On October 2, 2023, cryptocurrency exchange Coinbase announced that it had obtained a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS). This license will allow Coinbase to offer a full range of cryptocurrency services to individuals and institutions in Singapore. The MPI license is one of the most stringent regulatory requirements for cryptocurrency businesses in Singapore. It requires Coinbase to meet a number of requirements, including having a strong financial position, implementing robust anti-money laundering and counter-terrorism financing (AML/CFT) measures, and protecting customer assets.