Coinbase Secures , Payment License in Singapore.<br />On Oct. 2, Coinbase announced that the <br />Monetary Authority of Singapore (MAS) has granted it the Major Payment Institution (MPI) license. .<br />The license will allow the crypto exchange to provide digital payment token services in the country. .<br />32% of Singaporeans own or have previously owned crypto, Coinbase reports.<br />Because of this, the company considers Singapore a "vital market.".<br />On its website, the MAS says that licenses are only granted to crypto firms if they have adequate anti-money laundering protocols in place.<br />"Most applicants have <br />not been successful," the MAS said.<br />So far, 14 companies have received a crypto payments license in the country, Reuters reports.<br />Among them are the Singapore arms of Revolut, <br />a British fintech company, and Blockchain.com.<br />Following the collapse of several crypto firms last year, <br />state investment firm Temasek cut staff compensation <br />for recommending a $275 million investment in FTX, .<br />which went bankrupt in <br />November 2022, Reuters reports
