A major institutional market is believed to exist in Singapore, according to Coinbase’s Singapore CEO. He explained that the exchange works with local industry groups to improve regulation.
Coinbase’s Singapore-based subsidiary has been granted “in-principle approval” by the Monetary Authority of Singapore (MAS) to offer crypto services in Singapore.
Cointelegraph spoke to Hassan Ahmed from Coinbase Singapore, the exchange’s regional director for Southeast Asia. He said that Singapore is a key institution market because businesses in Singapore continue to be interested in and gain exposure for crypto.
Ahmed said that the city-state is also Coinbase’s Asia-Pacific tech center, with an in-the-ground team responsible for platform localization and international expansion.
Coinbase already provided services, including its institution platform, under an exemption granted to MAS. Ahmed stated that it would seek to partner with local platforms to expand its fiat capabilities and provide Digital Payment Token services.
According to the exchange, it is working with local Web3 groups like the Association of Crypto Currency Enterprises and Start-ups Singapore ACCESS and the Singapore Fintech Association (SFA).
Ahmed states that it is working with the Singaporean industry to ensure fair laws and provide information for Advisory.sg, a youth-focused nonprofit.
Ahmed said that industry associations collaborate with him to foster dialogue with policymakers and to ensure balanced regulations and a pragmatic approach in regulating digital assets.
“On the employment side of crypto, it is exciting, but sometimes confusing. So we are working with career exploration nonprofits like advisory.sg in order to provide guidance for their members.”
Coinbase is interested in expanding its reach in Asia-Pacific. It has a local entity located in Japan as of August 2021, and an Oct.5 expansion in Australia for its retail-focused services.
Ahmed spoke out about Coinbase’s plans for services in Southeast Asia.
“We see Southeast Asia to be a crypto-forward area with a lot of demand for holding and using cryptocurrency in markets like the Philippines and Indonesia. It is also a hotbed for innovation for trends such as Web3 gaming like Vietnam.
Nana Murugesan, Coinbase’s vice-president of international and business developments, previously stated to Cointelegraph that the Exchange would be more focused on markets with “regulatory clarity” in its plans to expand into Asia.