Coinbase announced that it has secured the Major Payment Institution (MPI) license from The Monetary Authority of Singapore (MAS).
The crypto exchange said that the license will allow it to offer enhanced services to both individuals and institutions.
This development follows the In-Principle Approval (IPA) Coinbase received last year, emphasizing the company's commitment to the Singapore market.
Highlighting the region's crypto-friendly environment, Coinbase mentioned, "25% of surveyed Singaporeans view crypto as finance's future, with 32% currently or previously owning crypto."
The exchange’s presence in Singapore involves several initiatives, including strategic investments through Coinbase Ventures, collaborations with regional partners like Nansen.ai, sponsoring Ethereum Singapore, and organizing workshops at universities.
Earlier this year, the cryptoe exchange had already unveiled user-centric services in Singapore, with features like PayNow, FAST bank transfers, and integration with Singapore's trusted digital identity, SingPass.
Reached by Decrypt for comment, Coinbase didn’t immediately reply.
Coinbase goes deep
Coinbase also complimented the clarity of Singapore's crypto regulations, drawing a sharp contrast to the U.S. regulatory landscape.
The crypto exchange is facing a lawsuit from the U.S. Securities and Exchange Commission (SEC), including allegations of operating as an unregistered exchange, broker, and clearing agency.
In this context, the firm unveiled last year a strategy called “Go Broad, Go Deep” international markets” to expand globally.
Highlighting its global ambitions, Coinbase announced last week that its global arm, Coinbase International Exchange, secured approval from the Bermuda Monetary Authority (BMA) to offer perpetual futures to qualified non-U.S. retail customers.
In an interview with CNBC, Brian Armstrong, Coinbase CEO, recently said “If you look at the other G20 countries, 83% of them now either already have crypto legislation on the books or it’s in progress, it being drafted, implemented.”