Coinbase Obtains Singapore’s Payment Institutions
The largest cryptocurrency exchange in the United States, Coinbase, revealed on Sunday that Singapore’s central bank had granted it a Major Payment Institution (MPI) licence, allowing it to expand its digital payment token services there for institutional and retail investors.
The MPI licence granted to institutions in Singapore enables them to offer payment services without adhering to the required transaction volume. According to the Monetary Authority of Singapore (MAS), providers are typically restricted by an US$2.2 million limit for monthly transactions per service and SG$6 million for multiple services, with a daily outstanding e-money cap of SG$5 million.
Coinbase has acquired a license, confirming its operations and demonstrating responsibility to the growing crypto and Web3 community in Singapore, as stated in a blog post.
Coinbase received an in-principal approval to expand its digital asset services in the country last October.
(With inputs from Shikha Singh)
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