According to Coinbase, this achievement comes almost a year after receiving preliminary approval from the Monetary Authority of Singapore (MAS).
This license allows Coinbase to provide digital payment token services to individuals and institutions in Singapore, joining a growing list of authorized firms within the country.
In addition to its trading and staking services, Coinbase now offers an array of crypto payment services.
The company’s Singapore team, consisting of around 100 professionals, acknowledges Singapore as a crucial market for Coinbase due to the nation’s progressive economic strategies and regulatory approach.
A recent Coinbase survey indicated that 25% of Singaporeans consider cryptocurrency as the future of finance, with 32% having owned or currently owning cryptocurrency assets.
Coinbase has responded to local demand by introducing convenient funding options such as PayNow and FAST bank transfers, as well as the SingPass onboarding system earlier this year.
Singapore serves as Coinbase’s hub for technology in the Asia Pacific region, where the company actively invests in over 15 Web3 startups through its investment arm, Coinbase Ventures.
Despite regulatory challenges and a lawsuit filed by the United States Securities and Exchange Commission (SEC), Coinbase has achieved improved financial results, with a narrowing net loss and steady revenue.