One year after receiving initial in-principle approval in Singapore, Coinbase has received a new MPI license that will allow it to grow its digital payment token services.

Coinbase, a cryptocurrency exchange with headquarters in the United States, has received major regulatory approval from the central bank of Singapore to expand operations there.

The Monetary Authority of Singapore has granted Coinbase a Major Payment Institution (MPI) license, the company announced on October 1. One year after receiving initial in-principle approval in Singapore, Coinbase now has a new license that allows it to offer its digital payment token services to both individuals and organizations there.

The MAS states that MPI-licensed businesses are permitted to conduct payment services without being constrained by transaction limits of S$3 million ($2.2 million) for any payment service.

The company stated in the announcement that the recently acquired license is “not only a validation of Coinbase’s operations” but also a commitment to the expanding Web3 and cryptocurrency communities in Singapore.

In order to launch PayNow and FAST bank transfers in March 2023, Coinbase has been actively developing goods and services tailored especially for Singapore. To make the onboarding process simpler, Coinbase has also integrated SingPass, Singapore’s digital identity service. Additionally, to expand its products like Base blockchain and wallet-as-a-service, Coinbase has been working with significant local blockchain companies like Nansen.ai, Blockdaemon, and Infura.

“Singapore has inevitably grown to be a significant hub for this sector. Additionally, Singapore is a key market for the expansion of the crypto and Web3 economies as it is home to over 700 Web3 businesses.
A request for comment from Cointelegraph was not immediately answered by Coinbase.

As previously reported, significant international cryptocurrency companies have recently secured Singapore’s MPI license more frequently. Blockchain.com, a wallet and provider of cryptocurrency data, was the 12th company to be granted a license in August 2023. a USDC

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stablecoin issuer Circle received the MPI license in June 2023, following crypto exchange Crypto.com.