Singapore becomes ‘top priority market’ as Coinbase expands US dollar services
Positioning Singapore as a priority market
Coinbase, a major US cryptocurrency exchange, announced on the 18th that it has enabled US dollar remittance service for individual users in Singapore.
Users can now deposit and withdraw USD from their Coinbase accounts fee-free using the interbank money transfer network SWIFT. This has made it easier to access the cryptocurrency market, including the US dollar-denominated stablecoin USDC.
Additionally, users can earn up to 5.05% annual interest rate just by holding USDC in their Coinbase account.
Coinbase also stated that Singapore continues to be one of its “top priority markets in its international expansion strategy†and explained its recent moves as follows:
Earlier this year, we introduced Singapore’s digital ID, Singpass, to provide users with a more efficient joining process. We have also introduced a convenient deposit system using bank transfers such as PayNow and FAST.
Coinbase just received a license as a major payment institution from the Monetary Authority of Singapore (MAS) in October this year. The company says that this will enable it to expand its virtual currency services to individuals and institutions.
He also said that through Coinbase Ventures, Coinbase’s venture investment arm, the company has invested in more than 15 Singapore-based Web3 startups over the past three years.
connection: US Coinbase digs into next year’s outlook for the virtual currency market
On the other hand, Singapore is in the process of tightening regulations in response to industry turmoil in 2022, including the bankruptcy of FTX and the collapse of the former Terra Ecosystem.
In particular, it proposes guidelines such as prohibiting lending, margin trading, and leveraged trading to individual users. This content is expected to come into effect in stages from mid-2024.
connection: Central Bank of Singapore significantly restricts virtual currency investment for individuals, expected to take effect next year
What is Web3?
The current centralized web is defined as Web2, and refers to an attempt to realize a decentralized network using blockchain, etc. Typical features include use cases for decentralized networks such as blockchain, such as accessing dApps using virtual currency wallets.
Virtual currency glossary
HashKey and SBI Group are also expanding their business
Cryptocurrency management company Hashkey Capital is also expanding its operations in Singapore. Singapore subsidiary HashKey Capital Singapore has just been granted a Capital Market Services (CMS) license by the Monetary Authority of Singapore on the 19th.
This license enables Hashkey to provide regulated fund management services for blockchain-related investments in Singapore.
In September last year, SBI Digital Markets, a subsidiary of the SBI Group, also received a CMS license. It announced that it would conduct regulated activities such as advising on corporate finance, trading in capital markets products and providing custody services.
SBI Digital Markets is a Singaporean subsidiary of SBI Holdings and its digital asset arm SBI Digital Asset Holdings.
connection:SBI Digital Markets obtained license from Singapore authorities
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