Cryptocurrency exchange Coinbase has received a major payment institution (MPI) license from the Monetary Authority of Singapore (MAS) amid the firm’s aggressive international expansion efforts.

The new permit would enable the exchange’s Singapore arm to expand the reach of its digital payment token services to individuals and institutions in Singapore, the Oct. 1 announcement said.

It also comes a year after Coinbase secured an in-principle approval in the jurisdiction.

The MPI is among the three types of licenses that Singapore’s financial regulator issues to payment providers. According to the MAS website, companies that hold MPI permits can conduct multiple payment services without being subjected to several threshold limits on transaction volume or float.

“From our initial involvement in the Lion City, we’ve identified Singapore as a vital market for Coinbase. The nation’s progressive economic strategies and approach to regulation sync well with our global mission and objectives,” the press statement said.

In March, Coinbase announced allowing retail customers to transfer funds to and from their Coinbase accounts using any bank in Singapore. It also said it upgraded its local help centers and introduced a new service for easy user onboarding. 

Singapore has been touted as a global crypto hub, attracting major international crypto and blockchain players to set up shop locally with its progressive crypto regulations. In 2020, the MAS introduced the Payment Services Act (PSA) as an overarching regulatory structure for traditional and crypto exchanges.

More recently, in August, the financial regulator announced that it is in the process of finalizing a stablecoin regulatory framework that “seeks to ensure a high degree of value stability for stablecoins” regulated in the country.

“Singapore has naturally become a significant location for this industry. Moreover, Singapore is home to over 700 Web3 companies, making it a pivotal market for the growth of the crypto, and Web3 economy,” the announcement said.

Stablecoin issuer Circle and crypto exchanges Blockchain.com and Crypto.com have also received the same license this year.