Major U.S. crypto exchange Coinbase Global Inc. announced Sunday that it’s expanding its operations in Singapore after securing important regulatory approval from the central bank of the country amid plans for greater global expansion.

Coinbase obtained a Major Payment Institution license from the Monetary Authority of Singapore that will allow the company to expand its operations in the country to include digital token services and payments to individuals and institutions in the country.

The company said that Singapore is a priority market in its strategy for in regional and international expansion of its services to bring more cryptocurrency and digital token capabilities to individual and enterprise customers.

Earlier this year, Coinbase introduced PayNow and FAST bank transfers to users in Singapore after receiving principal regulatory approval to begin offering services. Coinbase also integrated with the country’s trusted digital identity services, Singpass, to ease access for citizens.

The company said 25% of surveyed residents of Singapore considered using crypto and 32% were current or past users of digital tokens. “Singapore has naturally become a significant location for this industry,” Coinbase said in the announcement. “Moreover, Singapore is home to over 700 Web3 companies, making it a pivotal market for the growth of the crypto and Web3 economy.”

Over the past year, Coinbase said that it has made inroads across the globe in numerous countries gaining regulatory approval in Spain, Italy, Ireland and the Netherlands. This is in line with the company’s plans to “Go Broad, Go Deep,” which Coinbase unveiled last year.

Coinbase announced last week that its global arm, Coinbase International Exchange, secured a license from the Bermuda Monetary Authority to offer perpetual futures to qualified non-U.S. retail customers. Coinbase already gained approval to offer futures in the U.S. customers through the National Futures Association in August.

The company’s plans have not been without troubles, however, as Coinbase is currently embroiled in legal issues with regulators in the United States. In June, the Securities and Exchange Commission sued the company, alleging that the exchange had been operating as an unregistered securities exchange and broker. The regulator also charged the company over its crypto asset staking rewards program, saying that it failed to register with the regulator. Coinbase responded by moving to dismiss the lawsuit in August.

Other countries, such as the United Kingdom, have moved to regulate the cryptocurrency industry more “robustly” with new rules surrounding trading platforms to avoid market abuse and regard trading and lending. All of this happened in the wake of the collapse and bankruptcy of the major crypto exchange FTX in Nov. 2022, which led to a domino effect across the crypto industry to further bankruptcies and market turmoil.

Singapore is increasingly providing licenses to major cryptocurrency firms. Stablecoin issuer Circle Internet Financial LLC received the MPI license in June 2023 and crypto exchange Crypto.com also received it earlier this year.

Photo: Coinbase