Singapore has emerged as a key global hub for cryptocurrencies and Web3, with a recent survey showing 32% of residents having owned or currently owning cryptocurrency assets. The city-state is home to over 700 Web3 companies, highlighting the robust demand and unique market dynamics. Citing this strong growth, oinbase">Coinbase said it is developing customized products specifically tailored for the Singapore market.
“Beyond simply offering products, our commitment stretches to the broader Web3 ecosystem in Singapore. This includes training and hiring initiatives at our Singapore tech hub, fostering strong relationships with industry associations such as ACCESS, the Singapore Fintech Association, and the Blockchain Association of Singapore, and making region-specific investments through oinbase">Coinbase Ventures. Notably, over 15 of these investments are rooted in Singapore,” oinbase">Coinbase said in a blog post.
The move comes as oinbase">Coinbase faces increased scrutiny in its home United States market from the Securities and Exchange Commission (SEC). As a result, the exchange has been aggressively expanding overseas, with a particular focus on Asia and especially Singapore.
oinbase">Coinbase has also partnered with local developer communities and companies like Nansen.ai, Blockdaemon, and Infura. It plans to conduct workshops at top Singapore universities including the National University of Singapore, Singapore Management University, and Nanyang Technological University.
The new MPI license not only affirms oinbase">Coinbase’s Singapore operations but also signifies its commitment to the expanding crypto and Web3 ecosystem there. oinbase">Coinbase said collaborating closely with regulators in strategic markets has been a key priority as part of its global expansion. Over the past year, it has secured regulatory approvals in Spain, Italy, Ireland, and the Netherlands.
