Breaking Into The Singapore Market: A Regulatory Milestone
The securing of the Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS) is a substantial regulatory win for Coinbase, allowing the US-based crypto exchange to significantly broaden its digital payment token services within Singapore.
Unlocking New Transaction Thresholds
With the MPI license in hand, Coinbase now stands exempt from the earlier transaction limits of 3 million Singapore dollars for any payment service, as well as the 6 million SG$ cap on monthly transactions for multiple payment services, barring e-money account issuance and money-changing services.
A Step Towards Fostering Crypto and Web3 Community
This license not only marks a validation of Coinbase’s operations but also underscores its commitment towards nurturing the burgeoning crypto and Web3 community in Singapore. Through this regulatory approval, Coinbase is setting a precedent in ensuring a conducive environment for the digital economy to thrive.
Tailoring Services to Local Needs
Since its initial foray into Singapore, Coinbase has been rolling out products and services tailored to meet the local demands. Introduction of PayNow, FAST bank transfers, and integration with Singapore’s digital identity service, SingPass, are testament to its dedicated approach towards simplifying crypto transactions for individuals and institutions alike.
Collaborations Driving Innovations
In addition to regulatory compliance, Coinbase’s collaborations with local blockchain entities like Nansen.ai, Blockdaemon, and Infura are steering the expansion of its product offerings including Base blockchain and wallet-as-a-service, thus enriching Singapore’s crypto ecosystem.
Singapore: A Strategic Market for Crypto Ventures
Identifying Singapore as a crucial market, given its robust Web3 company base and a notable percentage of crypto-savvy populace, Coinbase aims at cementing its position in the island nation, contributing significantly to the growth of crypto and Web3 economy in the region.
The Growing List of MPI Licensees
Coinbase follows in the footsteps of other major global crypto firms in securing the MPI license, reflecting a growing recognition and trust in Singapore’s regulatory framework by the global crypto community.
