Coinbase up 5% pre-market as it continues aggressive expansion plans with major payment licenses in Singapore Coinbase up 5% pre-market as it continues aggressive expansion plans with major payment licenses in Singapore
The license will allow Coinbase to expand its digital token services to Singaporean individuals and institutions.
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Updated: Oct. 2, 2023 at 1:14 pm UTC
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Coinbase has secured a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS), allowing it to expand its payment services in the country. This license comes almost a year after the regulator granted the exchange an in-principle approval.
The license will allow the exchange to expand its digital token services to Singaporean individuals and institutions. According to the regulator’s website, the MPI license would allow Coinbase to bypass several financial thresholds in the country, including a S$3 million monthly transaction limit and S$5 million daily outstanding money.
Coinbase described Singapore as a priority market for its operations, saying the country’s “progressive economic strategies and approach to regulation sync well with our global mission and objectives.”
Additionally, the crypto exchange expressed readiness to support Singapore’s local crypto and web3 community through investments and partnerships. Coinbase revealed that its venture arm has made over 15 investments in local web3-related companies within the region.
Coinbase’s MPI license now puts it in the same ranks as other Singpore-licensed entities like Blockchain.com, Circle, and Crypto.com.
Following the news, Coinbase’s COIN stocks rallied by more than 5% pre-market to $79.26, according to Google Finance data.
Coinbase global expansion continues
Coinbase’s latest licensing in Singapore aligns with its broader international expansion plans amid the uncertain regulatory landscape in the U.S.
The exchange’s Chief Legal Officer, Paul Grewal, pointed out that governments worldwide were introducing clearer regulations for the emerging industry. He said the “world is not waiting on the US.”
As a result, the crypto exchange has prioritized working with regulators in key countries as part of its international growth since the beginning of the year. These relationships culminated in the launching of an International platform that received regulatory approval from the Bermuda Monetary Authority (BMA) to allow institutional and retail traders access to its perpetual futures products.
Meanwhile, Coinbase has also secured regulatory approvals in several European countries, including the Netherlands, Spain, Ireland, and Italy.
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Coinbase
Coinbase is a digital currency exchange and wallet service that allows individuals to buy, sell, and store digital currencies, such as Bitcoin, Ethereum, and Litecoin.
Paul Grewal is the Chief Legal Officer of Coinbase where he is responsible for Coinbase’s legal, compliance, global intelligence, risk management and government relations groups.