Takeaways
- Coinbase has received a major payment institution license from Singapore regulators, boosting the cryptocurrency exchange's international reach.
- The company said it has long identified Singapore as a vital market for expansion.
Stocks of Coinbase Global (COIN) gained after the largest US cryptocurrency exchange received a Major Payment Institution (MPI) license from the Monetary Authority of Singapore.
Coinbase indicated that the decision will allow it to decide to expand its digital payment token services to individuals and institutions in Singapore, and noted that since its initial involvement there, it has identified Singapore as a “vital market for Coinbase.”
Coinbase said 25% of Singaporeans surveyed saw cryptocurrencies as the future of finance, and 32% were current or past digital currency owners. He adds that the country has “naturally become an important site for this industry”.
The company also highlighted that Singapore is home to over 700 Web3 companies, making it “a pivotal market for the growth of the crypto and Web3 economy.”
Coinbase explained that it had created work with regulators of key countries to drive its international growth is a priority and, over the past year, has received Virtual Asset Service Provider (VASP) approvals from Spain, Italy , Ireland and the Netherlands.
Coinbase shares were 0.6% higher in early trading Monday at noon ET after giving up some of their earlier gains. Their value has more than doubled this year.
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Source: investopedia.com