Singapore, Wednesday October 4 — Ripple and Coinbase, two of the world’s leading cryptocurrency companies, have received licenses to operate in Singapore.1
The Monetary Authority of Singapore (MAS) announced on October 3, 2023 that Ripple and Coinbase had been granted Major Payment Institution (MPI) licenses. This license allows companies to provide a wide range of digital payment token services, including payment processing, remittance, and cryptocurrency exchange.
The MAS is known for its progressive approach to cryptocurrency regulation. In 2017, the MAS established a regulatory framework for digital payment tokens. The framework is designed to protect consumers and promote innovation in the cryptocurrency sector.
The granting of licenses to Ripple and Coinbase is a positive development for the cryptocurrency industry in Singapore. It is a sign that Singapore is committed to being a leading center for cryptocurrency innovation and regulation.2
The licenses will allow Ripple and Coinbase to offer their services to a wider range of customers in Singapore. This will help boost the adoption of cryptocurrencies in Singapore and make it easier for people to use cryptocurrencies for payments and other financial transactions.
- Ripple: https://www.cnbc.com/2023/10/03/ripple-obtains-full-license-to-operate-in-singapore.html[↩]
- Coinbase: https://www.fintechfutures.com/2023/10/coinbase-receives-payment-licence-from-monetary-authority-of-singapore/[↩]
