Coinbase Secures Payment License in Singapore

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.

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The license will allow the crypto exchange to provide digital payment token services in the country.

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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