Coinbase continues to expand outside the US. The exchange has obtained the Major Payment Institution (MPI) license from Singapore’s financial regulator, the Monetary Authority of Singapore.
US-based crypto exchange Coinbase is taking significant steps to move outside the US due to regulatory uncertainties in America. With this license obtained from the Monetary Authority of Singapore, the exchange also brings innovations like offering digital payment token services to both individual and institutional customers in Singapore.
Singapore’s View on the Crypto Market
Currently hosting over 700 Web3 companies, Singapore has recently adopted a very positive attitude towards cryptocurrencies. Crypto exchanges, collaborating with local banks such as Standard Chartered, are expanding their services leveraging this favorable environment. Moreover, Coinbase will soon offer free stablecoins like USDC along with bank transfer options like PayNow and FAST.
Coinbase has been continuously making headlines with its efforts to expand outside the US recently. After securing an important license from Singapore, the company had recently obtained a license in Spain and had previously acquired a futures trading license for its customers in the US.