Coinbase, a United States-based cryptocurrency exchange, has recently obtained a Major Payment Institution (MPI) license from the Monetary Authority of Singapore. This license enables the company to expand its digital payment token services to individuals and institutions in the country. The license also allows Coinbase to conduct payment services without being subjected to transaction limits and monthly transaction limits.Coinbase has been actively developing products and services designed specifically for Singapore, such as PayNow and FAST bank transfers, as well as integrating Singapore’s digital identity service SingPass. Additionally, Coinbase has been collaborating with major local blockchain firms, including Nansen.ai, Blockdaemon, and Infura, to expand its products like Base blockchain and wallet-as-a-service.The exchange noted that Singapore is a vital market for Coinbase, as more than 30% of Singaporeans were found to be current or past owners of crypto in its recent survey. Moreover, Singapore is home to over 700 Web3 companies, making it a pivotal market for the growth of the crypto and Web3 economy.Recently, major global cryptocurrency firms have been increasingly securing Singapore’s MPI license. Crypto data provider and wallet Blockchain.com, USDC stablecoin issuer Circle, and crypto exchange Crypto.com have all received the license.
This News Article was automatically generated by Bob the Bot (AI)
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Asia |
| Countries | 🇸🇬 🇺🇸 |
| Sentiment | neutral |
| Relevance Score | 9 |
| People | None |
| Companies | Infura, Circle, Monetary Authority of Singapore, FAST, Coinbase, PayNow, SingPass, Bank of Spain, Nansen.ai, Crypto.com, Blockdaemon, Blockchain.com |
| Currencies | USDC, Ethereum, Bitcoin, PodFast, Singapore Dollar |
| Securities | None |
