Coinbase Singapore has obtained a major license from the Monetary Authority of Singapore, marking a crucial step in the company’s mission to expand its footprint and gain global dominance.
On Monday, the leading crypto exchange Coinbase announced that its Singapore unit secured a license to become a legitimate and credible player in the country.
In particular, the update revealed that Coinbase Singapore obtained the so-called Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MPI).
The MPI license obtained by the top digital assets trading platform is a testament to the company’s commitment to adhering to regulatory standards.
The license allows Coinbase to provide a wider array of financial services to its Singaporean customers, such as digital payment token services and custodial services.
This achievement also opens up new opportunities for the company in Singapore’s booming financial ecosystem. It further establishes Coinbase Singapore as a trusted player in Singapore’s market, fostering confidence in both local and international investors.
Notably, this positive development comes a year after Coinbase Singapore received an In-Principle Approval in the country. The In-Principle Approval was a temporary license, which allowed the crypto exchange to offer regulated Digital Payment Token products and services in Singapore.
Before this development, Coinbase had obtained a temporary operational license in March 2020, from the Monetary Authority of Singapore (MAS).
Aiming for Global Dominance
Coinbase has grown to become one of the most popular names in the crypto industry. Founded in 2012, the largest U.S.-based crypto exchange has positioned itself for international expansion and global dominance.
This was revealed in a recent report where Coinbase stated that it has identified key markets with clear rules to support the growth and expansion of crypto.
Accordingly, the company stated that it is focused on acquiring licenses, registering, establishing and strengthening operations in these markets, including Europe (EU and UK), Canada, Brazil, Singapore and Australia.
In addition, Coinbase revealed that it plans to partner with the International Organization of Securities Commissions, Financial Stability Board, International Monetary Fund (IMF), Bank of International Settlements, and the G20.
Amid Coinbase’s push to register a solid presence in several countries of the world, Binance recently closed its shop in Russia as reported by Nitadel.