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

Oct 11, 2022 at 4:24 a.m. UTC

Updated Oct 11, 2022 at 4:29 p.m. UTC

Brian Armstrong, CEO and co-founder of Coinbase, speaks at Consensus 2019. (CoinDesk)

Sam Reynolds

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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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