Coinbase Singapore has received a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS), allowing it to offer digital financial services to retail and institutions in Singapore.
The company said in a blog on Monday, “provision of digital payment token services to both individuals and institutions in Singapore.”
Around 25% of people in Singapore believe that cryptocurrencies will play a role in the future of finance, and about 32% of those surveyed in Singapore have either owned crypto currencies in the past or are currently owning it.
Moreover, Singapore has more than 700 companies working on Web3 technologies, making it a key market for the growth of the crypto and Web3 economies.
The blog post said, “The newly acquired license is not only a validation of Coinbase’s operations but also represents a promise and responsibility to the growing crypto and Web3 community in Singapore.”
The company has been discreetly expanding its operations in Singapore. In the previous year, it set up a technology hub dedicated to Coinbase in the region.
Since then, they have recruited and provided training for product managers and engineers who are focused on Web3 technologies.
Additionally, their venture capital division has financially supported more than 15 Web3 startups in Singapore over the past three years. Singapore serves as the central hub for Coinbase’s institutional business activities in the Asia-Pacific region.
Coinbase’s international exchange received the green light from Bermuda’s financial regulatory authorities, while just last week, Coinbase successfully completed its registration with Spain’s central bank.