Coinbase, a leading crypto exchange based in the U.S., has disclosed its recent inroad for its efforts at international expansion, in which it has secured a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS).

This regulatory approval enables Coinbase to extend its digital payment token services to both individuals and institutions in Singapore. This development comes after Singapore’s new president-elect, Tharman Shanmugaratnam, expressed skepticism over crypto and blockchain technologies. Notably, Shanmugaratnam previously chaired the Monetary Authority of Singapore, and served as the country’s finance minister.

Despite these foreseeable setbacks, the MPI license represents a critical step for Coinbase in its commitment to the Singaporean market. According to a recent surcvey, over 30% of Singaporeans view cryptocurrency as the future of finance, with 32% having either owned or currently owning crypto assets. Notably, Singapore is also home to over 700 Web3 companies, making it a pivotal market for the crypto and Web3 sector’s growth.

Coinbase has recognized Singapore as a priority market due to its progressive economic strategies and regulatory approach that align with its objectives. The crypto firm has since tailored its products and services to cater

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Author: Vince Dioquino

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