Coinbase Secures , Payment License in Singapore.
On Oct. 2, Coinbase announced that the
Monetary Authority of Singapore (MAS) has granted it the Major Payment Institution (MPI) license. .
The license will allow the crypto exchange to provide digital payment token services in the country. .
32% of Singaporeans own or have previously owned crypto, Coinbase reports.
Because of this, the company considers Singapore a "vital market.".
On its website, the MAS says that licenses are only granted to crypto firms if they have adequate anti-money laundering protocols in place.
"Most applicants have
not been successful," the MAS said.
So far, 14 companies have received a crypto payments license in the country, Reuters reports.
Among them are the Singapore arms of Revolut,
a British fintech company, and Blockchain.com.
Following the collapse of several crypto firms last year,
state investment firm Temasek cut staff compensation
for recommending a $275 million investment in FTX, .
which went bankrupt in
November 2022, Reuters reports