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Coinbase Gets Singapore Digital Payment Token License
Coinbase joins Crypto.com and DBS Vickers as major institutions with a DPT license from the Monetary Authority of Singapore.
Singapore’s central bank, the Monetary Authority of Singapore (MAS), has granted Coinbase in-principal approval for a DPT license to operate in Singapore the company said in a press release.
- Including Coinbase, MAS has given out 17 in-principle approvals and licenses for DPT platforms under the Payment Services Act.
- Critics have complained that the licensing process is too hard and burdensome, but MAS has said it promises to be “unrelentingly hard” on crypto as a regulator.
- Coinbase currently has 100 employees in Singapore.
- In late 2021, Binance pulled out from Singapore after withdrawing its application for a DPT license and subsequently shut down its local .SG trading portal.
Sam Reynolds
Sam Reynolds is a senior reporter based in Asia. Sam was part of the CoinDesk team that won the 2023 Gerald Loeb award in the breaking news category for coverage of FTX's collapse. Prior to CoinDesk, he was a reporter with Blockworks and a semiconductor analyst with IDC.
