Bermuda

COIN

Coinbase has <a href="https://www.coinbase.com/blog/coinbase-obtains-major-payment-institution-licence-from-the-monetary" rel="noopener noreferrer nofollow">secured</a> a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS), allowing it to expand its payment services in the country. This license comes almost a year after the regulator granted the exchange an in-principle approval. 
The license will allow the exchange to expand its digital token services to Singaporean individuals and institutions. According to the regulator’s <a href="https://www.mas.gov.sg/regulation/payments/licensing-for-payment-service-providers" rel="noopener noreferrer nofollow">website</a>, the MPI license would allow Coinbase to bypass several financial thresholds in the country, including a S$3 million monthly transaction limit and S$5 million daily outstanding money. 
Coinbase described Singapore as a priority market for its operations, saying the country’s “progressive economic strategies and approach to regulation sync well with our global mission and objectives.” 
Additionally, the crypto exchange expressed readiness to support Singapore’s local crypto and web3 community through investments and partnerships. Coinbase revealed that its venture arm has made over 15 investments in local web3-related companies within the region. 
Coinbase’s MPI license now puts it in the same ranks as other Singpore-licensed entities like Blockchain.com, Circle, and Crypto.com. 
Following the news, Coinbase’s COIN stocks rallied by more than 5% pre-market to $79.26, according to Google Finance <a href="https://www.google.com/finance/quote/COIN:NASDAQ?sa=X&amp;ved=2ahUKEwiD3PrZmdeBAxV5QzABHckJDj8Q3ecFegQIKxAf" rel="noopener noreferrer nofollow">data</a>. 
<h2 id="coinbase-global-expansion-continues">Coinbase global expansion continues</h2> 
Coinbase’s latest licensing in Singapore aligns with its <a href="https://cryptoslate.com/armstrong-coinbase-leaving-the-us-for-uk-is-on-the-table/" rel="noopener noreferrer nofollow">broader international expansion plans</a> amid the <a href="https://cryptoslate.com/coinbase-receives-wells-notice-from-sec/" rel="noopener noreferrer nofollow">uncertain regulatory landscape in t</a>he U.S. 
The exchange’s Chief Legal Officer, Paul Grewal, pointed out that governments worldwide were introducing clearer regulations for the emerging industry. He said the “world is not waiting on the US.” 
As a result, the crypto exchange has prioritized working with regulators in key countries as part of its international growth since the beginning of the year. These relationships culminated in the <a href="https://cryptoslate.com/coinbase-approved-to-offer-perpetual-futures-trading-to-non-u-s-residents-by-bermuda-monetary-authority/" rel="noopener noreferrer nofollow">launching </a>of an International platform that received regulatory approval from the Bermuda Monetary Authority (BMA) to allow institutional and retail traders access to its perpetual futures products. 
Meanwhile, Coinbase has also secured regulatory approvals in several European countries, including the Netherlands, Spain, Ireland, and Italy. 
The post <a rel="noopener noreferrer nofollow" href="https://cryptoslate.com/coinbase-continues-aggressive-international-expansion-plans-with-major-payment-licenses-in-singapore/">Coinbase up 5% pre-market as it continues aggressive expansion plans with major payment licenses in Singapore</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://cryptoslate.com">CryptoSlate</a>.

Coinbase up 5% pre-market as it continues aggressive expansion plans with major payment licenses in Singapore

Table of Contents

CryptoSlate

Other articles published on Oct 2, 2023

ChainArgos: Justin Sun’s JustLend doesn’t send 'stables' where advertised

Grayscale Files to Convert $5 Billion Ethereum Trust into Spot ETF

Binance CEO Disputes SEC Claims, Denying Binance.US Ties to Ceffu

Coincrib: Paving the Way for the Future of E-commerce

Crypto Legal Expert Re-Analyzes Craig S Wright’s Satoshi Nakamoto Allegations

Apple Addresses Overheating Concerns in iPhone 15

Join our free newsletter for daily crypto updates!