Coinbase, the U.S.-based cryptocurrency exchange, has received a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS). This significant regulatory approval allows Coinbase to expand its digital payment token services to individuals and institutions in Singapore. The MPI license means that Coinbase can conduct payment services without being subject to transaction limits, such as the $2.2 million limit for any payment service and the $4.4 million limit on monthly transactions for two or more payment services, other than e-money account issuance and money-changing services.
Coinbase has actively been developing products and services tailored for the Singaporean market, including the integration of Singapore’s digital identity service SingPass to simplify onboarding. The exchange has also collaborated with local blockchain firms and launched features like PayNow and FAST bank transfers.
Coinbase Receives MPI License in Singapore, Expanding Crypto Services Without Transaction Limits
Singapore is a key market for Coinbase, given its growing crypto and Web3 community. According to Coinbase, more than 30% of Singaporeans have owned or currently own cryptocurrency, and the country is home to over 700 Web3 companies. The exchange sees Singapore as a pivotal market for the growth of the crypto and Web3 economy.
This regulatory approval comes as several major global cryptocurrency companies have secured MPI licenses in Singapore in recent months, including Blockchain.com and Crypto.com, indicating the country’s growing importance in the cryptocurrency space.