This development, coming after an initial In Principle Approval, amplifies the commitment made by Coinbase to the Singapore market, enabling them to expand their provision of Digital Payment Token services to both individuals and institutions in Singapore.
In the company’s recent international expansion update, Coinbase’s team emphasised the importance of clear regulation, innovation, and trust from users. With 25% of surveyed Singaporeans considering crypto as the future of finance and 32% being either current or past owners of crypto, Singapore has naturally become a significant location for this industry. Moreover, the country is home to over 700 Web3 companies, making it a pivotal market for the growth of the crypto and Web3 economy.
Coinbase has identified Singapore early on as a vital market for them. The nation's progressive economic strategies and approach to regulation sync well with their global mission and objectives.
In 2023, the company responded to the rising demands and specific market needs in Singapore by launching tailored products. They introduced convenient funding methods like PayNow and FAST bank transfers, streamlining onboarding through SingPass integration. Additionally, they facilitated no-fee USDC purchases with SGD, enhancing accessibility for Singaporean customers.
Beyond simply offering products, the newly licenced company’s commitment stretches to the broader Web3 ecosystem in Singapore. This includes training and hiring initiatives at their Singapore tech hub, fostering strong relationships with industry associations such as ACCESS, the Singapore Fintech Association, and the Blockchain Association of Singapore, and making region-specific investments through Coinbase Ventures. Notably, over 15 of these investments are rooted in Singapore.
Coinbase's success in Singapore is attributed to collaborations with local developers like Nansen.ai, Blockdaemon, and Infura. They've introduced innovative solutions like Base blockchain and Wallet-as-a-Service. Active community involvement includes sponsoring Ethereum Singapore and conducting workshops at universities like NUS, SMU, and NTU.
Coinbase is dedicated to reshaping finance through trusted crypto products, believing in the global potential of blockchain. Their recent licence acquisition validates their operations and signifies a commitment to Singapore's crypto and Web3 community, reflecting the market's growing importance.
Officials from Coinbase said they've made it a priority to work with regulators in key countries as part of their international growth. In 2022, they've achieved VASP registrations in Spain, Italy, Ireland, and the Netherlands. The Monetary Authority of Singapore is a significant regulatory partner for them. Earning this licence from MAS is not just an approval but a shared commitment.
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