Coinbase Amplifies Its Global Footprint with a Major Payment Institution Licence from Singapore
In a monumental stride, Coinbase Singapore has proudly unveiled its acquisition of a Major Payment Institution (MPI) licence from the Monetary Authority of Singapore (MAS).
This pivotal development not only underscores its steadfast commitment to the Singapore market but also enables the expansion of its Digital Payment Token services to both individuals and institutions within the region.
The announcement, following the initial In Principle Approval, is a testament to Coinbase’s dedication to the Singapore market, a crucial locale for the cryptocurrency and Web3 industry.
“With 25% of surveyed Singaporeans considering crypto as the future of finance and 32% being either current or past owners of crypto, Singapore has naturally become a significant location for this industry.”
Coinbase’s Future Plans and Impact on Customers
Coinbase has identified Singapore as a vital market, aligning with the nation’s progressive economic strategies and regulatory approach.
The company has actively developed and launched products specifically tailored for Singapore, such as introducing convenient funding options, including PayNow and FAST bank transfers, and integrating SingPass, Singapore’s trusted digital identity, for a streamlined onboarding process.
The acquisition of the MPI licence from MAS is not merely an approval but a shared commitment and a testament to Coinbase’s operations.
It also symbolizes a promise and responsibility towards the growing crypto and Web3 community in Singapore.
“The Monetary Authority of Singapore is a significant regulatory partner for us. Earning this licence from MAS is not just an approval but a shared commitment.”
Regulatory Context in Singapore
Singapore has been recognized for its robust and clear regulatory framework concerning digital payment services.
The MAS has been proactive in establishing policies that not only protect consumers but also foster innovation in the fintech and crypto space.
Coinbase securing a licence from MAS signifies its adherence to these regulatory standards and showcases its commitment to providing secure and compliant services to its users in Singapore.
Financial Data and Global Implications
- In Q2 2023, Coinbase’s total revenue was $708 million, experiencing an 8% quarter-over-quarter decline.
- Net revenue was reported at $663 million, marking a 10% quarter-over-quarter decrease.
- Other revenue witnessed a 26% quarter-over-quarter growth, reaching $45 million, propelled by higher invested cash balances and elevated interest rates.
- Recurring operating expenses slightly dipped by 1% quarter-over-quarter to $664 million. Source
Coinbase has always been deeply committed to reshaping the financial landscape by developing trusted products that enhance the utility and adoption of crypto.
With blockchain and crypto technologies being potent tools to amplify economic freedom and opportunities globally, the company has witnessed numerous international markets crafting innovative policies to emerge as crypto hubs.
This makes the recent accomplishments in Singapore not only a validation of Coinbase’s operations but also a beacon of promise and responsibility to the burgeoning crypto and Web3 community in the region.
In light of this, the Monetary Authority of Singapore emerges as a significant regulatory partner for Coinbase.
The newly acquired licence is not just an approval but a shared commitment, and Coinbase is poised to continue its work in Singapore, supporting, and growing with the local crypto and Web3 community.
