Coinbase Receives Full Payments License in Singapore

Cryptocurrency exchange Coinbase has been granted a full payments license by the Monetary Authority of Singapore (MAS) to operate in Singapore. This Major Payment Institution (MPI) license allows Coinbase to offer digital payment token services to individuals and institutions in Singapore, a thriving crypto hub in Asia.

Singapore is considered a vital market for Coinbase, with a significant percentage of its population owning or having owned cryptocurrencies. Coinbase had received initial approval in October the previous year, highlighting the growing importance of the Singaporean crypto market.

The MAS has been stringent in granting licenses to cryptocurrency firms, focusing on strong anti-money laundering controls. Coinbase joins a list of fourteen companies, including fintech Revolut and crypto firm Blockchain.com, in obtaining a crypto payments license in Singapore.

In August 2022, MAS announced plans to introduce regulations aimed at making it more challenging for retail investors to trade cryptocurrencies, emphasizing the risks associated with cryptocurrency speculation.