPI) license under the Singapore Payment Services Act.
Coinbase announced that recent development comes nearly a year after Coinbase received preliminary approval from the Monetary Authority of Singapore (MAS).
With this license, Coinbase joins a growing list of companies authorized to provide digital payment token services in the Republic.
The granted MPI license enables Coinbase to offer a variety of crypto payment services to both individuals and institutions in Singapore.
Currently, the exchange offers trading and betting services to its users.
Staking involves temporarily locking users’ digital tokens to validate blockchain transactions, thereby earning rewards in the form of additional tokens.
Coinbase prioritizes Singapore
According to Mr. Hassan Ahmed, Country Director of Coinbase Singapore, the local team consists of nearly 100 professionals, including product managers, engineers, business development experts and legal and compliance staff.
The crypto firm noted that since their initial involvement in the Lion City, they have identified Singapore as a vital market for Coinbase.
The nation’s progressive economic strategies and approach to regulation sync well with its global mission and goals, he added.
A Coinbase survey conducted in May revealed that 25% of Singaporeans surveyed perceive cryptocurrency as the future of finance, while 32% own or currently own some form of cryptocurrency assets.
Coinbase has responded to local demand by introducing convenient funding options such as PayNow and FAST bank transfers, along with the SingPass onboarding system earlier this year.
Coinbase continues to invest in Web3
Singapore serves as Coinbase’s Asia Pacific technology hub, and the company has actively invested in more than 15 Web3 startups in the region through its investment arm, Coinbase Ventures.
In August, Coinbase reported improved financial results, with a second-quarter net loss narrowing to $97 million from a record $1.1 billion a year earlier.
The company’s second-quarter revenue, which beat estimates, came in at $707.9 million, although it was down 12% compared to the previous quarter.
Despite regulatory challenges, including a lawsuit filed by the US Securities and Exchange Commission (SEC) alleging illegal trading, Coinbase has managed to do well.