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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.

By Sam Reynolds
AccessTimeIconOct 11, 2022 at 4:24 a.m. UTC
Updated May 9, 2023 at 3:58 a.m. UTC
Brian Armstrong, CEO and co-founder of Coinbase, speaks at Consensus 2019. (CoinDesk)
Brian Armstrong, CEO and co-founder of Coinbase, speaks at Consensus 2019. (CoinDesk)
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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.
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How Singapore's Stance on Digital Assets Compares to Other Places

  • Singapore's Central Bank Presents Design Framework for Interoperable Digital Asset Networks
    04:57
    Singapore's Central Bank Presents Design Framework for Interoperable Digital Asset Networks
  • Central Banks Introduce CBDC, Stablecoin Standards With Amazon, Grab Running Trials
    04:59
    Central Banks Introduce CBDC, Stablecoin Standards With Amazon, Grab Running Trials
  • NY Fed, Singapore Regulator Verify CBDC Use for Cross-Border Payments
    04:05
    NY Fed, Singapore Regulator Verify CBDC Use for Cross-Border Payments
  • Singapore Defends Stance on Binance After FTX Implosion
    05:36
    Singapore Defends Stance on Binance After FTX Implosion

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