Cryptocurrency debit card service provided by BasedApp discontinued in Singapore, withdraws regulatory application

In a surprising move, Singapore-based crypto startup BasedApp announced on Monday that it will be ceasing its Visa debit card services. The company, which has been operating under Singapore's transitional licensing exemption while pursuing full authorization under the Payment Services Act, has decided to withdraw its application for a payment services license from the Monetary Authority of Singapore.

BasedApp's crypto debit card allowed spending of the XSGD stablecoin at Visa-accepting merchants, issued through licensed partner Xfers Pte Ltd. The company invested heavily in compliance, security, and legal infrastructure over two years to meet regulatory standards. However, it seems that the regulatory environment has proven challenging for BasedApp, leading to this decision.

The shutdown follows the discontinuation of investment features in February 2025, including the XSGD earn program, saving vaults, and recurring swaps. BasedApp notified users on September 1 that all Visa debit cards will be deactivated by November 15. Customers have until November 30 to withdraw funds before automatic conversion to USDC.

BasedApp subscribers will receive partial refunds for prepaid BasedGold subscription fees. The premium "BasedGold" tier, which featured gold-finish cards sold through NFT mints, was introduced by BasedApp in 2024. BasedGold cards were priced between 0.39 to 0.52 ETH for 500 users.

Despite ceasing its Visa debit card services, BasedApp is not abandoning the crypto market altogether. The company is shifting its strategy toward self-custodial wallet software. BasedApp's non-custodial wallet services will continue operating, allowing users to maintain control of their private keys.

BasedApp's decision marks another departure from Singapore's regulated crypto market. It remains to be seen how this move will impact the broader crypto landscape in Singapore and beyond. The company behind BasedApp, which is not explicitly identified in the provided search results, is expanding internationally and may explore partnerships with other providers to offer similar card services through alternative arrangements.