Coinbase Singapore successfully secured an MPI license from Singapore’s central bank authority.
Coinbase is a US-based Nasdaq-listed public crypto exchange. This exchange also provides crypto services in different jurisdictions via subsidiaries. In Singapore, this exchange provides services under the name “Coinbase Singapore” and provides services that remain highly friendly for Singaporean citizens.
On 2 Oct 2023, Coinbase Singapore announced that the exchange received a payment license from the country’s financial regulator & central bank authority MAS (Monetary Authority of Singapore).
Coinbase Singapore announced that it has received a Major Payments Institution (MPI) license from the Monetary Authority of Singapore, developed and launched products tailored for Singapore, and will launch training and recruitment programs at the Singapore Technology Center.…
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With this license, Coinbase Singapore secured full approval to provide services to retail as well as financial institutions in Singapore.
This crypto company is continuously expanding its reach in Singapore with step-by-step procedures. Last year, this exchange established a tech hub & also hired managers and engineers to push the high-level development activities around Web3 tech solutions.
Notably the exchange targeted mainly those jurisdictions which are clear with the crypto adoption plans. Coinbase International recently secured regulatory approval in Bermuda & also registered with Spain’s central bank.
However, this exchange always tries to remain in compliance with the rules & laws in every jurisdiction but the exchange failed to maintain a better relationship with America’s top financial regulator the Securities and Exchange Commission (SEC).
In the first week of June of this year, the US SEC sued Coinbase over providing unregistered securities offerings and also running an unregistered national securities exchange. In response, Coinbase exchange decided not to shut down its services and also confidently provided all the evidence & facts in the court fight to prove the SEC’s arguments wrong.
Because of the regulatory pressure & hostile environment for the crypto sector in the US, the majority of the crypto companies distanced their services from the US jurisdiction and the Coinbase team tried to understand the situation, so actively expanding services outside the US, to maintain the company’s crypto services smoothly.
Read also: ChainLink (Link) partners Australia and New Zealand Banking Group (ANZ)
Coinbase receives MPI license in Singapore
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