{"id":166544,"date":"2023-10-02T13:44:37","date_gmt":"2023-10-02T08:14:37","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=166544"},"modified":"2023-10-02T13:44:37","modified_gmt":"2023-10-02T08:14:37","slug":"coinbase-crypto-exchange-obtains-payment-license-in-singapore-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/coinbase-crypto-exchange-obtains-payment-license-in-singapore-crypto-news\/","title":{"rendered":"Coinbase crypto exchange obtains payment license in Singapore – Crypto News"},"content":{"rendered":"
\n

The United States-based cryptocurrency exchange Coinbase is expanding operations in Singapore by securing major regulatory approval from the country\u2019s central bank.<\/p>\n

Coinbase has obtained a Major Payment Institution (MPI) license from the Monetary Authority of Singapore, the firm announced<\/a> on Oct. 1. The new license, coming one year after Coinbase\u2019s initial in-principle approval in Singapore<\/a>, enables the company to expand its digital payment token services to individuals and institutions in the country.<\/p>\n

According<\/a> to MAS, MPI-licensed firms are authorized to conduct payment services without being subjected to transaction limits of 3 million Singapore dollars ($2.2 million) for any payment service. The approved companies are also free from the 6 million SGD ($4.4 million) limit of monthly transactions for two or more payment services, other than e-money account issuance and money-changing services.<\/p>\n

The newly acquired license is \u201cnot only a validation of Coinbase’s operations\u201d but also represents a responsibility to the growing crypto and Web3 community in Singapore, the firm said in the announcement.<\/p>\n

Coinbase has been actively developing products and services designed specifically for Singapore, launching<\/a> PayNow and FAST bank transfers in March 2023. Coinbase has also integrated Singapore\u2019s digital identity service SingPass in order to simplify the onboarding process. Additionally, Coinbase has been collaborating with major local blockchain firms, including Nansen.ai, Blockdaemon, and Infura, to expand its products like Base blockchain<\/a> and wallet-as-a-service<\/a>.<\/p>\n

Related: <\/em><\/strong>Coinbase secures AML registration from the Bank of Spain<\/em><\/strong><\/a><\/p>\n

\u201cFrom our initial involvement in the Lion City, we’ve identified Singapore as a vital market for Coinbase,\u201d the exchange noted, stressing that more than 30% of Singaporeans were found to be current or past owners of crypto<\/a> in its recent survey. The announcement added:<\/p>\n

\u201cSingapore has naturally become a significant location for this industry. Moreover, Singapore is home to over 700 Web3 companies, making it a pivotal market for the growth of the crypto and Web3 economy.\u201d<\/p><\/blockquote>\n

Coinbase\u00a0did not immediately respond to Cointelegraph\u2019s request for comment.<\/p>\n

As previously reported, major global cryptocurrency firms have been increasingly securing Singapore\u2019s MPI license recently. Crypto data provider and wallet Blockchain.com became the 12th firm to receive<\/a> the license in August 2023. The USDC (USDC<\/a>) stablecoin issuer Circle received the MPI license<\/a> in June 2023, following crypto exchange Crypto.com<\/a>.<\/p>\n

Magazine: <\/em><\/strong>Magazine: Blockchain detectives \u2014 Mt. Gox collapse saw birth of Chainalysis<\/em><\/strong><\/a><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

The United States-based cryptocurrency exchange Coinbase is expanding operations in Singapore by securing major regulatory approval from the country\u2019s central bank. Coinbase has obtained a Major Payment Institution (MPI) license from the Monetary Authority of Singapore, the firm announced on Oct. 1. The new license, coming one year after Coinbase\u2019s initial in-principle approval in Singapore, […]<\/p>\n","protected":false},"author":2,"featured_media":166545,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[235,203,210,234,231,232,237,238,236,233],"class_list":["post-166544","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain","tag-bitcoin","tag-crypto-currency","tag-elon-musk","tag-ethereum","tag-hyperledger","tag-ibm","tag-mining","tag-nodes","tag-spacex","tag-tesla"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/166544","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=166544"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/166544\/revisions"}],"predecessor-version":[{"id":166547,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/166544\/revisions\/166547"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/166545"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=166544"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=166544"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=166544"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}