Coinbase Will Operate Crypto Services In Singapore

JAKARTA - Coinbase, one of America's leading cryptocurrency exchanges, has successfully obtained its operational permit in Singapore. With permission from the country's central bank, Monetary Authority of Singapore (MAS), Coinbase can now operate as a company of the Main Payment Institute (MPI) in Singapore.

The announcement comes on October 1, marking an important milestone in Coinbase's travel in Singapore. With an MPI license, Coinbase can expand its digital payment token service in Singapore and serve individual and institutional customers.

Coinbase entered the Singapore market in 2015 in accordance with local crypto regulations. However, at first, this exchange could only offer certain services to Singaporean users. With the current MPI permission, Coinbase can offer its full product offerings to users in the country.

According to Coinbase's statement, this step strengthens their commitment to Singapore's market and allows them to expand their provision of digital payment token services. Coinbase has also launched PayNow services and FAST bank transfers specifically for Singaporean users, as well as integrated with SingPass, Singapore's digital identity service.

In recent years, Singapore has become a crypto hub in Asia. The country in Southeast Asia is attracting leading digital asset companies from around the world. According to a recent report from Coinbase, more than 30% of Singaporeans already own or are in cryptocurrency. The country is also home to more than 700 Web3 companies, which further strengthen its position in the crypto economy and Web3 in the global arena.

Coinbase is not the only crypto company that has obtained full licensing in Singapore. MAS previously granted an MPI license to Crypto.com in June. In addition, other companies such as stablecoin publishers USDC, Circe, and Blockchain.com also have full licenses in Singapore.

Coinbase's expansion to Singapore comes as the company is still involved in legal disputes with regulators in the United States. The US Securities and Exchange Commission (SEC) sued Coinbase in June, accusing federal securities law violations.