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Coinbase has urged Singapore to adopt a more proactive approach to cryptocurrency, emphasizing the need to treat digital assets as infrastructure rather than merely as a risk. The company suggests that the nation’s current cautious stance could hinder its competitiveness in the rapidly evolving crypto landscape.
In a recent blog post, Hassan Ahmed, Coinbase’s Country Director for Singapore, highlighted that Singapore’s strong foundation in digital finance, with 57% of residents owning cryptocurrencies as of 2023, positions it well to lead in the crypto sector. However, he cautioned that maintaining a conservative regulatory approach might result in the country falling behind other jurisdictions that are moving more swiftly to embrace digital assets.
Coinbase advocates for several strategic initiatives to bolster Singapore’s position in the global crypto arena. These include the establishment of a National Digital Asset Strategy, the consideration of strategic Bitcoin holdings, and the relaxation of restrictions on retail crypto access. The company argues that overly stringent marketing restrictions can blur the lines between regulated and unregulated platforms, potentially leading consumers toward less secure, offshore alternatives.
Furthermore, Coinbase emphasizes the importance of investing in research and development, enhancing skills, and creating regulatory sandboxes to foster innovation. Ahmed also noted that other regions, such as Hong Kong with its ASPIRe Framework, the UAE with its multi-regulator approach, and the United Kingdom’s commitment to becoming a global crypto hub, are advancing more rapidly in this domain.
Singapore has made strides in the crypto space by granting 13 new crypto licenses in 2023, doubling the number issued in the previous year. Despite these efforts, Coinbase’s call to action underscores the need for a more ambitious and forward-thinking strategy to maintain and enhance Singapore’s standing as a global leader in digital assets.
