Brian ArmstrongThe co-founder and CEO of U.S. cryptocurrency exchange Coinbase recently criticized Singapore’s regulator’s views on crypto regulatory measures against the country’s cryptocurrency network. Near future.
What is coinbase?
Coinbase is a US-based company. The company is also a publicly traded cryptocurrency exchange platform. The company started his business in 2012 in the form of a decentralized company, with all teamwork within the company being done exclusively through remote work offerings.
Coinbase is considered one of the leading cryptocurrency exchange platforms in the United States in terms of recent technology and customer acquisition. As the company still works in what is considered a developing industry, it is hoped that it will attract investment from many global investors as part of its vision to create the decentralized cryptocurrency financial system of the future. I made it.
What are the crypto regulations in Singapore?
Of the 180 applications it has received so far, Singapore has only granted 17 Arrival Principal Licenses for licensing domestic cryptocurrency exchange platforms.company like coin base These days, I’ve been able to get over these usual hurdles.
However, several other international cryptocurrency firms, such as Binance, said earlier this year they had withdrawn their intention to start operations in Singapore after the company had to undergo strict regularity checks. It is
According to a recent review by Sopnendu Mohanty, Chief Fintech Officer of MAS, also known as the Monetary Authority of Singapore, he wants cryptocurrency exchange platforms to become custodians of their customers, just like other financial services. increase.
In this way, all retail investors in cryptocurrency investments are saved from all kinds of scams. The country has recently witnessed several major cryptocurrency scams and incidents. 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 argued that cryptocurrency exchange platforms like Coinbase and others should be treated as any kind of financial services business and should be treated as all sorts of anti-money laundering protections. I shared his opinion on rules, or audits. While these cryptocurrency company mechanisms for disclosing customer data help increase the effective transparency of cryptocurrency companies to regulators and retail investors, the banning of cryptocurrency exchange platforms due to strict regulations has Influencing Singapore’s desire to become a world power. World cryptocurrency sheet.