Coinbase, the largest cryptocurrency exchange in the United States, has achieved a significant milestone in its expansion efforts in Asia. The company has been granted a full major payment institution license under Singapore’s Payment Services Act, following the initial in-principle approval received from the Monetary Authority of Singapore (MAS) approximately one year ago. This development positions Coinbase among the growing list of companies licensed to provide digital payment token (DPT) services within Singapore.

The full license empowers Coinbase to offer an array of enhanced services catering to both individual users and institutions. Hassan Ahmed, the Country Director of Coinbase Singapore, highlighted the pivotal role this license plays in fostering relationships with stakeholders, especially regulated entities such as banks. Ahmed stated, “Where we see the (full license) also come into play is in helping us to accelerate relationships with stakeholders, particularly those that are regulated, such as banks.”

He further emphasized that the license is instrumental in advancing Coinbase’s engagement with traditional financial institutions, a strategic move aimed at expanding its presence in the institutional business sector.

Currently, Coinbase already provides trading and staking services in Singapore. Staking involves the locking up of users’ digital tokens for a specified period to validate transactions on the blockchain, subsequently earning additional tokens as rewards.

Coinbase’s full payment institution license marks a significant step forward in its mission to facilitate and enhance digital asset services for both retail and institutional clients in Singapore and underscores the exchange’s commitment to regulatory compliance and growth in the region.