USDC

US crypto exchange business Coinbase has reached a significant milestone in its Singapore operations by obtaining a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS).The achievement,<a href="https://www.coinbase.com/blog/coinbase-obtains-major-payment-institution-licence-from-the-monetary" rel="noopener noreferrer nofollow"> announced</a> by the firm via a blog post published on Sunday, represents a pivotal moment for Coinbase as it expands its digital payment token services in Singapore to serve both individuals and institutions. The issuance of the full MPI license comes approximately one year after Coinbase initially<a href="https://www.coinbase.com/blog/singapore-ipa-announcement" rel="noopener noreferrer nofollow"> received</a> in-principle approval from MAS.<h2 id="header-0">Enabling broader service offering</h2>The importance of this development lies in Coinbase’s ability to provide advanced services, not only to individual traders but also to institutional investors. Hassan Ahmed, the country director of Coinbase Singapore, stressed the significance of this full license, stating that it will play a crucial role in strengthening relationships with stakeholders, especially regulated entities like banks. The regulatory milestone is anticipated to further cement Coinbase’s presence in the institutional finance sector in the region.Coinbase’s commitment to the Singaporean market has been evident in its continuous expansion initiatives. The company established a technology hub in Singapore last year, actively recruiting and training product managers and engineers specializing in Web3 technologies.In May the firm<a href="https://medium.com/&#64;coinness.gl/coinbase-effects-international-expansion-by-extending-singapore-offering-fb0aae636036" rel="noopener noreferrer nofollow"> extended</a> its product offering to Singaporean customers, introducing fee-less purchases of the USDC stablecoin and introducing digital asset staking. Meanwhile Coinbase Ventures, the firm’s investment arm, has also demonstrated confidence in the region by investing in more than 15 Web3 startups within Singapore over the past three years.<h2 id="header-1">Singapore earmarked for growth</h2>Singapore has emerged as the focal point for Coinbase’s Asia-Pacific institutional business, owing to its progressive stance on cryptocurrencies and a robust Web3 ecosystem boasting over 700 Web3 companies. According to Coinbase’s surveys, 25% of Singaporeans perceive cryptocurrencies as the future of finance, and 32% have had some form of crypto asset ownership. These statistics underscore Singapore’s growing importance in the global cryptocurrency landscape.Coinbase’s interest in meeting the demands of the local market is evident with the introduction of funding options like PayNow and the banks’ Fast And Secure Transfers (FAST) service, in addition to the integration of the Singpass onboarding system earlier this year.Despite facing regulatory challenges, including a lawsuit from the US Securities and Exchange Commission (SEC) accusing Coinbase of operating illegally, the exchange continues to explore avenues to grow and expand the business further. In August, Coinbase reported a significant improvement in its financials, with a narrower net loss and higher-than-expected revenue. This performance is reflected in its appreciating stock prices, which have more than doubled in 2023.This move places Coinbase among a select group of just over a dozen firms licensed to offer digital payment token services in Singapore. Last month, institutional investor-focused AsiaNext was officially<a href="https://medium.com/&#64;coinness.gl/asianext-secures-market-operator-license-from-singapores-mas-51ef00aa4f9e" rel="noopener noreferrer nofollow"> designated</a> as a Recognized Market Operator (RMO) by MAS. The firm was building on previous success in Singapore, having acquired a Capital Markets Services (CMS) license from MAS in June.That same month USDC stablecoin issuer Circle was<a href="https://medium.com/&#64;coinness.gl/circle-makes-inroads-in-singapore-with-license-award-40518c216cf" rel="noopener noreferrer nofollow"> awarded</a> a full trading license. Other crypto firms to achieve licensing success in the city-state include<a href="https://medium.com/&#64;coinness.gl/crypto-com-scores-mpi-license-in-singapore-e02d1d2c807e" rel="noopener noreferrer nofollow"> Crypto.com</a> and<a href="https://medium.com/&#64;coinness.gl/blockchain-com-secures-license-to-expand-operations-in-singapore-db6ef39f555b" rel="noopener noreferrer nofollow"> Blockchain.com</a>.

Coinbase Acquires License to Enhance Crypto Operations in Singapore

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