Coinbase Stock (COIN) Jumps 5.30% on Singapore Full License Grant

Coinbase stock (COIN) jumped 5.30% in premarket trading on Monday to $79.20 after the cryptocurrency exchange announced that it had secured a full license to operate in Singapore.

Coinbase Secures Full License in Singapore 

On October 1, Coinbase said it had received a Major Payment Institution (MPI) license from the Monetary Authority of Singapore, the country’s central bank and financial regulator. According to Coinbase, the license will allow the exchange to expand its digital payment token services to individuals and institutions in Singapore.

The full regulatory approval comes one year after the cryptocurrency exchange had received in-principle approval as a major MPI license holder in Singapore.

Important Market 

Coinbase cited Singapore as an important market for the company’s growth and the broader crypto sector. As stated by Coinbase, 25% of surveyed Singaporeans see crypto as the future of finance, and 32% are either past or current holders of the asset class. The company added that the city-state houses over 700 Web3 entities.

Coinbase stated that in response to Singapore’s growing demands and “unique market dynamics,” the company has been actively developing and launching products designed specifically for Singapore. According to the exchange, these include PayNow and FAST bank transfers and the integration of SingPass digital identity service to streamline onboarding.

The company said it has also established a tech hub in Singapore and trained and hired individuals working on Web3. According to the exchange, Coinbase Ventures has invested in more than 15 Web3 startups in Singapore.

“We’re ready to continue our work in Singapore, supporting and growing with the local crypto and Web3 community,” Coinbase said in a blog post.

Coinbase has also been expanding into several other countries (especially in Europe) in recent years. Since 2022, the exchange has been granted regulatory approval in Spain, Italy, Ireland, the Netherlands, Bermuda, and more.

At the time of writing, COIN is trading at $75.08, a 0.11% drop on the day.