Coinbase Received Operating License in Singapore

Singapore is one of the countries that supports innovation and they always try to stay ahead on the list whenever something new arrives even in Crypto they are quite familiar with the technology and allow the companies to set up the infrastructure on the island. Singapore is not a big country like many others, but it is still like a finance hub where almost every leading company has its office. You just name it and you will be able to see that the company has got its presence in the country. This time many countries are still not sure what stand they are going to take for cryptocurrency but Singapore has taken one step forward as they have allowed coin base to operate in the country and this licence has been provided by the Monetary Authority of Singapore (MAS). India is also one of the countries where the distance is not clear whether they are going to make it a favourable environment or they are going to bring some strict regulation.

Coin Base is a leading exchange in the world and this exchange has chosen India as one of the countries to set up their operation in 2021 but unfortunately, because of the issues created by authorities, they had to stop it. Coin base started the operations with full fledge and enabled the services to buy Crypto using the fiat currency whereas up I was enabled with the platform. UPI is managed by NPCI and this is a government body so they did not allow the exchange to use their upi service for Crypto trading and because of this the exchange had to stop it.

Now there is good news that Coinbase has got the operating licence in Singapore so it is good for the exchange as well as for the people in the country because now they are going to get the services provided by this leading exchange. I have used coin base in the past and I like the user interface they provide and even the services are quite user-friendly. No matter whether you access it on the PC or through the mobile the user experience is always the best and the options are pretty useful which I like a lot. Last month Coinbase announced that in India they are going to stop all their operations because after regulatory compliance but their wallet will be functional.

They have already stopped new user onboarding in the country and I think it is a sad move that the exchange has taken and is not good for the Indians as they are going to use such a good exchange. Indian exchanges are good but they are also struggling in this market because of the bear market and of course, some rules that are applied by the Indian government.

Now, cryptocurrency exchange Coinbase has continued that expansion as it has received a full operating license in Singapore. Subsequently, the development has the exchange turning its attention toward the digital asset-friendly region. Especially as regulation has hindered the industry’s growth in the United States.

Humans back a report was shared for Indian exchanges and it was about the details for different exchanges and how long they will survive in this market if there is no recovery. TDS was implemented by the Indian government and because of this trading volume dropped by almost 90%. Sadly, India is not doing well in the crypto space as they are taking too much time to clear their stand whereas other countries like Singapore and UAE are doing much better and they are giving the space to these companies to build the infrastructure and offer the services to the people.

Even in India many people who are dealing with crypto have left the country and moved to UAE because they feel they are going to get a better environment to run their businesses there and it is like a brain drain situation in India. Despite this, the Indian government is not doing much and seems they are not bothered about it which is a sad reality I just hope it improves in the future because crypto can give a boost to the economy. While many other countries are getting the advantage of cryptocurrency, India should not be left behind by this revolution of Crypto and Web 3.0.

Thank you

Posted Using LeoFinance Alpha