Singapore should treat crypto as infrastructure, not just risk: Coinbase

The current tone of prudence of Singapore on the crypto could limit its future competitiveness, warned Coinbase, urging a more ambitious national strategy.

Crypto exchange based in the United States Jamming exhorted Singapore To adopt a more daring approach to digital assets, warning that the country could be delayed if it continues to consider cryptography mainly as a risk.

In a recent blogCountry director of Coinbase for Singapore Hassan Ahmed warned that Singapore risks losing his lead if he continues to adopt a cautious approach to the crypto. Ahmed, however, noted that the country already has a solid base in digital finance, adding that in 2023, “57% of the finance of Singapore residents towards the possessions of cryptocurrencies”.

Coinbase urges Singapore to take several measures, including the launch of a national digital asset strategy, given the creation of strategic bitcoin (BTC) Positions and soften the railings on access to retail cryptography.

“The limitation of approved marketing actors blurs the border between regulated and unlimited players – which makes consumers more difficult to distinguish safe platforms from risky or offshore alternatives. This is particularly important in a world where digital scams and fraud increase more. ”

Hassan Ahmed

Ahmed also added that Singapore should double research and development as well as update and create a regulatory sandbox environment.

Ahmed has warned that other jurisdictions are now moving faster, noting that Hong Kong responded to market comments with the aspire frame, water builds a multi-regulator framework and the United Kingdom has also been committed to becoming a world center for crypto.

Like crypto.News reported Earlier, Singapore reports progress to become a world center for cryptographic activity, because the state of the city granted 13 new cryptographic licenses last year, double the number published in 2023.