Coinbase crypto exchange has been granted a Major Payment Institution (MPI) license by the Monetary Authority of Singapore (MAS).
This means that Coinbase will now be able to offer its digital payment token services to individuals and institutions in Singapore.
The MPI license is a highly regulated license that allows financial institutions to provide a wide range of payment services, including money transfers, payment processing, and foreign exchange.
To obtain an MPI license, financial institutions must meet strict requirements set by the MAS, including having a strong track record of compliance and financial stability.
Coinbase’s CEO, Brian Armstrong, said that the company is “excited to expand our presence in Singapore” and that the MPI license “is a significant milestone for Coinbase.”
He added that the company is committed to “working with the MAS to develop a safe and sustainable crypto ecosystem in Singapore.”
The MAS has been one of the most progressive regulators in the world when it comes to cryptocurrency. In 2017, the MAS launched a regulatory framework for cryptocurrency businesses, and in 2020, the MAS launched Project Ubin, a central bank digital currency (CBDC) project.
The granting of the MPI license to Coinbase is seen as a positive sign for the cryptocurrency industry in Singapore. It shows that the MAS is supportive of legitimate cryptocurrency businesses and that it is committed to developing a safe and well-regulated cryptocurrency ecosystem.