In the words of Brian Armstrong, “For centralized exchanges and custodians, I think they should be treated just like other financial service businesses.”
Brian Armstrong, the CEO of Coinbase, voiced his concerns on the crypto onboarding process proposed by the Monetary Authority of Singapore (MAS).
In August, the MAS suggested increasing regulatory measures for Digital Asset Service Providers.
The regulators proposed mandating consumer suitability tests to determine whether customers are aware of the risks associated with the crypto ecosystem. They also suggested applying restrictions on platforms from providing credit facilities to users.
In response, Armstrong claimed that the MAS’ restrictive measures were incompatible with Singapore’s standing as a crypto hub.
According to him, although crypto exchanges should provide appropriate risk disclosures, they ought to be treated as any other financial firm.
"I think that it’s vitally important for retail customers to have access to [crypto assets]."
He stated that the bearish crypto market trends do not justify the restrictions on retail access to digital assets. Armstrong added that recession is not limited to the crypto industry, noting
“Look at Netflix and Spotify, they came down 80 per cent. These are regulated, approved assets that are out there. We are in a broad macro recession.”
Interestingly, the news came a few weeks after Coinbase secured a license to operate in Singapore from the MAS.
