bryan amstrongthe co-founder and CEO of Coinbase, the US cryptocurrency exchange, has recently criticized the views of the Singapore regulator regarding its measure of crypto regulations for crypto networks in his country, these views are opposed to Singapore’s plans to be a blockchain technology hub in the near future.
What is Coinbase?
Coinbase is a company based in the United States. 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 teamwork in the company is done solely through the provision of remote work.
Coinbase is considered one of the top cryptocurrency exchanges in the US in terms of technology and customer acquisition in recent times. The company has been working in industries that are still considered evolving industries, thus it has been able to secure investment from many global investors as part of the company’s vision to create a decentralized cryptocurrency financial system for the future.
How is the crypto regulation in Singapore?
Singapore has allowed only 17 main arrival licenses out of the 180 applications they have received so far for the allocation of cryptocurrency exchanges in the country. the company as base of coins they were able to overcome these regular obstacles in recent times.
But some other international crypto firms like Binance are said to have withdrawn their willingness to start operations in Singapore, earlier this year, after the company had to go through strict regularity checks.
According to recent reviews by Sopnendu Mohanty, who is the director of financial technology at MAS, also called the Monetary Authority of Singapore, he wants cryptocurrency exchanges to be the custodians of his clients just like other financial services.
In this way, all retail investors in cryptocurrency investment will be saved from any kind of fraud. The country has witnessed some major cryptocurrency scams and cases in recent times. The country’s central bank and regulators are skeptical about regulating cryptocurrencies in the country.
At the recent FinTech Festival 2022, Coinbase founder Brian Armstrong shared his views that cryptocurrency exchange platforms like Coinbase or others should be treated like any type of financial services business and all rules related to protections against money laundering or auditing in the mechanism of these cryptocurrency companies with the disclosure of their customer data will help the effective transparency of the cryptocurrency company with regulators and retail investors, but the banning of cryptocurrency exchange platforms cryptocurrencies through strict regulation will affect Singapore’s desire to be the leading country in the market. cryptocurrency seat in the world.