Coinbase, the well-known crypto exchange, is reportedly making endeavors to move to Singapore. This development takes place when the United States-based Securities and Exchange Commission (SEC) denied the requests made by the platform for regulatory clarity. Recently, the US securities regulatory agency asked the court to dismiss the request made by Coinbase to compel the organization to answer its rulemaking petition.
Coinbace to Enter Singaporean Jurisdiction after Getting Disappointed from the US
The respective petition was filed last year. It asked for clarity on the application of the securities laws on crypto assets. In the previous month, it submitted a lawsuit confronting the Securities and Exchange Commission. The lawsuit claimed that the actions taken by the agency were neither logical nor rapid to respond to the petition filed by it.
In addition to this, the crypto exchange is making a strategy for a formal notice-and-comment process that would let the common masses take part in it. Brian Armstrong, the chief executive officer of Coinbase, is considering an offshore migration because of the deficiency in clarity regarding the crypto assets in the jurisdiction of the United States.
The company is delving into the options including several jurisdictions such as the Bahamas, Europe, and the United Arab Emirates for the establishment of its headquarters. While the crypto platform is going through a troublesome situation, it is executing a strategy to have expansion around the world. As per it, this would offer a response to the hostile behavior posed by the regulatory agencies in the US to the crypto entities.
The platform recently developed Coinbase International Exchange within the Bahamian jurisdiction. The purpose of the respective project is to offer the trading of derivatives. Apart from that, the company is also examining the UAE for the establishment of a likely strategic center. Before this, Coinbase received a license from the Singaporean central bank to offer services related to payments made with digital tokens.
The Crypto Exchange Offers Several Facilities to Singaporean Users
This occurred in October 2022. The respective approval would permit Coinbase to provide payment services to consumers in Singapore. Since getting that approval, the crypto exchange company has been releasing many services and products for its clients in Singapore. The platform additionally organized a survey recently for the assessment of the constructive viewpoint of lawmakers toward Web3 and crypto technologies in Singapore.
The survey brought to the front that nearly twenty-five percent of the people living in Singapore categorize crypto assets as the financial industry’s future. The study additionally disclosed that individuals possessing huge incomes were most probable to carry out crypto trading. Moreover, the platform declared updates related to the USDC.
It permitted people to purchase USDC without any fees with the use of the Singaporean dollar (SGD). Additionally, it also introduced rewards for those who hold USDC on Coinbase. Along with this, it also ensured the availability of the USDC order books in the case of advanced trading. In March this year, the firm declared free bank transactions.
It also announced the integration of Singpass to ensure convenience for Singaporean users to be a part of the platform. The company additionally renovated Coinbase Learning and Help Centre to solve queries and provide education regarding the crypto economy. With this, the consumers will be permitted to avail themselves of up to two-hundred digital assets to carry out trading activities.
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