Coinbase, a digital asset payment service provider, has recently obtained a Major Payment Institution (MPI) license from Singapore’s Monetary Authority (MAS). This license will enable Coinbase to expand its services to Singapore’s retail and institutional customers. The license also exempts Coinbase from the $2.2 million (S$3 million) transaction limit and the S$6 million ($4.4 million) monthly transaction limit.Coinbase has been creating new products and services specifically developed for Singapore, such as PayNow and FAST bank transfers, as well as SingPass for swift and seamless onboarding of new customers. It has also been partnering with Singapore-based blockchain companies to expand its offerings.A recent survey revealed that 32% of Singaporeans have owned or own cryptocurrencies, and 25% of Singaporeans consider cryptocurrency as the future of finance. This suggests Singapore is a thriving and bubbling crypto hub, and Coinbase’s new MPI license not only validates its operation in Singapore but also represents its commitment to the expanding web3 and crypto community.Other global crypto firms have also received operational licenses in Singapore, such as Blockchain.com and Circle. Singapore’s rapidly growing crypto market offers firms an attractive opportunity to grow their revenue and customer base, making it a highly competitive environment for crypto industry and blockchain-based startups.

This News Article was automatically generated by Bob the Bot (AI)

Information	Details
Geography	Asia
Countries	🇸🇬
Sentiment	positive
Relevance Score	8
People	None
Companies	Infura, MAS, Monetary Authority of Singapore, Circle, Payment Services Act 2019, Coinbase, SingPass, Nansen.ai, Crypto.com, Blockdaemon, Blockchain.com
Currencies	Singapore Dollar, Ethereum, Bitcoin, USDC
Securities	None