- Coinbase seeks to expand internationally in the face of regulatory uncertainty in the United States.
- Coinbase reinforces its strategy in Singapore with the approval of the Monetary Authority of Singapore (MAS) and the launch of specific services and products.
- Coinbase works in collaboration with the MAS to improve the regulatory framework, retail access and consumer protection.
Cryptocurrency exchange Coinbase is considering moving overseas due to a lack of regulatory clarity in the United States. Coinbase CEO Brian Armstrong has identified the Bahamas, the United Arab Emirates, and Europe as possible locations for the company’s headquarters. Coinbase’s global expansion strategy seeks to counter the growing crackdown on cryptocurrencies by US regulators, and now keeps its sights on Singapore.
Coinbase strengthens its presence in Singapore
In principle, Coinbase has received approval from the Monetary Authority of Singapore (MAS) and has stepped up its operations in Singapore.
The exchange has launched specific products and services for its clients in Singapore, including fee-free USDC purchases using the Singapore dollar (SGD) and rewards for holding USDC.
Additionally, Coinbase has facilitated derivatives trading through the Coinbase International Exchange in the Bahamas and views the United Arab Emirates as a potential strategic hub.
Coinbase works to improve the regulatory framework in Singapore
Coinbase is working closely with the Monetary Authority of Singapore to strengthen the regulatory framework, improve retail access, and protect consumers.
The company views stablecoins, such as USDC, as a key component of a new financial paradigm. Coinbase seeks to drive financial inclusion by reducing costs and increasing efficiency, as well as enabling faster and cheaper global money transfers. He also believes that stablecoins can serve as a fiat gateway to the web3 digital ecosystem.
Coinbase temporarily stops ETH staking service
Apart from its intentions to expand outside of the United States, Coinbase has announced a temporary halt in paying out rewards for its Ethereum (ETH) staking service.
The exchange has faced a minor technical issue and is working to resolve it in the next 48 to 72 hours. Despite the outage, Coinbase is still accumulating the rewards and will pay them out once the issue is resolved.
Coinbase and the challenge of participation in ETH
The disruption of Coinbase’s ETH staking service is not related to the US Securities and Exchange Commission (SEC) actions against ETH staking in general.
However, Coinbase has been facing difficulties regarding its engagement service, leading to complaints in the crypto community.
Recently, ETH rewards got stuck on Coinbase due to technical issues, leading to frustration among users. Despite these challenges, Coinbase has introduced the cbETH utility token, which allows holders to use staked ETH as collateral in the DeFi market.
In addition, the popularity of meme coins, such as PEPE, has led to an increase in Ethereum stakes, exacerbating problems and increasing gas fees.