The financial regulator in Singapore, the Monetary Authority of Singapore (MAS) has embarked on mass licensing of crypto companies.
Just this week, the agency has issued licenses to three companies so far. The first was Coinbase, a leading crypto exchange that obtained a full Money Payment Institution (MPI) full license. This is coming after MAS gave Coinbase an in-principle MPI license last year.
“This license enshrines our commitment to the market and marks the end of our licensing journey,” the country director of Coinbase Singapore, Hassan Ahmed said in an interview.
“Our experience in Singapore in some ways contrasts what’s going on in the U.S. By providing this level of regulatory clarity and by providing clear rules that the industry has to play by, that’s really important for us as we’re thinking about our international strategy,” he added.
The license permits Coinbase to offer a wider range of Digital Payment Token services to both retail and institutional customers in the region, as well as strengthen its ties with local institutions.
The agency also issued a license to Cryptocurrency trading firm and liquidity provider, GSR’s Singapore subsidiary, GSR Markets Pte. Ltd. the license is an in-principle approval for a Major Payment Institution (MPI) license.
“GSR is proud to have met the rigorous admission requirements set by MAS and will be working diligently towards a full license,” the firm said in its Oct. 2
Similarly, MAs granted Sygnum Singapore a Major Payment Institution License (MPIL) today Tuesday. The license empowers the company to offer crypto trading and brokerage services to institutions.
SIngapore Supporting Crypto
Singapore has become a hotspot for crypto companies to run to, because of its pro crypto tendencies. The country hasn’t only proposed clear crypto regulations, but it has made policies that generally permit the industry to thrive.
Commenting on the issuing of the license to Sygnum Singapore, Sygnum Singapore’s CEO Gerald Goh said:
“The MAS is one of the most progressive regulators in the world when it comes to providing a clear and robust framework around digital assets. The most recent guidelines on stablecoins have shown the industry a well-defined path forward. We believe such developments will empower investors to increase their exposure to digital assets with complete trust.”
Driving Crypto Adoption
Singapore has issued similar licenses to several other crypto companies, including Circle, Ripple Labs, and Revolut, thus driving crypto adoption.
By granting such critical licenses to crypto companies that enable them to offer payment services to institutional clients, Singapore is building confidence in the crypto industry within the country and globally.
With such licenses granted, other countries will be more likely to trust these crypto companies and grant them similar licenses, further building confidence in the industry.
