{"id":67681,"date":"2023-10-02T01:08:49","date_gmt":"2023-10-02T05:08:49","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/coinbase-attains-full-license-to-expand-crypto-payment-services-in-singapore\/"},"modified":"2023-10-02T01:08:53","modified_gmt":"2023-10-02T05:08:53","slug":"coinbase-attains-full-license-to-expand-crypto-payment-services-in-singapore","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=67681","title":{"rendered":"Coinbase Attains Full License to Expand Crypto Payment Services in Singapore"},"content":{"rendered":"
\n

Crypto exchange Coinbase has secured a full major payment institution (MPI) license under Singapore’s Payment Services Act.<\/p>\n

Coinbase announced that the recent development comes nearly a year after Coinbase received preliminary approval from the Monetary Authority of Singapore (MAS).\u00a0<\/p>\n

With this license, Coinbase joins a growing list of firms authorized to provide digital payment token services within the Republic.<\/p>\n

The granted MPI license allows Coinbase to offer an array of crypto payment services to both individuals and institutions in Singapore.\u00a0<\/p>\n

Presently, the exchange offers trading and staking services to its users.<\/p>\n

Staking involves the temporary lockup of users’ digital tokens to validate blockchain transactions, thereby earning rewards in the form of additional tokens.<\/p>\n

Coinbase Prioritizes Singapore<\/h2>\n

According to Mr. Hassan Ahmed, the country director of Coinbase Singapore, the local team comprises nearly 100 professionals, including product managers, engineers, business development experts, and legal and compliance personnel.<\/p>\n

The crypto firm noted that from their initial involvement in the Lion City, they have identified Singapore as a vital market for Coinbase.\u00a0<\/p>\n

The nation’s progressive economic strategies and approach to regulation sync well with their global mission and objectives, it added.\u00a0<\/p>\n

A Coinbase survey conducted in May revealed that 25% of Singaporeans surveyed perceive cryptocurrency as the future of finance, while 32% have either owned or currently own some form of cryptocurrency assets.<\/p>\n

Coinbase has responded to local demand by introducing convenient funding options, such as PayNow and FAST bank transfers, along with the SingPass onboarding system earlier this year.<\/p>\n

Coinbase Continues to Invest in Web3\u00a0<\/h2>\n

Singapore serves as Coinbase’s Asia Pacific technology hub, and the company has actively invested in more than 15 Web3 startups in the region through its investment arm, Coinbase Ventures.<\/p>\n

In August, Coinbase reported improved financial results, with its second-quarter net loss narrowing to US$97 million from a record US$1.1 billion in the previous year.<\/p>\n

The company’s Q2 revenue, which exceeded estimates, amounted to US$707.9 million, even though it declined by 12% compared to the previous quarter.<\/p>\n

Despite regulatory challenges, including a lawsuit filed by the United States Securities and Exchange Commission (SEC) alleging illegal operations, Coinbase has managed to do well.<\/p>\n<\/p><\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Crypto exchange Coinbase has secured a full major payment institution (MPI) license under Singapore’s Payment Services Act. Coinbase announced that the recent development comes nearly a year after Coinbase received preliminary approval from the Monetary Authority of Singapore (MAS).\u00a0 With this license, Coinbase joins a growing list of firms authorized to provide digital payment token […]<\/p>\n","protected":false},"author":1,"featured_media":67682,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[83],"class_list":["post-67681","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-featured"],"yoast_head":"\nCoinbase Attains Full License to Expand Crypto Payment Services in Singapore | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Crypto exchange Coinbase has secured a full major payment institution (MPI) license under Singapore's Payment Services Act.Coinbase announced that the\" \/>\n<meta name=\"robots\" content=\"index, follow, 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