- Coinbase is ramping up its international development efforts amid SEC crackdown.
- The Singapore MAS gave Coinbase its first clearance back in October.
Since the SEC denied the need for clarification on crypto regulations in a court filing on Monday, the cryptocurrency exchange Coinbase has shifted its focus to Singapore. Due to the ambiguity of cryptocurrency laws in the United States, Coinbase CEO Brian Armstrong is contemplating relocating the company’s headquarters to the Bahamas, the United Arab Emirates, or Europe.
In light of the recent regulatory crackdown on cryptocurrencies in the United States, Coinbase is ramping up its international development efforts. The United Arab Emirates (UAE) is being considered as a possible strategic center, and as such, Coinbase has created Coinbase International Exchange in the Bahamas to facilitate derivatives trading.
All Eyes on Singapore Expansion
Moreover, the Monetary Authority of Singapore (MAS) gave Coinbase its first, “in-principle,” clearance back in October. Since then, the exchange has provided its consumers in Singapore with a wide range of new offerings.
Hassan Ahmed, the director of Coinbase’s Singapore office, said:
“We firmly believe that USDC will be a key component of a new financial paradigm. Looking to the future, we believe that stablecoins like USDC have even more untapped potential within mainstream commercial use cases. They can increase financial inclusion by reducing costs and increasing efficiency. They can enable faster and cheaper global money transfers and serve as a fiat onramp into the new web3 digital ecosystem.”
Today, Coinbase added staking for ETH, SOL, ADA, ATOM, and XTZ, as well as zero-fee USDC purchases using Singaporean dollars (SGD), incentives for holding USDC, and making USDC order books accessible for advanced trading.
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