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The Major Payment Institution (MPI) license, granted by the Monetary Authority of Singapore (MAS), will allow Coinbase to offer digital payment token services to individuals and institutions in Singapore, which has emerged as a center for crypto in Asia in recent years.
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The MAS, which is Singapore's central bank and financial regulator, said on its website last month that it only grants licences to cryptocurrency firms if they have robust anti-money laundering controls and that "most applicants have not been successful". Fourteen companies, including the Singapore arms of British fintech Revolut and London-based crypto firm Blockchain.com, have obtained a crypto payments licence, the MAS said.
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