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  • Writer's pictureJamal Saafir

Coinbase Making Waves Overseas, Acquires Full Operating License in Singapore

According to a report from Decrypt, Coinbase, the largest cryptocurrency exchange in the United States and second largest globally, has announced its acquisition of the Major Payment Institution (MPI) license from The Monetary Authority of Singapore (MAS).

Coinbase stated that the license grants them the ability to expand their provision of services to both individuals and institutions.

This expansion comes after the In-Principle Approval (IPA) Coinbase received last year, pointing to the company's devotion to the Singapore market.

In reference to Singapore’s crypto-friendly environment, Coinbase mentioned, "25% of surveyed Singaporeans view crypto as finance's future, with 32% currently or previously owning crypto."

The exchange’s existence in the region involves several measures, which include strategic investments through Coinbase Ventures, cooperation with regional partners like, supporting Ethereum Singapore, and organizing workshops at universities.

Earlier this year, Coinbase introduced user-centric services in Singapore, with features such as PayNow, FAST bank transfers, and integration with Singapore's respected digital identity, SingPass.

Coinbase also gave praise to the transparency of Singapore's crypto regulations, drawing a strong difference to the United States’ regulatory environment.

The exchange is currently the defendant in a lawsuit filed by the U.S. Securities and Exchange Commission (SEC) on allegations of operating as an unregistered exchange, broker, and clearing agency.

Last year they introduced a strategy called “Go Broad, Go Deep” which focuses on expansion into international markets increasing the exchange’s global reach.

Pointing to its global aspirations, Coinbase announced last week that its global extension, Coinbase International Exchange, acquired approval from the Bermuda Monetary Authority (BMA) to offer perpetual futures to qualified non-U.S. retail customers.

In an interview with CNBC, Brian Armstrong, Coinbase CEO, recently said “If you look at the other G20 countries, 83% of them now either already have crypto legislation on the books or it’s in progress, it’s being drafted, or implemented.”

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