Coinbase Gets Major Payment License in Singapore

America's top crypto platform, Coinbase, got a special license from Singapore's central bank. This comes as crypto companies in the US face tough rules and are looking at friendly places abroad for business. 

On October 1, Coinbase shared it got a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS). This means it can bring more digital payment services to people and big organizations in Singapore, showing Coinbase's dedication to doing business there. Singapore has over 700 web3 companies, making it an important place for digital economy growth. The country's positive approach towards economy and rules matches well with Coinbase's global plans.

Coinbase has made special services for Singapore like PayNow/FAST transfers and no-fee USDC buys. Besides offering products, the company wants to make Singapore's crypto world bigger through hiring people, investing, creating partnerships, and organizing events and workshops. It’s already working with local partners like Nansen and Blockdaemon, and more partnerships are coming soon.

To grow internationally, Coinbase has been getting licenses from authorities in crucial countries, including Spain and Italy, especially when facing hard times in the US. The US Security and Exchange Commission (SEC) took legal action against Coinbase, but the company is fighting back in court. Another firm, Circle, also got the MPI license from MAS recently. But with Singapore’s president, Tharman Shanmugaratnam, being critical of digital assets, it's unsure if Singapore will stay crypto-friendly in the future.