The US-based cryptocurrency exchange Coinbase has announced plans to expand its services to customers in Singapore.
This move is as the platform seeks to expand its international presence following regulatory restrictions in the US.
Coinbase received approval from the Monetary Authority of Singapore (MAS) in October 2022. Moreover, they have received permission to set up an overseas exchange in Bermuda, where they plan to offer derivatives trading options.
"The world goes on without us, and we intend to continue our international expansion," explained Hassan Ahmed, Coinbase's regional director in Singapore.
Coinbase has been under the scrutiny of US regulators since the beginning of the year.
Regulators, including the Securities and Exchange Commission (SEC), have subjected it to scrutiny. Gary Gensler, head of the regulator, expressed his views on Coinbase's request for a more definitive stance on cryptocurrency regulation, saying that Congress has already approved the necessary legislation.
"There is nothing in the new technology that makes it incompatible with government policy as defined by Congress," said Gary Gensler.
Singaporeans show great enthusiasm for cryptocurrencies; according to a survey conducted by Independent Reserve, almost half (43%) have invested in digital assets, while 91% said they had heard of cryptocurrency before. People aged 26-35 were found to be the most knowledgeable on the topic.
Despite the market crash in 2022, Singaporeans still believe in cryptocurrency - more than 70% would recommend it to their family members. To make crypto investing more attractive, a clearer regulatory structure needs to be introduced.