Coinbase’s acquisition of the MPI license in Singapore is a key accomplishment that will significantly boost the country’s Web3 market.
In a significant development, the Monetary Authority of Singapore (MAS), the country’s central bank, issued Coinbase the Major Payment Institution (MPI) license. This occurs at a time when Singapore’s crypto regulatory developments are in full motion.
Coinbase will be able to offer its Digital Payment Token services to both retail and institutional participants in Singapore as a result of obtaining this license. Singapore has emerged as a critical hub for the cryptocurrency and Web3 economies, with 32% of its residents surveyed having owned or presently owning cryptocurrencies and 25% viewing crypto as the future of finance.
In addition to this robust adoption, Singapore is home to over 700 Web3 companies, strengthening its position as a key market for developing these industries.
Coinbase has stated that it is developing Singapore-specific products in response to the country’s high demand and unique market dynamics. In a blog post on its website, Coinbase noted:
Beyond simply offering products, our commitment stretches to the broader Web3 ecosystem in Singapore. This includes training and hiring initiatives at our Singapore tech hub, fostering strong relationships with industry associations such as ACCESS, the Singapore Fintech Association, and the Blockchain Association of Singapore, and making region-specific investments through Coinbase Ventures. Notably, over 15 of these investments are rooted in Singapore.
Coinbase Expands Its Presence in Singapore
Moreover, due to regulatory pressure from the US SEC, Coinbase has been expanding into international markets, notably Singapore. Consequently, Coinbase has partnered with the local developer community and critical partners, including Nansen.ai, Blockdaemon, and Infura.
Coinbase stated that it will also conduct seminars at the National University of Singapore, Singapore Management University, and Nanyang Technological University, among other prestigious institutions.
Obtaining a new license validates Coinbase’s operations and demonstrates a commitment and obligation to the growing crypto and Web3 communities in Singapore.
Coinbase will now concentrate on collaborating with regulators in key nations, which has been a focal point of our international expansion. Over the past year, we have effectively obtained VASP registrations in Spain, Italy, Ireland, and the Netherlands.
