Coinbase approved to operate in Singapore

Coinbase approved to operate in Singapore

Coinbase Obtains Full Operational License in Singapore: Expanding Its Reach in the Blockchain Industry

Leading American cryptocurrency exchange Coinbase has recently acquired an operational license in Singapore through its subsidiary, allowing it to legally provide services to customers in the region. On October 1, Coinbase announced that it had received regulatory approval from the Monetary Authority of Singapore (MAS) to operate as a Major Payment Institution (MPI) company. This significant milestone enables Coinbase to expand its digital payment token services in Singapore, catering to both individual and institutional customers.

Coinbase had previously obtained in-principle approval from MAS in 2022 when it first entered the Singaporean market in compliance with the country’s local crypto regulations. Initially, Coinbase could only offer certain services to users in Singapore. However, with the current MPI license, the company now has permission to provide its complete range of product offerings to users in the country. This development showcases Coinbase’s commitment to the Singapore market and its dedication to expanding its provision of Digital Payment Token services to individuals and institutions.

In addition to Singapore, Coinbase has successfully obtained regulatory approvals from several other countries over the past year, including the Netherlands, Spain, Italy, and Ireland. These regulatory successes signify Coinbase’s efforts to establish its presence in key markets not only in Asia but also in Europe, solidifying its position as a leading player in the blockchain industry.

Coinbase’s expansion in Singapore is aligned with the company’s international growth goals. The exchange has made strategic efforts to cater to the Singaporean market even prior to receiving the MPI license. Earlier this year, Coinbase introduced services such as PayNow and FAST bank transfers specifically for Singapore users. Additionally, the company integrated with SingPass, Singapore’s digital identity service, streamlining the user onboarding processes. These initiatives demonstrate Coinbase’s proactive approach in meeting the needs of Singaporean customers and adapting to the local market.

Singapore has emerged as a progressive crypto hub in Asia, attracting digital asset firms worldwide. The country’s forward-thinking economic strategies and regulatory approach to cryptocurrencies have made it an ideal market for Coinbase and other blockchain companies. According to a recent Coinbase report, over 30% of Singaporeans have either owned or currently own cryptocurrencies, indicating a high level of cryptocurrency adoption among the population. Furthermore, Singapore is home to more than 700 Web3 companies, solidifying its position in both the crypto and Web3 economy.

Coinbase’s acquisition of a full operational license in Singapore positions it among other prominent crypto companies with full licenses in the country. This achievement underscores Singapore’s commitment to fostering a vibrant and well-regulated digital assets ecosystem. The MAS had previously granted an MPI license to Crypto.com in June, enabling the company to explore opportunities in the market. Moreover, companies like USDC stablecoin issuer Circle and Blockchain.com are also fully licensed in Singapore, contributing to the thriving blockchain landscape.

Coinbase’s expansion into Singapore comes at a time when the company is facing legal disputes with regulators in its home market, the United States. The US Securities and Exchange Commission (SEC) filed a lawsuit against Coinbase in June, alleging violations of federal securities laws. Amidst these challenges, the successful establishment of operations in Singapore signifies Coinbase’s resilience and determination to navigate the global blockchain landscape.

In conclusion, Coinbase’s attainment of a full operational license in Singapore marks a significant milestone in its quest for global expansion. This accomplishment allows Coinbase to serve the Singaporean market with its comprehensive range of digital payment token services. Furthermore, it exemplifies the progressive stance of Singapore’s regulatory authorities in fostering a well-regulated blockchain ecosystem. As Coinbase continues to navigate legal challenges in the United States, its entrance into Singapore reinforces its position as a leading player in the blockchain industry.