Coinbase, a crypto exchange, has obtained a payment institution license from the Monetary Authority of Singapore, marking a significant regulatory milestone for its business in Asia.

In a blog post on 1 October, Coinbase announced that this license would empower the company to broaden its range of digital payment token services, catering to both individuals and institutions within Singapore. 

This achievement comes after Coinbase received provisional approval as a payments institution license holder in the city nation last year, signifying the exchange's ongoing commitment to compliance and expansion in the region.

Coinbase has quietly expanded its presence in Singapore over the past year, establishing a technology hub dedicated to the development of Web3.

It has been actively recruiting and training product managers and engineers specializing in Web3 technologies.

Additionally, Coinbase's venture capital arm has made investments in more than 15 Web3 startups within the country over the past three years. Singapore serves as the central hub for Coinbase's institutional business operations in the Asia-Pacific region.

Recently, the company received regulatory approval from Bermuda's financial regulator and completed last week its registration with Spain's central bank.

Coinbase Global Inc. is a publicly traded company and was founded in June 2012 in California, the US, by Brian Armstrong and Fred Ehrsam. It served 56 million verified customers last August in more than 100 countries and employs some 4,500 workers. In 2022, Coinbase posted 5.45 billion dollars in total equity and almost 90 billion dollars in assets. The platform trades over 250 cryptocurrencies. 

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