Coinbase, a leading cryptocurrency exchange, has enabled its Singapore-based customers to transfer funds to and from their accounts through local banks, providing a convenient way to invest in digital assets during a period of financial uncertainty in crypto banking.
Singapore-based Bank Supporting Crypto
Standard Chartered, a traditional bank, announced in a recent official statement that it will facilitate the transfer of Singapore dollars without any fee. Prior to this, users were only able to buy cryptocurrencies using a Visa or Mastercard. However, transferring crypto in and out of their Coinbase accounts was also an option.
Hassan Ahmed, the Singapore country director for Coinbase, stated in an interview that this recent action is part of the corporation’s worldwide growth strategy. Crypto.com and Gemini, their major competitors, already offer a comparable service. Coinbase, which last year obtained in-principle consent from the Monetary Authority of Singapore (MAS) to provide payment services in the nation, is aiming to increase its Singapore retail offerings, as per Ahmed.
The Stance of Singapore on Crypto
Singapore has been quite open to crypto businesses, however, it has also been cautious about encouraging any retail involvement. In October, the Monetary Authority of Singapore (MAS) proposed regulations that would prohibit trading services from providing incentives or financing to retail customers.
Coinbase’s announcement of confidence in the cryptocurrency market comes amidst a backdrop of uncertainty, following the dramatic collapse of the FTX exchange. Despite this, Coinbase remains committed to providing a secure and reliable platform for the trading of digital assets. Apart from FTX, Silvergate Capital Corp, a bank focusing on crypto-related businesses, has also announced its closure earlier in March.