Coinbase will let customers in Singapore move funds to and from accounts via local banks with no fee
Exchanging cryptocurrencies Coinbase will let users in Singapore move funds to and from accounts via local banks, simplifying one avenue to investing in digital assets at a time when markets are on edge over financial stability and crypto banking.
A traditional bank, Standard Chartered, handles transfers in Singapore dollars and doesn’t charge a fee, the business stated in a statement. Users could only transfer cryptocurrency into and out of their Coinbase accounts or make cryptocurrency purchases using a Visa or Mastercard debit or credit card in the past.
Hassan Ahmed, Coinbase’s country director for Singapore, said the decision was made as part of the business’s plan to expand internationally. Similar services are already provided by competitors Gemini and Crypto.com. According to Ahmed, Coinbase is aiming to expand its Singapore retail capabilities after receiving preliminary authorisation from the Monetary Authority of Singapore (MAS) to provide payment services in the city-state last year.
Although it has usually welcomed cryptocurrency enterprises, Singapore has been cautious about promoting retail involvement. The MAS put up regulations in October that would prohibit trading companies from providing incentives or loans to retail clients.
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