Coinbase Introduces Staking Services to Singapore Customers

May 17, 2023

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Coinbase Global Inc has just expanded the range of services that it offers its Singapore customers to include new USDC-related and staking offerings.

This addition is in sync with the American cryptocurrency exchange’s plan to gain access to more international grounds, especially as regulators in the United States, where the exchange is located, are more focused on a crypto crackdown.

Hassan Ahmed, country director for Singapore at Coinbase said “The message here is the world is sort of moving on with or without the U.S. and we are very committed as a global company to keep moving forward on international expansion.”

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Coinbase Receives License in Singapore, Bermuda

Noteworthy, it took a great while for Coinbase to receive the approval to offer services to Singaporeans. After waiting alongside Binance and many other top crypto exchanges, Coinbase was issued an in-principle approval by the Monetary Authority of Singapore (MAS) in October 2022. This license made it one of the major payment institutions in the region.

It also became one of the many licenses which the American crypto exchange had bagged around the globe. Last month, Coinbase was granted a regulatory license by the Bermuda Monetary Authority. As per a statement by Coinbase, Bermuda was a place of choice due to its clear and comprehensive crypto regulations.

Staking Service Are Securities, Says SEC

The same can not be said of the United States where Coinbase is facing lawsuits for several reasons. Already, the Securities and Exchange Commission (SEC) in the U.S. is suggesting that staking services are securities, hence the crackdown on Kraken’s service. Paul Grewal, the Chief Legal Office at Coinbase does not agree with the SEC.

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In Grewal’s opinion, staking is not a security under the US Securities Act, nor under the Howey test. With this in mind, Coinbase hinted at its readiness to defend this cause in court if the need arises.

U.S. Obscure Crypto Rules Sparks Interest

More recently, Coinbase has been on loggerheads with the state regulator over obscure crypto regulations. The exchange has sued the SEC over regulatory uncertainties in the crypto ecosystem, asking that they provide clarity for the industry. Coinbase believes that the SEC is not straightforward about what it defines as crypto rules.

A letter sent by Grewal to the SEC has also requested that the regulator consider various changes to its proposed rules on Registered Investment Advisors’ (RIAs) responsibility for safeguarding their client’s funds with authorized custodians.