Key Points:
- Coinbase is adding new USDC-related and staking services for Singapore customers.
- The decision comes as the company pursues international expansion, as US regulators pressure crypto companies.
- Singapore is considered one of the essential crypto hubs.
Cryptocurrency exchange operator Coinbase Global is expanding its services to customers in Singapore as its US headquarters frustrates regulators.
Coinbase is adding new USDC-related and staking services for Singapore customers. The move comes as Coinbase is taking steps to strengthen its international presence in direct response to a crackdown by regulators in the United States, where the company is headquartered.
“The message here is the world is sort of moving on with or without the US, and we are very committed as a global company to keep moving forward on international expansion,”
Hassan Ahmed, country director for Singapore at Coinbase said.
Coinbase received approval in principle as a major payment institution from the Monetary Authority of Singapore (MAS) last October. The company recently received a license to operate an international exchange in Bermuda, where it plans to offer derivatives trading.
Coinbase has announced that it will introduce free USDC purchases to customers using SGD, allow users to earn rewards for holding USDC on the platform, and roll out a USDC order book for experienced traders — allowing them to trade over 200 different assets. The company also provides ETH, SOL, ADA, ATOM, and XTZ staking services to clients in Singapore.
Ahead of the news on May 13, Coinbase established a global advisory committee to strengthen relationships with international strategic stakeholders.
At the end of last year, the Managing Director of the Monetary Authority of Singapore (MAS), Ravi Menon said that the lion island nation wants to become a global hub for digital assets rather than just a place to trade and cryptocurrency speculation.
Accordingly, MAS has introduced many “strict regulations” to ensure businesses meet the right requirements and solve many possible risks in cryptocurrency transactions. This approach has helped Singapore attract many crypto firms, such as Binance Holdings and Gemini, to locate here.
According to experts, Singapore has many opportunities for the cryptocurrency market, as the island nation is known as one of the global financial centers.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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Source: https://news.coincu.com/187925-coinbase-expands-singapore-market/