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Breaking: Coinbase Looks To Singapore Amid US SEC Woes

Coinbase looks to increase Singapore presence as part of strengthening its global expansion strategy in response to the crackdown in the US.
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Breaking: Coinbase Looks To Singapore Amid US SEC Woes

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.

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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.”

Also Read: Bitcoin (BTC) Price At “Inflection Point”, Big Move Happening In Cardano (ADA)

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.

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.

Also Read: This Project Burns Millions Of PEPE and LUNC, Billions Of BabyDoge

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Varinder Singh

Varinder has over 10 years of experience and is known as a seasoned leader for his involvement in the fintech sector. With over 5 years dedicated to blockchain, crypto, and Web3 developments, he has experienced two Bitcoin halving events making him key opinion leader in the space. At CoinGape Media, Varinder leads the editorial decisions, spearheading the news team to cover latest updates, markets trends and developments within the crypto industry. The company was recognized as Best Crypto Media Company 2024 for high impact and quality reporting. Being a Master of Technology degree holder, analytics thinker, technology enthusiast, Varinder has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers.

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
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