Coinbase Global Inc (NASDAQ:COIN) has announced that it has obtained a payment institution license from the Monetary Authority of Singapore, sending its shares higher in early Monday morning trading.
The crypto exchange said the license means it can expand the provision of digital payment token services to individuals and institutions in Singapore.
Coinbase said Singapore has become a significant location for the crypto industry, with a survey revealing that 25% of those polled consider crypto as the future of finance and 32% being either current or past owners of crypto.
“From our initial involvement in the Lion City, we've identified Singapore as a vital market for Coinbase,” the company said in a statement.
“The nation's progressive economic strategies and approach to regulation sync well with our global mission and objectives.”
The company said it has developed and released products tailored specifically for Singapore. Earlier this year, it introduced convenient funding options, including PayNow and FAST bank transfers.
With the integration of SingPass, the trusted digital identity of Singapore, it said it also rolled out a more streamlined onboarding process.
Coinbase said it has prioritized working with regulators in key countries as part of its international expansion. Over the last year, it has achieved Virtual Asset Service Provider (VASP) registrations in Spain, Italy, Ireland, and the Netherlands.
The company's shares were up 5.9% at $79.50 shortly after the opening bell.
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