Business News Report
October 02, 2023

Coinbase Secures Crypto Payment License from Singapore’s Central Bank

Coinbase has secured a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS), underscoring the platform’s emphasis on the Singapore market.

This move enables Coinbase to broaden its Digital Payment Token services for individuals and institutions in the nation. With a substantial 25% of Singaporeans viewing cryptocurrency as the future of finance, and the country hosting over 700 Web3 companies, this step underlines the nation’s standing as a key player in the industry.

Coinbase’s vice president of international and business development, Nana Murugesan, said in a statement that the company has actively developed and released products tailored specifically for Singapore.Earlier this year, the firm introduced convenient funding options, including PayNow and FAST bank transfers, Murugesan said.

With the integration of SingPass, Coinbase has rolled out a streamlined onboarding process and has also introduced no-fee USDC purchases with SGD to make it easier for Singaporean customers to get started, he added. SingPass is a two-factor authentication system that provides secure access to digital government and private sector services through mobile devices.

Singapore’s Strategic Importance

Coinbase has consistently recognized the strategic significance of Singapore in its global operations. The nation’s progressive economic policies and regulatory environment resonate with Coinbase’s global objectives. In alignment with the specific demands of the region, Coinbase has rolled out products and services explicitly tailored for Singapore, enhancing the ease of crypto transactions for its residents.

In the company’s survey, 25% of Singaporeans consider crypto as the future of finance, and 32% are current or past crypto owners. Moreover, with a burgeoning ecosystem of over 700 Web3 companies, Singapore has emerged as a crucial hub for expanding the cryptocurrency and Web3 economy.

Beyond product offerings, Coinbase’s engagement with the Singapore market extends to broader contributions to the local Web3 ecosystem. The firm has actively participated in hiring initiatives, industry collaborations, and regional investments through Coinbase Ventures, reinforcing its commitment to Singapore’s crypto and Web3 community. These efforts emphasize the platform’s role in fostering technological innovation and community involvement in the region.

A Shared Commitment with MAS

Securing the MPI license from MAS stands as a mutual commitment between Coinbase and the regulatory authority. This milestone is more than just an operational validation; it embodies a collaborative pledge to support and nurture the burgeoning crypto and Web3 community in Singapore.

Coinbase persistently collaborates with global regulators. The recent success in Singapore strengthens its global stance in the crypto realm. This highlights the potential of blockchain and crypto technologies to boost global economic freedom and opportunities.

In August, Coinbase released its latest financial report, revealing positive trends in its performance. During the second quarter, the company substantially reduced its net loss to USD 97 million, significantly improving from the previous year’s record loss of USD 1.1 billion.

In addition, Coinbase reported Q2 revenue of nearly USD 708 million, surpassing expectations. Although this figure marked a 12% decrease compared to the preceding quarter, it still demonstrated the company’s strong financial position.

Despite facing regulatory challenges, including an ongoing lawsuit filed by the United States Securities and Exchange Commission (SEC) accusing Coinbase of illegal operations, the company has managed to maintain its resilience and financial stability.

The article was updated with insights from an external writing source.

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.

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Nik Asti
Nik Asti

Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.

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