Coinbase, the world’s largest cryptocurrency exchange, has been awarded a full payments licence in Singapore.

The Monetary Authority of Singapore (MAS) – the city-state’s central bank – has granted Coinbase a Major Payment Institution (MPI) licence, which will allow it to offer digital payment token services to individuals and institutions.

Coinbase described Singapore as a “vital market,” and said that its “progressive economic strategies and approach to regulation sync well with our global mission and objectives”. Singapore has emerged as a hub for crypto activity in Asia, with Coinbase claiming that 32 per cent of the city-state’s residents own crypto or have done so in the past.

The confirmation comes a year after Coinbase was granted initial approval in October 2022.

Announcing the licence, Coinbase said that it is committed to growing Singapore’s technology and financial landscape. It said: “Beyond simply offering products, our commitment stretches to the broader Web3 ecosystem in Singapore.

“This includes training and hiring initiatives at our Singapore tech hub, fostering strong relationships with industry associations such as ACCESS, the Singapore Fintech Association, and the Blockchain Association of Singapore, and making region-specific investments through Coinbase Ventures. Notably, over 15 of these investments are rooted in Singapore.”

Some 14 companies including the Singapore-based business of UK fintech Revolut, have obtained a crypto payments licence from the MAS.
The MAS said that it only grants licences to crypto firms if they have robust anti-money laundering controls in place, with the cenbank last month noting that "most applicants have not been successful".

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