Coinbase Gets Full License To Operate In Singapore!

<p>&nbsp;"It seems like Coinbase is now easy to do business with Singapore."</p><p><br /></p><p>After state regulators gave in-principle approval last October, cryptocurrency exchange Coinbase has finally received a major payment institution (MPI) license from the Monetary Authority of Singapore (MAS).</p><p><br /></p><p>The license will not only allow Coinbase to offer regulated digital payment token (DPT) products and services but also pave the way for a network of DPT services for individuals or institutions.</p><p><br /></p><p>This year, Coinbase has introduced a variety of new funding options, including PayNow, FAST bank transfers and the SingPass onboarding system as one of the ways to implement local integration.</p><p><br /></p><p><br /></p><p>In addition to validating Coinbase's operations, the license is also intended to represent the promise and responsibility of Singapore's growing crypto and Web3 community.</p><p><br /></p><p>According to Hassan Ahmed, the director of Coinbase Singapore said the digital asset exchange strongly emphasizes clear regulation, innovation including user trust, therefore his country intends to take a progressive stance towards the crypto market including Web3.</p><p><br /></p><p>Through observation, 25% of Singaporeans have seen crypto as the future of finance while 32% have some form of digital asset ownership that aligns with their mission and vision.</p><p><br /></p><p>Following more than a dozen firms having received MPI and in-principle approval from MAS, kirpto exchange crypto.com and Boston Circle-based stablecoin issuer are among the latest companies to be awarded a full license in June 2023.</p>