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Crypto exchange Coinbase gets Singapore payments licence

Photo: Coinbase

On Monday, the Singapore branch of cryptocurrency exchange Coinbase (COIN.O) announced that it had successfully received a Major Payment Institution (MPI) license from the central bank of the city-state.

The Monetary Authority of Singapore (MAS) has agreed to provide a license enabling the biggest cryptocurrency exchange in the United States to provide services related to digital payment tokens to persons and institutions in Singapore.

In October of the previous year, Coinbase received its initial clearance, making it the world’s largest listed cryptocurrency exchange.

In recent years, Singapore has developed into a cryptocurrency center in Asia, drawing companies dealing in digital assets from various Asian nations like China and India. According to poll results, 32% of Singaporeans either currently possess cryptocurrency or have done so in the past. Coinbase referred to Singapore as a “vital market” for the firm.

The Monetary Authority of Singapore (MAS), which serves as both Singapore’s central bank and financial regulator, announced in a statement published on its website one month ago that it would only issue licenses to cryptocurrency businesses if such businesses have strong anti-money laundering procedures, adding that “most applicants have not been successful” in obtaining a license.

At a time when retail investors appear to be “irrationally oblivious” about the dangers associated with trading cryptocurrencies, the MAS said in August that it intended to roll out laws that would make it more difficult for retail investors to trade cryptocurrencies. These measures will make it more difficult for retail investors to trade cryptocurrencies.

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