Coinbase Secures 'Major Payment Institution' License From Singaporean Authorities
Portfolio Pulse from Murtuza Merchant
Coinbase Singapore has been granted a Major Payment Institution (MPI) license by the Monetary Authority of Singapore (MAS), allowing it to offer Digital Payment Token services in the country. The company has tailored its offerings to the region, introduced funding methods, integrated SingPass for a simplified onboarding process, and made USD Coin purchases using SGD more accessible by eliminating fees. Coinbase has also made over 15 investments in the region through Coinbase Ventures and collaborated with local entities.
October 02, 2023 | 4:31 pm
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POSITIVE IMPACT
Coinbase's new license in Singapore allows it to offer Digital Payment Token services, which could potentially increase its user base and revenues in the region.
The granting of the MPI license to Coinbase Singapore by the MAS allows the company to offer Digital Payment Token services in the country. This could potentially increase Coinbase's user base and revenues in the region, as Singapore is a significant locale for the crypto industry. The company's tailored offerings and elimination of fees for USD Coin purchases using SGD could also attract more users.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
Coinbase's engagement with the Ethereum Singapore community could potentially increase the visibility and adoption of Ethereum in the region.
Coinbase's sponsorship of Ethereum Singapore and conducting of workshops at universities like the National University of Singapore could potentially increase the visibility and adoption of Ethereum in the region. This could potentially lead to an increase in the price of Ethereum.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50
POSITIVE IMPACT
Coinbase's elimination of fees for USD Coin purchases using SGD could potentially increase the adoption of USD Coin in Singapore.
Coinbase's elimination of fees for USD Coin purchases using SGD could make USD Coin more accessible and attractive to users in Singapore, potentially leading to an increase in the adoption and price of USD Coin.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50