Coinbase secures amajor payment institution license for Singapore

Coinbase secures amajor payment institution license for Singapore

Coinbase has secured amajor payment institution license from the Monetary Authority of Singapore, enabling it to expand its payment services in the country. The license comes about a year after the agency granted the exchange an in-principle approval.

The license will enable the exchange to expand its digital token services to Singaporeans and institutions. The MPI license will enable Coinbase to bypass multiple financial limits in the country, such as a monthly transaction limit of S$3 million and S$5 million daily outstanding money.

The cryptocurrency exchange also said that it is ready to support Singapore's local crypto and web3 community through investments and partnerships. Coinbase said it has made more than 15 investments in local web3 companies within the region., Circle, and are among the other Singapore-based companies that are now licensed to use MPI licenses.

Following the news, coinbase's COIN stocks rose by more than 5% pre-market to $79.26, according to Google Finance data.

The cryptocurrency exchange has prioritized working with regulators in key nations as part of its worldwide expansion since the beginning of the year. The launch of an International platform was followed by a regulatory review by the Bermuda Monetary Authority to provide institutional and retail traders with access to its perpetual futures products.

Blockchain has also secured regulatory approvals for several European nations, including Italy, Spain, Ireland, and the Netherlands.