Coinbase Wins Full Payment Institution License in Singapore

MARKET_WATCH Crypto

Coinbase Singapore has officially obtained a full Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS), joining a dozen other crypto-related firms offering digital asset payment services in the country.

 

The granting of the full payment license under Singapore’s Payment Services Act comes almost a year after the company secured an in-principle approval from MAS to offer trading and staking services.

 

Targeting Individuals and Institutions


According to an announcement made on October 1, the full MPI license will enable Coinbase to amplify its services in Singapore and to expand its Digital Payment Token offerings to both individual and institutional customers.


“The Monetary Authority of Singapore is a significant regulatory partner for us. Earning this license from MAS is not just an approval but a shared commitment. We're ready to continue our work in Singapore, supporting and growing with the local crypto and Web3 community.” The blog read.


Per the announcement, Singapore’s progressive stance toward crypto regulation, coupled with a generally positive user sentiment on digital assets and a vibrant Web3 ecosystem with over 700 companies, makes the market a natural fit for Coinbase.

 

In addition to offering cryptocurrency products and services, the Coinbase team reiterated that its commitment to the region’s growing crypto economy stretches to the broader Web3 ecosystem.

 

Commitment to the Singapore Market


Citing the country’s progressive economic and innovation strategies, Coinbase revealed that it would conduct training and hiring initiatives at its Singapore tech hub to foster strong relationships with industry associations, such as ACCESS, the Blockchain Association of Singapore, and the Singapore Fintech Association.


On top of sponsoring industry initiatives such as Ethereum Singapore alongside Nansen.ai, Blockdaemon, and Infura, the Coinbase team affirmed its involvement in conducting Web3 workshops at various prestigious universities, including Nanyang Technological University, Singapore Management University, and the National University of Singapore.

 

Source : DailyCoin by Brian Danga / October 02, 2023

rayn.finance logo

Automata FRANCE SAS

240 rue Evariste Galois,

06410 Biot,

Sophia Antipolis

Automata Pay

65-66 Warwick House 4th

Floor, Queen Street, London

England, EC4R 1EB

Automata Pay Europe Ltd

3rd Floor Ormond Building,

31-36 Ormond Quay Upper,

Dublin 7, D07 Ee37

Automata ICO Ltd

Italian Branch

Via Archimede, 161,

00197 Roma

Italy

The purchase of digital assets is subject to a high market risk and price volatility. Changes in value can be significant and occur rapidly and without warning. Past performance is not a reliable indicator of future performance. The value of an investment and returns can fluctuate both up and down, and you may not recover the amount you invested. RISK WARNING

Automata ICO Limited has a branch in Italy with its registered office at Via Archimede, 161, Roma, Italy, and registered in Italy under number 96550860587 with the Organismo Agenti e Mediatori (OAM) as a Virtual Asset Service Provider (VASP).

Automata France SAS is a company registered in France with the company number 902 498 617. Automata FRANCE SAS is registered with the french Financial Market Authority, l’Autorité des marchés financiers (“AMF”), as a provider of Virtual Asset Service Provider under number E2023-087.

Automata Pay Europe Limited is a partner of Modulr Finance B.V., a company registered in the Netherlands with company number 81852401, which is authorised and regulated by the Dutch Central Bank (DNB) as an Electronic Money Institution (Firm Reference Number: R182870) for the issuance of electronic money and payment services. Your account and related payment services are provided by Modulr Finance B.V. Your funds will be held in one or more segregated accounts and safeguarded in line with the Financial Supervision Act.