- By utilizing any Singaporean bank, clients may make free interbank transfers.
- Coinbase has included the Singpass digital identification app.
In order to make signing up for Coinbase simpler for Singaporean users, the company has implemented free bank transfers and Singpass integration. In order to facilitate trade in more than 200 different cryptocurrencies, the exchange has enhanced both its Help Centre and Coinbase Learning educational resources.
According to a March 15 blog post, Coinbase has entered into a strategic banking agreement with Standard Chartered. By utilizing any Singaporean bank, clients may make free interbank transfers.
Competing With Other Exchanges
Previously, Singaporean consumers could only fund their Coinbase accounts or make withdrawals using a Visa or Mastercard debit or credit card. To further facilitate registration from Singapore, Coinbase has included the Singpass digital identification app.
Prior to the failure of three crypto-friendly banks in the United States, Coinbase Singapore’s country director, Hassan Ahmed, revealed that the company was in talks with Standard Chartered. As competitors like Crypto.com and Gemini already provide this service, Coinbase is expanding in order to compete.
The Monetary Authority of Singapore (MAS) granted Coinbase preliminary clearance to provide regulated payment services in the nation last year under the Payment Services Act (PSA).
Singapore has emerged as a major center for the blockchain and cryptocurrency industries, providing a variety of services to both institutional and individual investors. Notwithstanding the difficulties of late, Singapore is establishing regulations and regulators to better the crypto scene and safeguard investors as Hong Kong prepares to become a crypto center.
On the other hand, crypto exchanges in the U.S. including Coinbase are facing the wrath of the SEC which has implemented enforcement by regulation approach.
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