Coinbase Global Inc. announced it was able to obtain a license for digital payments in Singapore. The crypto exchange said that with the Monetary Authority of Singapore's approval, it will be able to expand its payment token services in the country.

Coinbase said the Major Payment Institution (MPI) license was issued by the MAS a year after it received its initial in-principle approval in the region. With the regulatory consent from Singapore's central bank, the company will now expand its operations there.

What the MPI License Means for the Crypto Exchange

As per CoinTelegraph, Coinbase's new MPI license will allow it to offer various digital payment services to crypto users and organizations in SG. The MAS explained that once a company is granted the MPI license, it is now authorized to carry out different payment services without having to submit to the transaction limits of SG $3 million or about $2.2 million for any payment service.

In addition, companies with a license will not have to abide by the SG $6 million or $4.4 million limit for monthly transactions for two or more payment services except for the money-changing and e-money issuance services.

Coinbase to Offer Specialized Products and Services to Singaporean Users

Coinbase revealed that it has been continuously developing products and services that it can offer its customers in SG. The company said these are specially created according to the specific needs of the locals.

The crypto exchange has been working with major local blockchain groups such as Infura, Blockdaemon, and Nansen.ai to widen its product offerings like Base blockchain and wallet-as-a-service.

"From our initial involvement in the Lion City, we've identified Singapore as a vital market for Coinbase. The nation's progressive economic strategies and approach to regulation sync well with our global mission and objectives. In response to the region's growing demands and unique market dynamics, we have actively developed and released products tailored specifically for Singapore," Nana Murugesan, Coinbase's Vice President of International and Business Development, and Hassan Ahmed, Country Director of Singapore, jointly wrote in a blog post.

They added, "At Coinbase, we are deeply committed to reshaping the financial landscape by developing trusted products that bolster the utility and adoption of crypto. Our core belief is that blockchain and crypto technologies have the power to amplify economic freedom and opportunities globally."

Photo by: Coinbase Blog