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Coinbase launches no-fee USDC trading for Singaporean customers

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Coinbase launches no-fee USDC trading for Singaporean customers
Coinbase launches no-fee USDC trading for Singaporean customers

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Coinbase Global continues its pursuit of global expansion as the exchange faces an uncertain crypto regulatory framework in the United States. The exchange has announced that it will be increasing the range of services that are available to its customers in Singapore.

Coinbase expands Singapore services

Coinbase has already announced plans to increase its international footprint. Coinbase is the largest crypto exchange in the US, but its growth in the market is being threatened by the uncertain regulatory framework and the actions being taken by the US Securities and Exchange Commission (SEC)

The country director for Singapore at Coinbase, Hassan Ahmed, said,

The message here is the world is sort of moving on with or without the US, and we are very committed as a global company to keep moving forward on international expansion.

Coinbase obtained approval to offer cryptocurrency services in Singapore in October last year. At the time, the exchange secured approval from the Monetary Authority of Singapore (MAS) as a leading payments institution.

The exchange has said that it will have no-fee purchases of the USDC stablecoin for customers using the Singapore dollar. The purchases will allow users to earn rewards when they hold the USDC stablecoin on the exchange. Coinbase is also launching USDC order books targeting expert traders. The USDC order books will allow experienced traders to trade more than 200 assets against USD Coin.

Coinbase will also support staking for Ether, Solana, Cardano, Cosmos, and Tezos for its customers based in Singapore. The expansion of services comes amid a survey involving 2,000 adults in Singapore. The survey showed that a quarter of Singaporeans considered crypto to be the future of finance.

The in-principle approval that Coinbase received from the MAS will allow the exchange to provide regulated digital payment token (DPT) products and services in Singapore. At the time, the exchange said that the license was an important step for the exchange as it planned to offer a full suite of retail, institutional, and ecosystem products to customers.

Coinbase is focused on global expansion

In March this year, Coinbase unveiled a comprehensive plan to grow its global operations across six continents. Recently, the exchange obtained a license to operate an international crypto exchange from Bermuda as it plans to provide derivatives trading.

The license to offer global crypto operations was provided by the Bermuda Monetary Authority, according to a blog post that was published by the company on Wednesday. Coinbase has also lauded Bermuda, saying that it is a respected and experienced regulator in the financial industry.

The license will allow Coinbase to launch an offshore platform that can be used to trade perpetual swaps linked to cryptocurrencies. The expansion of services could be launched as soon as next week. Coinbase added that Bermuda was one of the first financial hubs that came up with a comprehensive regulatory framework for digital assets in 2018. The exchange added that the Bermuda regulatory framework is transparent, compliant, and thorough.


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