Brian Armstrong, the co-founder and CEO of Coinbase, the US cryptocurrency exchange have recently criticized the views of the Singapore regulator regarding their crypto regulations measure for cryptocurrency networks in its country, these views are opposite of Singapore’s plans to be a hub of blockchain Technology in the near future.
What is Coinbase?
Coinbase is a US-based company. The company is also a publicly traded cryptocurrency exchange platform. The company started its operations in 2012 in the form of a distributed company, in which all the teamwork in the company is done by remote working provision only.
Coinbase is considered one of the leading cryptocurrency exchange platforms in the US in terms of Technology and customer acquisitions in recent times. The company has been working in industries that are still considered evolving industry so the company has been able to Grab investments from many global investors as a part of the company’s vision of creating a decentralized cryptocurrency financial system for the future.
How is crypto regulation in Singapore?
Singapore has allowed only 17 arrival principal licenses out of 180 applications they have received so far for the cryptocurrency exchange platforms allowance in the country. The company like Coinbase were able to surpass these regular hurdles in recent times.
But some other international crypto companies like Binance are said to have withdrawn their will to start their operations in Singapore, at the start of this year itself, after the company had to go through harsh regularity checks.
As per the recent reviews of Sopnendu Mohanty, who is the chief fintech officer of MAS also called as Monetary Authority of Singapore, He wants the cryptocurrency exchange platforms should be the custodians of their customers just like other Financial Services.
In this manner, all the retail investors in the cryptocurrency investment will be saved from any type of fraud. The country has witnessed some major cryptocurrency scams and cases in recent times. The country’s Central bank and the regulators are skeptical about the regulation of cryptocurrencies in the country.
In the recent FinTech Festival 2022, the Founder of Coinbase Brian Armstrong Shared his opinions that cryptocurrency exchange platforms like Coinbase or others should be treated as any type of financial services business and all the rules regarding the anti-money laundering protections, or the audit on the mechanism of these cryptocurrency companies with the disclosure of their customer data will help effective transparency of cryptocurrency company with the regulators and the retail investors, but the ban on the cryptocurrency exchange platforms through strict regulation will impact Singapore’s wish to be the leading country in the cryptocurrency seat in the world.
