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Crypto exchange Coinbase has turned its attention to Singapore as the U.S. Securities and Exchange Commission denies a need for clarity on crypto rules in a court filing on Monday.
Coinbase CEO Brian Armstrong is open to moving offshore due to a lack of clarity on crypto regulations in the U.S. and considering the Bahamas, the United Arab Emirates, and Europe as preferred locations for its headquarters.
Coinbase Expands Services to Singapore
Crypto exchange Coinbase strengthening its global expansion strategy in response to the crypto crackdown by US regulators. Recently, the company launched Coinbase International Exchange in the Bahamas to offer derivatives trading and consider the UAE as a potential strategic hub.
Coinbase received in-principle approval from the Monetary Authority of Singapore (MAS) last October. Since then, the exchange has introduced various products and services for its Singapore customers.
Coinbase today introduced no-fee USDC purchases with Singapore dollar (SGD), rewards for holding USDC, making USDC order books available on advanced trading, and staking for ETH, SOL, ADA, ATOM, and XTZ.
Coinbase Singapore country director Hassan Ahmed said:
“We firmly believe that USDC will be a key component of a new financial paradigm. Looking to the future, we believe that stablecoins like USDC have even more untapped potential within mainstream commercial use cases. They can increase financial inclusion by reducing costs and increasing efficiency. They can enable faster and cheaper global money transfers and serve as a fiat onramp into the new web3 digital ecosystem.”
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The move comes in response to a study by Coinbase and YouGov, which reveals 25% of Singaporeans consider crypto as the future of finance. 32% of Singaporeans surveyed own or used to own crypto. However, security concerns and price volatility were identified as barriers for non-crypto owners.
Hey @EricDadoun – you’re right it’s an important part of the conversation, but not the whole picture. We’re engaged at the policy and the innovation level with various stakeholders, so hopefully it lands in a balanced place
— hassan.lens 🛡️🇸🇬 (@Hassan_NY) May 17, 2023
In March, Coinbase introduced free bank transfers and the digital identity app Singpass integration to make it easier for customers in Singapore to join the crypto exchange. The exchange is working closely with the Monetary Authority of Singapore to enhance the regulatory framework, retail access, and consumer protection.
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