Coinbase Global (COIN) shares gained after the largest U.S. cryp🧜tocurrency exchange received a Major Payment Institution (MPI) license from the Monetary Authority of Singapore.

Coinbase indicated the decision will enable it to expand its Digital Payment Token services to both individuals and institutions in Singapore, and noted that since its initial involvement there, it identified Singapore as a “vital market for Coinbase.”

Coinbase said 25% of Singaporeans surveyed saw cryptocurrencies as the future of finance, and 32% were either current or🎀 past owners of digital money. It added the country has “natu🦩rally become a significant location for this industry.”

The firm also pointed out that Singapore is home to more than 700 Web3 companies, making it “a pivotal market for the growth of the crypto and Web3 ec𝓰onomy.”

Coinbase explained that it has made it a priority to work with regulators in key countries to boost its international growth, and over the past y🌠ear received Virtual Asset Service Provider (VASP) approvals from Spain, Italy, Ireland, and the Netherlands. 

Shares of Coinbase were 0.6% higher in early trading on Monday as of noon ET after giving up some of their earlier gains. They have more than doubled in value this year.