Coinbase has recently achieved regulatory approval in Singapore becoming another cryptocurrency company to reach this milestone.
The Singapore branch of the exchange announced that it has obtained the Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS) which grants them full authorization to operate in Singapore.
Initially in March 2020 the platform received an exemption from licensing by Singapores central bank. Now as of October 2022 they have obtained an “In Principle” license to conduct their operations in the city state.
Singapore is widely recognized as a friendly nation and embraces the idea of digital currencies. Surprisingly 25% of its residents view cryptocurrencies as the future of finance while an impressive 32% have already ventured into the world of crypto. According to Chainalysis Global Crypto Adoption Index Singapore ranked seventh year in terms of crypto transactions.
Considering International Expansion;
It is clear that Coinbases strategy for expansion is taking shape. They are deliberately targeting countries with defined regulations surrounding cryptocurrencies.
The announcement about obtaining licensing, in Singapore comes a month after Coinbases blog post on September 6th, where they identified six markets for their upcoming ventures; European Union, Singapore, Canada, the United Kingdom, Australia and Brazil.
Furthermore the company announced its expansion into the market by acquiring a license, from the Bank of Spain. This legitimizes their operations involving Bitcoin (BTC) and other digital currencies.