Coinbase’s Singaporean arm has obtained a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS), solidifying its status as a fully authorized player in the crypto space. Singapore’s growing crypto adoption and Coinbase’s international expansion strategy are key highlights.
Coinbase’s Singaporean branch has achieved a significant milestone by securing a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS). This approval marks Coinbase as a fully authorized player in the vibrant Singaporean crypto market. The journey began in March 2020 when Coinbase received a temporary licensing exemption from the Singaporean central bank. Fast forward to October 2022, and the company received an “In Principle” license, paving the way for full-scale operations in the city-state.
Singapore, often considered a crypto haven, demonstrates strong enthusiasm for digital currencies. Approximately 25% of its population embraces cryptocurrencies as the future of finance, with an impressive 32% already participating in the crypto ecosystem. According to the Chainalysis Global Crypto Adoption Index, Singapore ranked seventh globally in terms of crypto received in the past year.
Coinbase’s international expansion strategy aligns with its focus on countries with clear cryptocurrency regulations. This move in Singapore follows the company’s recent announcement highlighting six key markets for near-term operations, including the European Union, Canada, the U.K., Australia, and Brazil. Additionally, Coinbase expanded its European presence by obtaining a license from the Bank of Spain to operate as an official exchange for Bitcoin and other cryptocurrencies.
