Sunday, July 14, 2024

Coinbase, the cryptocurrency exchange listed on the Nasdaq, has secured a Major Payment Institution (MPI) license from Singapore’s principal financial regulatory institution, the Monetary Authority of Singapore (MAS). This license allows Coinbase to offer digital payment token services to both individual and institutional clients in Singapore. The exchange underscored:

This milestone, following our initial ‘In Principle Approval’ from the MAS last October, intensifies our dedication to the Singaporean market. It facilitates the broadening of our digital payment token services to a diverse set of clients in the region.

Coinbase initially received ‘In Principle Approval’ from MAS in the previous October, signaling preliminary endorsement from the regulator.

Coinbase elaborated on the strategic importance of Singapore by stating, “Given that 25% of surveyed Singaporeans view cryptocurrencies as the financial future and 32% either currently own or have previously owned cryptocurrencies, Singapore is inherently a significant player in this sector.” Further, the exchange added that the city-state is home to more than 700 Web3 companies, thereby cementing its role as a crucial center for the evolution of the cryptocurrency and Web3 sectors.

Coinbase clarified that Singapore aligns closely with their long-term strategic vision by stating:

From the inception of our operations in the Lion City, we have regarded Singapore as an essential marketplace for Coinbase. The nation’s forward-thinking economic policies and regulatory framework are congruent with our international ambitions and objectives.

In the context of its global expansion strategy, Coinbase revealed, “In the past year, we have secured VASP (Virtual Asset Service Provider) registrations in various European countries including Spain, Italy, Ireland, and the Netherlands.”

Singapore has firmly established itself as a prominent hub for the cryptocurrency industry. In July, the MAS revealed new governance protocols for crypto service providers, followed by the introduction of a fresh regulatory structure for stablecoins in August. The newly-appointed President of Singapore, Tharman Shanmugaratnam, has advocated for a unified regulatory approach for both the crypto and traditional financial sectors.

Your thoughts on Coinbase’s license acquisition in Singapore are welcome. Please share your opinions in the comments section below.

Frequently Asked Questions (FAQs) about Coinbase Singapore License

What regulatory approval did Coinbase secure in Singapore?

Coinbase secured a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS), which is the principal financial regulatory body in the country.

What does this license enable Coinbase to do in Singapore?

The MPI license allows Coinbase to offer digital payment token services to both individual and institutional clients in the Singaporean market.

When did Coinbase initially receive ‘In Principle Approval’ from MAS?

Coinbase received ‘In Principle Approval’ from the Monetary Authority of Singapore in October of the previous year, serving as a preliminary endorsement from the regulatory body.

What is the significance of Singapore to Coinbase?

According to Coinbase, Singapore is an essential marketplace that aligns well with their international objectives. The nation’s progressive economic and regulatory landscape makes it a pivotal market for Coinbase’s global operations.

How does the Singaporean population view cryptocurrencies?

Coinbase cited that 25% of surveyed Singaporeans consider cryptocurrencies as the financial future, and 32% either currently own or have previously owned cryptocurrencies. This makes Singapore inherently a significant player in the cryptocurrency sector.

What other countries has Coinbase expanded to?

In the past year, Coinbase has secured Virtual Asset Service Provider (VASP) registrations in various European countries, including Spain, Italy, Ireland, and the Netherlands.

What are the recent regulatory developments in Singapore concerning cryptocurrencies?

In July, the Monetary Authority of Singapore introduced new governance protocols for crypto service providers. In August, the authority also unveiled a new regulatory framework specifically for stablecoins.

What is the stance of Singapore’s new President on cryptocurrency regulation?

Singapore’s newly-appointed President, Tharman Shanmugaratnam, advocates for a unified regulatory approach that would encompass both the cryptocurrency and traditional financial sectors.

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