Why Singapore Can’t Be A Web3 Hub? Coinbase CEO Explains

Brian Armstrong Says Singapore Can Not Be A Web3 Hub

According to Brian Armstrong, Singapore’s desire to be a hub for the so-called web3 industry conflicts with the city-state’s proposed curbs on retail crypto trading.

[{"selector":"#anim-cab35fbc-e7ec-474c-9f36-467bb8a8649b","keyframes":{"opacity":[0,1]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-831413cf-2093-46b7-b9c8-b855b867e7a1","keyframes":{"transform":["translate3d(0px, 53.73104%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}]

“To say Singapore wants to be a web3 hub and then simultaneously say we aren’t really going to allow retail to trade” is “incompatible,” said Brian Armstrong.

[{"selector":"#anim-d03e281c-11e9-4cd2-b459-52cc7fa83d3f","keyframes":{"opacity":[0,1]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-c05aaca7-051d-49e0-b43a-2b323f56de21","keyframes":{"transform":["translate3d(0px, 64.80115%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}]

In its latest regulations, Singapore is seeking to clamp down on retail-investor access to crypto trading.

[{"selector":"#anim-caf5a689-a0d7-4245-a0b9-5c9dada1c829","keyframes":{"opacity":[0,1]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-a34cbdf3-83a3-4490-83de-b12b590559f3","keyframes":{"transform":["translate3d(0px, 55.39155%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}]

Singapore is moving toward banning leveraged retail token purchases.

[{"selector":"#anim-e1fb3f79-0191-4707-914c-48cc48fd0eed","keyframes":{"opacity":[0,1]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-50e03dc0-6e9f-4f51-839a-3cda821dfac1","keyframes":{"transform":["translate3d(0px, 60.55760%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}]

Coinbase CEO said that he “would like to see Singapore embrace retail trading.”

[{"selector":"#anim-13cb0cec-fbca-488b-9e9a-cb908c4d321a","keyframes":{"opacity":[0,1]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-a4c03318-34eb-4f2d-b517-291a9d270758","keyframes":{"transform":["translate3d(0px, 54.28454%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}]

According to Armstrong, centralized exchanges and custodians should be regulated like other financial institutions.

[{"selector":"#anim-3e78d137-59e1-4619-a8f3-ad50b7415ccb","keyframes":{"opacity":[0,1]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-a6d0c9b1-9392-486d-ad9c-9e4685f10576","keyframes":{"transform":["translate3d(0px, 50.59451%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}]

Tech embracing countries like Singapore, Hong Kong and Japan are looking to integrate blockchain in different industries.

[{"selector":"#anim-978ec364-e425-455d-b4be-3c588c39322a","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-9f965522-c06d-4ad9-9a85-01ea0c5f2512","keyframes":{"transform":["translate3d(-100%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-1853e6ae-8ab4-46c9-8f06-a4b9dd631983","keyframes":{"transform":["translate3d(-201.40846%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1000,"easing":"cubic-bezier(.2, 0, .8, 1)","fill":"both"}] [{"selector":"#anim-f6699d8e-6809-4c1c-b1d8-0e59783a31b0","keyframes":{"transform":["rotateZ(-180deg)","rotateZ(0deg)"]},"delay":0,"duration":1000,"easing":"cubic-bezier(.2, 0, .5, 1)","fill":"forwards"}] More crypto stories...