The Monetary Authority of Singapore (MAS) has issued Coinbase a Major Payment Institution (MPI) license, the company announced on October 1.
The new license, issued one year after Coinbase’s initial in-principle sanction in Singapore, enables the company to expand its digital payment token services to individuals and institutions in the country.
According to MAS, MPI-licensed companies are permitted to conduct payment services without being subject to transaction limits of 3 million Singapore dollars ($2.2 million) for any payment service.
The approved companies are also exempt from the 6 million SG$ ($4.4 million) limit on 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 a responsibility to the expanding crypto and Web3 communities in Singapore, the company said in its announcement.
In March 2023, Coinbase will launch PayNow and FAST bank transfers, products and services it has developed specifically for Singapore. To facilitate onboarding, Coinbase has also integrated SingPass, Singapore’s digital identity service.
In addition, Coinbase has been collaborating with local blockchain firms such as Nansen.ai, Blockdaemon, and Infura to expand its products, such as Base blockchain and wallet-as-a-service.
From our initial involvement in the Lion City, we’ve identified Singapore as a vital market for Coinbase,” the exchange stated, noting that more than 30 percent of Singaporeans were found to be current or former cryptocurrency proprietors in a recent survey.
“Singapore has naturally become a significant location for this industry. Moreover, Singapore is home to over 700 Web3 companies, making it a pivotal market for the growth of the crypto and Web3 economy.”
As previously reported, a growing number of the world’s largest cryptocurrency companies have obtained Singapore’s MPI license in recent months, according to the announcement.
In August 2023, Blockchain.com, a provider of crypto data and wallets, became the twelfth company to obtain a license. The stablecoin issuer Circle received the MPI license in June 2023, following the crypto exchange Crypto.com.