Coinbase Singapore has successfully obtained a Major Payment Institution license from the Monetary Authority of Singapore.
In a recent blog post, the cryptocurrency exchange announced that this achievement demonstrates its commitment to the Singapore market and enables it to provide a wider range of Digital Payment Token services to both individuals and institutions in Singapore.
Emphasizing the importance of Singapore as a key market for the exchange, Coinbase highlighted the local interest in cryptocurrency among Singaporeans and the country’s progressive economic strategies and regulatory framework.
Hassan Ahmed, the country director of Coinbase Singapore, emphasized the importance of clear regulations and defined rules, contrasting the situation with the U.S. He emphasized the role of such guidelines in shaping the exchange’s international strategy.
It is noteworthy that Coinbase has previously received virtual asset service provider registrations in Spain, Italy, Ireland, and the Netherlands.
At the time of publication, the exchange’s share price has increased by over two percent.
Coinbase’s Dedication to Singapore’s web3 Ecosystem
Coinbase also expressed its dedication to Singapore’s broader web3 ecosystem, outlining initiatives related to training and hiring at its Singapore tech hub.
The cryptocurrency exchange praised the Monetary Authority of Singapore as one of the most advanced Web3 regulators globally and expressed eagerness to contribute to and grow alongside the cryptocurrency and Web3 community in Singapore.
