The Monetary Authority of Singapore grants Coinbase the prestigious Major Payment Institution Licence, further solidifying the company’s foothold in the global crypto landscape.
Singapore: A Hub of Crypto Innovation
In the pulsating heart of Southeast Asia, Singapore stands tall as an emblem of economic ingenuity and a center for digital revolution. It is with immense pride and commitment to this digital age that Coinbase Singapore announces our acquisition of the Major Payment Institution (MPI) licence from the Monetary Authority of Singapore (MAS).
This monumental achievement follows our initial In Principle Approval, reinforcing our dedication to Singapore’s bustling market. With the new license, we expand our Digital Payment Token services, seamlessly catering to both individual enthusiasts and institutional players.
Why Singapore Matters to Coinbase
Our global surveys show a promising trend: 25% of Singaporeans envisage crypto as the financial future, with a noteworthy 32% having had an active crypto portfolio. These statistics, in conjunction with Singapore’s role as a haven for over 700 Web3 firms, illustrate the nation’s centrality in the burgeoning crypto and Web3 domain.
Coinbase has long recognized Singapore’s significance. The Lion City’s forward-looking economic tactics and regulatory ethos resonate with our worldwide vision. In tune with local nuances, we’ve crafted region-specific products: seamless fund transfers via PayNow and FAST, a simplified onboarding journey via SingPass, and hassle-free USDC procurements with SGD.
Nurturing the Singaporean Web3 Ecosystem
Our association with Singapore transcends mere product offerings. Our immersion in the local Web3 environment comprises initiatives like:
- Talent nurturing at our tech hub.
- Alliance-building with industry behemoths: ACCESS, Singapore Fintech Association, and Blockchain Association of Singapore.
- Strategic investments via Coinbase Ventures, 15+ of which sprout from Singaporean soil.
Engagements with the local tech community, strengthened by collaborations with entities like Nansen.ai, Blockdaemon, and Infura, amplify our reach. Coinbase’s spirit of community is evident in our sponsorship of Ethereum Singapore and interactive sessions at revered institutions like the National University of Singapore.
Coinbase’s Vision: A Promise to the Future
Blockchain and crypto technologies are not just trends; they’re transformative tools reshaping global financial terrains. Coinbase’s mission pivots on this transformation, advocating for economic liberation through crypto. Our recent strides in Singapore underscore this mission.
In our quest for global expansion, we’ve fostered harmonious ties with regulators, achieving VASP recognitions across Europe. MAS, however, stands out as one of the most avant-garde Web3 regulatory entities. Our journey with them has only just begun, and the future beckons with promises of innovation and collaboration.
Let the future be decentralized. Coinbase, in partnership with Singapore, is here to ensure that the future is now.
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