AssetID: 53095674
Headline: UNCAPTIONED: Coinbase Secures Payment License in Singapore
Caption: Coinbase Secures Payment License in Singapore. On Oct. 2, Coinbase announced that the Monetary Authority of Singapore (MAS) has granted it the Major Payment Institution (MPI) license. The license will allow the crypto exchange to provide digital payment token services in the country. 32% of Singaporeans own or have previously owned crypto, Coinbase reports. Because of this, the company considers Singapore a "vital market". On its website, the MAS says that licenses are only granted to crypto firms if they have adequate anti-money laundering protocols in place. "Most applicants have not been successful," the MAS said. So far, 14 companies have received a crypto payments license in the country, Reuters reports. Among them are the Singapore arms of Revolut, a British fintech company, and Blockchain.com. Following the collapse of several crypto firms last year, state investment firm Temasek cut staff compensation for recommending a $275 million investment in FTX, which went bankrupt in November 2022, Reuters reports. THIS VIDEO MUST NOT BE EDITED FOR LENGTH TO COMBINE WITH OTHER CONTENT
Keywords: Coinbase,secures,payment,license,Singapore,Monetary Authority of Singapore,MAS,Major Payment Institution,MPI license,trading,bankrupt,bankruptcy,filed,currency,deals,crypto,cryptocurrency
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