Coinbase plans on expanding its presence in Singapore as part of an overall initiative to strengthen its global operations in response to the crackdown in the United States.
As the U.S. Securities and Exchange Commission denied the need for clarification on crypto rules in a court filing on Monday, cryptocurrency exchange Coinbase shifted its attention to Singapore.
Due to the uncertainty surrounding crypto regulation in the United States, Coinbase CEO Brian Armstrong is considering shifting the company’s headquarters to the Bahamas, the United Arab Emirates, or Europe.
Singapore Now Has Access To Coinbase Services
Cryptocurrency exchange In response to the US regulatory crackdown on cryptocurrencies, Coinbase is intensifying its global expansion plan. In order to enable derivatives trading and take into account the UAE as a possible strategic hub, the business recently created Coinbase International Exchange in the Bahamas.
The Monetary Authority of Singapore (MAS) granted Coinbase in-principle approval in October. Since then, the exchange has offered a range of products and services to Singapore customers.
In addition to making USDC order books available on advanced trading, Coinbase today offered no-fee USDC purchases with Singapore dollars (SGD), rewards for holding USDC, and staking for ETH, SOL, ADA, ATOM, and XTZ.
Hassan Ahmed, the country director for Coinbase Singapore, said:
We are confident that USDC will play a significant role in the development of a new financial paradigm. In terms of common commercial use cases, we think stablecoins like USDC have even more untapped potential in the future. Through cost-cutting and efficiency improvements, they can boost financial inclusion. They can facilitate quicker and more affordable international money transactions and act as a fiat entry point into the brand-new web3 digital ecosystem.
The decision was made in response to a Coinbase and YouGov poll that found 25% of Singaporeans believe cryptocurrencies will play a major role in the future of finance. 32% of Singaporeans polled currently possess or had owned cryptocurrency. Security issues and price volatility were noted as obstacles for those who do not hold cryptocurrency, though.
Curious how you rationalise current national sentiment of “crypto / ‘speculation’ isn’t for retail” while Coinbase has been allowed to offer retail focused services (and support for coins like ADA 🙄)?
Quite confusing and I imagine a very hard line to navigate for you.
— Eric Dadoun (@EricDadoun) May 17, 2023
To make it simpler for users in Singapore to sign up for the cryptocurrency exchange, Coinbase launched free bank transfers and the integration of the digital identity software Singpass in March. The exchange and the Monetary Authority of Singapore are working together closely on strengthening consumer protection, retail access, and the regulatory framework.