Coinbase secures major Singapore MPI license for payment services

98
1
Coinbase secures major Singapore MPI license for payment services

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

The license will enable the exchange to expand its digital token services to Singaporean individuals and institutions. The MPI license would allow Coinbase to bypass several financial thresholds in the nation, such as a S$3 million monthly transaction limit and S$5 million daily balance.

The crypto exchange also said that it is ready to support Singapore's local crypto and web3 community through investments and partnerships. Coinbase revealed its venture arm has made over 15 investments in local web3 companies within the region.

Coinbase's MPI license now puts it in the same ranks as other Singapore-based companies like Blockchain.com, Circle, and Crypto.com.

Following the news, Coinbase's COIN stock prices rose by more than 5% pre-market to $79.26, a rise of more than 5%, according to Google Finance data.

The crypto exchange has prioritized working with regulators in key nations as part of its worldwide expansion since the beginning of the year. The creation of an International platform was facilitated by the Bermuda Monetary Authority, which granted institutional and retail traders access to its perpetual futures products.

Coinbase has also secured regulatory approvals in numerous European nations, such as the Netherlands, Spain, Ireland, and Italy.