Coinbase crypto exchange has secured a Major Payment Institution license from the Monetary Authority of Singapore, joining the ranks of Circle and Crypto.com.
The new MPI license comes one year after Coinbase’s initial in-principle approval in Singapore, enabling it to expand digital payment token services.United States-based cryptocurrency exchange Coinbase is expanding operations in Singapore after securing major regulatory approval from the country’s central bank.to MAS, MPI-licensed firms are authorized to conduct payment services without being subjected to transaction limits of 3 million Singapore dollars for any payment service.
The newly acquired license is “not only a validation of Coinbase’s operations” but also represents a responsibility to the growing crypto and Web3 community in Singapore, the firm said in the announcement.PayNow and FAST bank transfers in March 2023. Coinbase has also integrated Singapore’s digital identity service, SingPass, to simplify onboarding. Additionally, Coinbase has been collaborating with major local blockchain firms, including Nansen.
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