The Monetary Authority of Singapore (MAS) has granted Coinbase a license to offer regulated items and services related to digital payment tokens.
Cryptocurrency exchange In accordance with Singapore's Payment Services Act, Coinbase has obtained a full major payment institution (MPI) license.
The Monetary Authority of Singapore (MAS) gave Coinbase provisional approval about a year ago, according to an announcement by Coinbase.
With the issuance of this license, Coinbase now officially joins the list of companies permitted to offer services for digital payment tokens within the Republic.
With the MPI license that it has been awarded, Coinbase is now able to provide a variety of cryptocurrency payment services to businesses and people in Singapore.
This important accomplishment gives the business the right to offer regulated digital payment token (DPT) goods and services.
As a result, the exchange is prepared to increase the range of clients for whom it offers DPT services, including both people and institutions, according to a statement made on October 2.
The MAS has granted major payment institution (MPI) and in-principle approvals to more than a dozen businesses. Notably, the Boston-based stablecoin issuer Circle and the cryptocurrency exchange crypto.com were among the most recent winners of the full license in June.
The exchange now provides its users with trading and staking services.
Users' digital tokens are momentarily locked up as part of staking in order to confirm blockchain transactions and gain rewards in the form of more tokens.
This year, Coinbase added new funding methods, such as PayNow and FAST bank transfers, as well as the SingPass onboarding system, in an effort to improve local integration.
The director of Coinbase Singapore, Hassan Ahmed, emphasized the company's pursuit of innovation, regulatory clarity, and user trust. He pointed out that Singapore is a logical fit for Coinbase's strategy due to its progressive attitude towards cryptocurrencies and its strong Web3 ecosystem, which is home to over 700 Web3 startups.
Furthermore, according to poll results, 32% of Singaporeans currently own or have previously owned some sort of cryptocurrency asset, which is in line with Coinbase's regional objective. 25% of Singaporeans see cryptocurrency as the future of finance.
Coinbase's Asia Pacific technological hub is Singapore, and the business has actively invested through its investment arm, Coinbase Ventures, in over 15 Web3 startups there.
Coinbase announced stronger financial results in August, with its second-quarter net loss falling from a record US$1.1 billion to US$97 million.
Despite declining by 12% from the prior quarter, the company's Q2 revenue, which beat projections, came in at US$707.9 million.
Coinbase has succeeded despite regulatory difficulties, including a lawsuit brought by the United States Securities and Exchange Commission (SEC) alleging illegal operations.