BasedApp Shuts Down Crypto Debit Card in Singapore, Withdraws Regulatory Application - What This Means for Digital Finance

Singapore's crypto landscape just got another reality check—BasedApp pulls the plug on its crypto debit card service and abruptly withdraws its regulatory application with the Monetary Authority of Singapore.

Regulatory Headwinds Hit Hard

The move signals yet another retreat in the city-state’s tightly supervised digital assets arena. No official numbers were disclosed, but the withdrawal speaks volumes—imagine pouring resources into compliance only to fold right before the finish line.

A Pattern of Prudence—Or Cold Feet?

Singapore’s financial regulators aren’t known for playing loose with crypto frameworks. BasedApp’s exit follows a familiar script: innovate first, ask for permission later, then retreat when the paperwork gets too real.

What’s Next for Crypto Spend?

Physical crypto cards aren’t dead—but they’re clearly not thriving under scrutiny. Maybe it’s easier to just HODL and avoid the whole 'spending money' thing altogether—after all, who needs groceries when you’ve got unrealized gains?

Another day, another crypto firm learning the hard way that when traditional finance says 'jump,' the answer isn’t 'we’re decentralized, actually.'

Singapore-based crypto startup BasedApp announced Monday it will cease its Visa debit card services and withdraw its application for a payment services license from the Monetary Authority of Singapore, marking another departure from the city-state's regulated crypto market.

BasedApp will be ceasing our Visa Card product in Singapore. As of the date of this statement, BasedApp has ceased accepting new applications for the Visa Card.

After careful consideration, we have decided to refocus our efforts on self-custodial wallet software, and…

The company notified users on 1 September that all Visa debit cards will be deactivated by November 15, with customers given until November 30 to withdraw funds before automatic conversion to USDC. BasedApp cited a strategic shift toward self-custodial wallet software and international expansion as reasons for the exit.

BasedApp had operated under Singapore's transitional licensing exemption while pursuing full authorization under the Payment Services Act. The company said it invested heavily in compliance, security, and legal infrastructure over two years to meet regulatory standards before deciding to withdraw its application.

The crypto debit card allowed users to spend XSGD stablecoin at Visa-accepting merchants, with cards issued through licensed partner Xfers Pte Ltd. BasedApp launched in late 2023 and introduced a premium "BasedGold" tier in 2024, featuring gold-finish cards sold through NFT mints priced between 0.39 to 0.52 ETH for 500 users.

The shutdown follows the discontinuation of investment features in February 2025, including the XSGD earn program, saving vaults, and recurring swaps. BasedGold subscribers will receive partial refunds for prepaid subscription fees.

BasedApp said its non-custodial wallet services will continue operating, allowing users to maintain control of private keys while holding, sending, and receiving crypto assets. The company indicated it may explore partnerships with other providers to offer similar card services through alternative arrangements.