The bustling blockchain landscape in Singapore just got a high-profile boost with Coinbase Singapore bagging a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS). This landmark move follows the initial In Principle Approval and marks a significant stride in Coinbase’s enduring affair with the Lion City, expanding its digital payment token services to both private and institutional clients.
In their recent global outreach narrative, Coinbase underscored the trifecta of clear regulation, innovation, and trust from users as the pillars of their expansion blueprint. The statistics speak volumes about Singapore’s crypto enthusiasm—25% of surveyed citizens see crypto as the finance frontier, and 32% have either owned or currently hold crypto assets. Add to this mix over 700 Web3 firms nestled in the city-state, and you get a thriving hub ripe for crypto and Web3 economy growth.
Coinbase’s journey in Singapore is not a flash in the pan. The island nation’s forward-leaning economic agendas and regulatory frameworks resonate well with Coinbase’s global visions. To satiate the region’s burgeoning appetite and adapt to its market peculiarities, Coinbase has been on its toes, rolling out Singapore-centric products. Earlier this year, they uncorked convenient funding avenues like PayNow and FAST bank transfers, and integrated SingPass, Singapore’s trusted digital identity, for a smoother onboarding experience. They also slashed the fee on USDC purchases with SGD, easing the entry for local crypto enthusiasts.
But Coinbase’s expedition doesn’t end with product offerings. It’s a holistic embrace of Singapore’s Web3 ecosystem, from nurturing talent at their tech hub to forging solid alliances with local industry groups like ACCESS, the Singapore Fintech Association, and the Blockchain Association of Singapore. Through Coinbase Ventures, they’ve planted investment seeds in over 15 ventures rooted in Singapore, underscoring their commitment to regional cryptoeconomy growth.
Their hands-on engagement with the local developer milieu and strategic alignments with entities like Nansen.ai, Blockdaemon, and Infura, especially when coupled with innovative offerings like the Base blockchain and Wallet-as-a-Service, have been catalysts in their regional narrative. Their community imprint is palpable through sponsorships like Ethereum Singapore and workshops at eminent local universities.
At its core, Coinbase is on a mission to redefine the financial contours by creating trusted crypto products to spur utility and adoption. They see blockchain and crypto as levers for global economic emancipation and opportunities. The new license is not just a nod to Coinbase’s operational ethos but a pledge to the burgeoning crypto and Web3 community in Singapore, echoing louder amidst the global backdrop of countries morphing their policies to become crypto-friendly hubs.
This license acquisition is emblematic of Coinbase’s ethos of aligning with regulators in pivotal nations as part of their global outreach, with recent VASP registrations in countries like Spain, Italy, Ireland, and the Netherlands under their belt.
The rapport with the Monetary Authority of Singapore, one of the most astute Web3 regulators globally, sets a positive precedent. Looking ahead, the excitement is palpable as Coinbase is poised to further entwine with and contribute to Singapore’s crypto and Web3 narrative, fostering a mutually enriching growth trajectory.
