Coinbase has obtained Monetary Authority of Singapore (MAS) license to provide regulated digital payment token products and services.
US-based cryptocurrency exchange Coinbase has successfully obtained a major payment institution license from the Monetary Authority of Singapore , building on its in-principle approval granted by the state regulator in October of the previous year. This significant milestone grants the company the authority to provide regulated digital payment token products and services.
Coinbase has expressed its gratitude towards the MAS for its instrumental role in the company’s journey. The newly acquired license is seen as not only a validation of Coinbase’s operations but also aMPI license, Coinbase is now authorized to offer a range of crypto payment services to both individuals and institutions in Singapore. At present, the exchange provides trading and staking services to its users.
Additionally, survey data indicates that 25% of Singaporeans view crypto as the future of finance, and 32% have or have had some form of crypto asset ownership, aligning well with Coinbase’s mission for the region.Singapore holds a key position as Coinbase’s technology hub in the Asia Pacific region, and the company has actively invested in over 15 Web3 startups in the area through its investment arm, Coinbase Ventures.
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