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Why Singapore’s Crypto Caution Might Be Its Undoing: A Warning from Coinbase

BBG News

Ah, Singapore. A gleaming city-state renowned for its financial prowess and orderliness. But alas, its latest approach to crypto? A touch too cautious, one might say. In fact, Coinbase is raising its metaphorical eyebrow, suggesting that this prudence may one day be its downfall. Yes, Coinbase has boldly proclaimed that Singapore’s overly careful stance on digital assets could one day make it the tortoise in a race where the hares are already zooming ahead. Oh dear, how dreadfully dull.

According to Coinbase, the U.S.-based crypto exchange that’s always a few steps ahead in the digital game, Singapore might find itself eating its own dust if it doesn’t loosen up and start thinking big about crypto. One might even say the city-state is playing the role of the nervous Nelly in a world full of crypto risk-takers.

Now, let’s hear from Hassan Ahmed, the country director for Coinbase Singapore, who has apparently taken it upon himself to be the voice of reason. “Singapore’s crypto approach is so cautious it might as well be wrapped in bubble wrap,” he quipped, well, more or less. In his recent blog post, he warns that the country risks losing its edge if it continues to view crypto merely as a villain in the financial saga. However, he concedes that the country does have a decent foundation, even if it’s a little *too* careful. Apparently, as of 2023, “57% of finance-savvy Singapore residents are already dabbling in cryptocurrencies.” Yes, folks, they’re ahead of the game, but they need to keep the pedal to the metal.

Coinbase’s advice? Oh, it’s quite simple. They’re practically shouting from the rooftops: “Singapore, darling, don’t just stand there! Launch a National Digital Asset Strategy, establish strategic Bitcoin (BTC) positions, and for heaven’s sake, ease up on those retail crypto restrictions.” Honestly, does no one remember how the British Empire was built on risk? Just a thought.

“Restricting licensed actors from marketing blurs the line between regulated and unlicensed players — making it harder for consumers to distinguish safe platforms from risky or offshore alternatives. This is especially material in a world where digital scams and fraud are growing more prevalent.”

Hassan Ahmed

And the plot thickens. Mr. Ahmed suggests Singapore also double down on research, development, and upskilling, perhaps even creating a little regulatory sandbox to play in. Honestly, it’s practically a call to arms. One can’t help but wonder if this is the cryptographic equivalent of a Shakespearean tragedy, with Singapore as the slow-moving hero doomed by its own hesitation.

And don’t get too comfortable in your corner, Singapore. Other jurisdictions are hardly sitting idly by. Hong Kong has introduced the ASPIRe Framework, the UAE is building a multi-regulator framework (how exciting!), and the United Kingdom? Well, they’re plotting to become the global crypto hub. The UK, of all places! What’s next? A Brexit with crypto?

But, fret not! Singapore is signaling progress. As crypto.news reported, the city-state has granted 13 new crypto licenses last year, double what was issued in 2023. At least the gears are turning, but one can’t help but wonder if they’re doing so at the pace of a Sunday afternoon stroll.

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2025-04-18 15:29

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