Coinbase Expands Singapore Market as US SEC Denies Regulatory Clarity

As the United States Securities and Exchange Commission rejects the company’s requests for regulatory clarity, the cryptocurrency exchange Coinbase is considering relocating to Singapore.

The US SEC has recently requested that the judge deny Coinbase’s attempt to compel the agency to respond to its rulemaking petition. A petition was submitted last year requesting clarification on the applicability of securities laws to cryptocurrencies.

Coinbase filed a lawsuit against SEC last month, alleging that the agency’s response to its petition was neither prompt nor logical. In addition, the exchange seeks an official notice-and-comment procedure that would permit public participation.

Due to a need for clarity on crypto mandates in the United States, Coinbase’s CEO Brian Armstrong is contemplating relocating abroad. The company is considering locations in the Bahamas, the United Arab Emirates, and Europe for its headquarters.

As a response to the crypto assault by U.S. regulatory authorities, the company, which is experiencing difficulties, is now focusing on its global expansion strategy. The company recently launched Coinbase International Exchange in the Bahamas to expand derivatives trading, and it is also investigating the United Arab Emirates as a potential strategic center.

Coinbase obtained a digital payment token services license from the Singapore central bank in October last year. The approval would enable Coinbase to offer payment services to consumers in Singapore. Since receiving sanction, the exchange has rolled out various products and services for its Singaporean customers.

In addition, the company recently conducted a survey to assess the positive attitude of policymakers in Singapore towards crypto and Web3. The survey revealed that nearly 25 percent of Singaporeans view cryptocurrency as the future of finance. The study also revealed that higher-income individuals were more likely to engage in online trading.

In addition to the survey results, the company also announced USDC updates. The company introduced fee-free USDC purchases with Singapore dollar (SGD), rewards for holding USDC on the platform, and advanced trading access to USDC order books.

Coinbase announced free bank transfers and Singpass integration in March to make it easier for Singaporean customers to access the platform. The exchange also revamped its Help Centre and Coinbase Learning to address questions and educate users about the crypto economy, allowing them to trade over 200 crypto assets.

Coinbase has also formed a strategic banking partnership with Standard Chartered, allowing Singaporean citizens to exchange money for free between their accounts and any Singaporean bank.