Coinbase crypto exchange obtains payment license in Singapore

cointelegraph.com:

United States-based cryptocurrency exchange Coinbase is expanding operations in Singapore after securing major regulatory approval from the country’s central bank.

Coinbase has obtained a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS), the firm announced on Oct. 1. The new license — coming one year after Coinbase’s initial in-principle approval in Singapore — enables the company to expand its digital payment token services to individuals and institutions in the country.

According to MAS, MPI-licensed firms are authorized to conduct payment services without being subjected to transaction limits of 3 million Singapore dollars ($2.2 million) for any payment service. The approved companies are also free from the 6 million SG$ ($4.4 million) limit of monthly transactions for two or more payment services other than e-money account issuance and money-changing services.

The newly acquired license is “not only a validation of Coinbase’s operations” but also represents a responsibility to the growing crypto and Web3 community in Singapore, the firm said in the announcement.

Coinbase has been actively developing products and services designed specifically for Singapore, launching PayNow and FAST bank transfers in March 2023. Coinbase has also integrated Singapore’s digital identity service, SingPass, to simplify onboarding. Additionally, Coinbase has been collaborating with major local blockchain firms, including Nansen.ai, Blockdaemon and Infura, to expand its products like Base blockchain and wallet-as-a-service.

Related: Coinbase secures AML registration from the Bank of Spain

“From our initial involvement in the Lion City, we’ve identified Singapore as a vital market for Coinbase,” the