- Coinbase has prioritized working with regulators in key countries as part of its international expansion efforts.
- The exchange has been actively developing and introducing products specifically tailored to Singaporean users.
Coinbase Singapore has reached a major milestone by obtaining a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS).
In its recent international expansion strategy, Coinbase emphasized the importance of clear regulations, innovation and user trust.
Singapore, with a growing interest in cryptocurrencies, has become a crucial market for Coinbase. 25% of Singaporeans surveyed see cryptocurrencies as the future of finance. Also, 32% indicated that they own or currently own cryptocurrencies.
Furthermore, Singapore has over 700 Web3 companies, making it a crucial player in the growth of the crypto and Web3 economy.
Recognition of Singapore as a priority market
To meet the unique demands of the region, Coinbase has been actively developing and introducing products specifically tailored to Singaporean users. Earlier this year, the company introduced convenient financing options including PayNow and FAST bank transfers.
By integrating SingPass, Singapore’s trusted digital identity system, Coinbase streamlined the onboarding process. Furthermore, Coinbase has made it easier for Singaporean customers by offering free USDC purchases with SGD.
Supporting the regional crypto economy
Coinbase’s commitment extends beyond its product offering to the broader Web3 ecosystem in Singapore. This includes initiatives such as training and recruitment programs at the Coinbase technology hub in Singapore.
The company has also forged strong partnerships with industry associations such as ACCESS, the Singapore Fintech Association and the Blockchain Association of Singapore.
Additionally, Coinbase Ventures has made region-specific investments, with more than 15 of these investments originating in Singapore.
Collaboration with the local developer community and key partners such as Nansen.ai, Blockdaemon, and Infura has played a major role in Coinbase’s growth in the region.
Coinbase’s Base blockchain and Wallet-as-a-Service, along with its active involvement in initiatives such as sponsoring Ethereum Singapore and conducting workshops at prestigious universities, have consolidated its presence in Singapore.
A commitment to reshape the financial world
Coinbase’s core belief is in reshaping the financial landscape by developing trusted products that drive cryptocurrency adoption. The company recognizes the transformative power of blockchain and crypto technologies in expanding economic freedom and opportunity worldwide.
The MPI license is not only an endorsement of Coinbase’s operations, but also a commitment and responsibility to Singapore’s growing crypto and Web3 community.
Coinbase has prioritized working with regulators in key countries as part of its international expansion efforts. Over the past year, the company has secured VASP (Virtual Asset Service Provider) registrations in Spain, Italy, Ireland and the Netherlands.
Obtaining the MPI license from MAS means not only an approval, but also a shared commitment.
