Coinbase Global (NASDAQ: COIN) witnessed a significant boost in its stock value, surging by 5.1% during Monday’s pre-market trading session.
This remarkable uptick was triggered by the news that Coinbase’s Singapore arm has successfully secured a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS).
Coinbase’s Singapore License
Coinbase, the leading United States-based cryptocurrency exchange, announced on Sunday that it had obtained a Major Payment Institution license from MAS.
This regulatory milestone allows Coinbase to expand its digital payment token services in Singapore, catering to both individuals and institutions. The license represents a significant achievement for the company, coming one year after receiving initial in-principle approval in Singapore.
Singapore has emerged as a priority market for Coinbase, given the country’s progressive economic strategies and its approach to cryptocurrency regulation.
A recent survey revealed that 25% of Singaporeans consider cryptocurrencies to be the future of finance, with 32% having owned or currently owning cryptocurrencies. Furthermore, Singapore hosts over 700 Web3 companies, solidifying its status as a pivotal market for the growth of the crypto and Web3 economy.
Cryptocurrency market reaction
Coinbase’s stock surge coincided with a positive momentum shift in the cryptocurrency market. Bitcoin (BTC) saw a 4.2% gain, reaching approximately $28.4K and touching a six-week high of $28,489. Ethereum (ETH) also rose by 2.7%, reaching $1.73K.
Other major cryptocurrencies, including Solana (SOL) and Cardano (ADA), also experienced notable gains during Monday morning trading.
This surge in Coinbase stock and the buoyant cryptocurrency market reflects the increasing interest and confidence in the cryptocurrency industry. Coinbase’s MPI license in Singapore underscores the importance of regulatory compliance in the crypto space while positioning the company to serve the growing demand for cryptocurrency services in the region.
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