Crypto News

Coinbase’s Singapore Triumph: A Beacon in the Midst of Global Regulatory Storms

Published

7 months ago

October 2, 2023

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In what’s seen as a pivotal moment for the crypto world, Coinbase, a foremost player in the centralized exchange arena, has secured a Major Payment Institution license from the Monetary Authority of Singapore (MAS). This stride into the Asian market is in stark contrast to the regulatory hurdles the company faces stateside.

While Asia warmly welcomes Coinbase, back home, the crypto giant grapples with the U.S. (SEC). Regulatory body, earlier this year, took issue with Coinbase, accusing them of functioning outside federal securities laws although many feel that the SEC is overreaching.

Coinbase granted full license in Singapore ? pic.twitter.com/KtunlpXKh8

— Altcoin Daily (@AltcoinDailyio) October 2, 2023

However, this recent approval in Singapore stands as a testament to Coinbase’s relentless pursuit of global expansion. Recollecting the initial nod of in-principle approval from MAS last year, Hassan Ahmed, Coinbase Singapore’s country director, gleamed with pride during a recent chat. “It’s more than just a license; it’s a culmination of our dedicated efforts and our enduring commitment to this vibrant market,” Ahmed stated.

Coinbase’s strides in Singapore reflect the city-state’s forward-thinking attitude towards cryptocurrency. With this license in their kitty, Coinbase can now extend its Digital Payment Token services, serving both individual consumers and heavyweight institutions.

The cherry on top? The platform is waiving fees on purchases of the sought-after stablecoin, USDC, tailoring its services for the Singaporean user base.

Yet, MAS remains unflinchingly supportive of the crypto ecosystem. With Coinbase’s recent accolade, it joins the league of other licensed crypto bigwigs in the region, such as Crypto.com and Blockchain.com. The future looks bright for crypto adoption worldwide and this is a big step forward for the entire industry.

While Coinbase basks in its Singaporean success, its U.S. challenges linger. The juxtaposition of its Asian achievements against the American tribulations highlights the global crypto regulatory landscape’s complexity. As the crypto world orbits towards the future, the regulatory bodies’ moves and decisions are set to be the centrifugal force directing its trajectory.