Coinbase Sounds the Alarm: Singapore's Cautious Crypto Stance Threatens Its Global Edge

U.S. Giant Calls for Bold Moves in Digital Assets

Hang onto your hats, folks! Coinbase isn't holding back, warning Singapore that its cautious whispers around crypto might just sideline it in the race for global dominance. The U.S.-based crypto powerhouse is pushing Singapore to crank up the ambition and dive headfirst into the digital asset world.

Listen up, because this is no small talk. In a fiery blog post, Coinbase's Singapore captain, Hassan Ahmed, is laying it all out. He's sounding the alarm that Singapore's tiptoeing around crypto could see it lose its grip on the lead. But hey, it's not all doom and gloom—Abdul says the city-state's already got the digital finance game on lock, with a whopping 57% of forward-thinking locals holding onto their crypto by 2023.

Ambitious Steps or Missed Opportunities?

Coinbase isn't just here to throw shade; they're throwing down the gauntlet with a checklist for Singapore to step up. They're calling for a full-throttle National Digital Asset Strategy, some serious thinking about strategic Bitcoin plays, and a chill pill on those tight retail crypto restrictions.

"When you keep licensed players from shouting from the rooftops, you're muddying the waters between the good guys and the shady operators. And let me tell you, in this digital wild west, telling safe from sorry is getting tougher by the minute," warns Ahmed, slamming the table on the rising tide of digital scams and fraud.

Hassan Ahmed

But wait, there's more! Ahmed's not done yet. He's urging Singapore to go all in on research, juice up its workforce skills, and set up a playground for regulatory experiments.

The Global Race Heats Up

And if you think Singapore's got time to dawdle, think again. Ahmed's dropping names faster than hotcakes, pointing out that Hong Kong's already sprinting ahead with their ASPIRe Framework, the UAE's crafting a slick multi-regulator setup, and the UK's gearing up to be the crypto capital of the world.

Just when you thought Singapore was catching up, granting 13 new crypto licenses last year and doubling down on its crypto cred, the race is on, and the stakes are sky-high.