Crypto debit card service offered by BasedApp ceases operation in Singapore, withdraws regulatory application
BasedApp, a Singapore-based crypto startup, has announced it will cease its Visa debit card services, marking a significant shift in the company's strategy. The decision comes after the discontinuation of investment features in February 2025, including the XSGD earn program, saving vaults, and recurring swaps.
The crypto debit card issued by BasedApp allowed users to spend the XSGD stablecoin at Visa-accepting merchants. The partner company that issued the Visa debit cards for BasedApp was Solarisbank. BasedApp's premium "BasedGold" tier, introduced in 2024, offered these cards through NFT mints priced between 0.39 to 0.52 ETH for 500 users.
BasedApp launched in late 2023 and invested heavily in compliance, security, and legal infrastructure over two years to meet regulatory standards. The company operated under Singapore's transitional licensing exemption while pursuing full authorization under the Payment Services Act. However, BasedApp has now withdrawn its application for a payment services license from the Monetary Authority of Singapore, departing from Singapore's regulated crypto market.
Customers have until November 30 to withdraw funds from their BasedApp accounts before automatic conversion to USDC. BasedApp's non-custodial wallet services will continue operating, allowing users to maintain control of their private keys. BasedApp may explore partnerships with other providers to offer similar card services through alternative arrangements.
BasedGold subscribers will receive partial refunds for prepaid subscription fees. The cards were issued through licensed partner Xfers Pte Ltd. BasedApp's decision to withdraw its application and cease Visa debit card services signals a potential trend in Singapore's crypto industry. As the company focuses on international expansion and self-custodial wallet software, it remains to be seen how the Singaporean crypto market will adapt.
