Search Results for: Monetary Authority of Singapore

The Monetary Authority of Singapore (MAS), in collaboration with the IMF and others, has proposed standards for using digital money on distributed ledgers, including central bank digital currencies (CBDCs) and tokenized bank deposits. The protocol addresses programmability, balancing innovation, and regulation to ensure digital money serves as a medium of exchange without compromising financial stability and user experience.

Hong Kong aims to become a leading crypto hub, rivaling Singapore, by encouraging major banks to embrace cryptocurrency exchanges as clients. The city has introduced a clear regulatory framework to promote innovation, attracting numerous crypto players to establish operations in the region.

Circle Internet Singapore has been granted a Major Payment Institution license by the Monetary Authority of Singapore, allowing them to offer digital payment token services and money transfer services. This highlights Singapore’s dedication to fostering a supportive environment for blockchain and cryptocurrency technology.

Circle Singapore, an affiliate of Circle Internet Financial, received a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS). This allows them to offer digital payment token services, cross-border and domestic money transfers within Singapore. The move signifies regulatory progress in the cryptocurrency and blockchain industries, but proposed restrictions on stablecoin activities like lending and staking raise concerns.

Singapore-based cryptocurrency exchange, Crypto.com, has been granted a Major Payment Institution (MPI) license for Digital Payment Token (DPT) services by the Monetary Authority of Singapore (MAS). This achievement bolsters its credibility and demonstrates the maturing nature of the crypto market, promoting market stability and growth.

Coinbase is expanding its global presence, focusing on Singapore amid the SEC’s hesitance on crypto regulations. Launching the Coinbase International Exchange in the Bahamas, Coinbase has introduced various products for Singapore customers, with 25% of Singaporeans seeing crypto as the future of finance.

The collapse of Three Arrows Capital due to Luna and TerraUSD’s slump has affected Singapore’s financial markets. The Monetary Authority of Singapore has barred founders Zhu Su and Kyle Davies for nine years, citing regulatory infringements and lack of transparency. This highlights the importance of regulatory compliance in the volatile cryptocurrency industry.

The Monetary Authority of Singapore (MAS) imposed a nine-year prohibition on Three Arrows Capital (3AC) founders for violating Singapore’s securities laws. They failed to disclose new business representative induction and risk management inadequacies. This illustrates the importance of transparency and strong structures in crypto finance.

The Monetary Authority of Singapore (MAS) has unveiled a regulatory framework for stablecoins, providing guidelines for issuers on value stability, capital, and redemption. This move, which could bring security while potentially stifling small-scale startups, reflects a global trend in digital currency regulation.

“Blockchain.com has been granted a major payment institution license by the Monetary Authority of Singapore, permitting it to offer regulated digital payment token services to international clients. This reflects Singapore’s ongoing support for crypto companies, contributing to discussions about the impact of increasing regulatory controls on crypto’s foundational values and innovation.”

Singapore proposes a common standard for digital currencies, including stablecoins, tokenized bank deposits, and CBDCs, with contributions from major banks, investors, and global leaders. The Monetary Authority of Singapore’s whitepaper on Purpose Bound Money (PBM) aims to revolutionize the financial landscape by allowing senders to specify conditions and improving settlement efficiency, merchant acquisition, and user experience. However, increased regulatory scrutiny is a challenge to be considered in this rapidly growing digital financial landscape.

The International Organization of Securities Commissions (IOSCO) seeks public comment on policy recommendations for crypto and digital asset markets, addressing market abuse, client asset protection, and disclosures. Their Fintech Task Force aims to establish a regulatory agenda for fintech and cryptocurrency industries, with oversight from the Monetary Authority of Singapore. Recent events highlight the need for increased regulation, and IOSCO’s initiative seeks to create a more secure environment in the digital asset industry.

“Three Arrow Capital, heavily invested in the Terra protocol’s UST stablecoin, faced a significant deficit with the crypto market’s downfall, defaulting on $3.5 billion credit obligations. The subsequent fallout includes the apprehension of the founder, a 4-month prison sentence, and a nine-year investment ban in Singapore.”

Despite the Securities and Exchange Commission (SEC) continually delaying its decision on spot Bitcoin ETFs, crypto entities are willing to meet regulatory requirements, reflected in Bitwise’s amended application. Meanwhile, Bitcoin gains recognition in China while tighter regulations appear in Taiwan and Hong Kong. This signifies cryptocurrencies navigating between regulatory acceptance and constraints.

The arrest of 3AC’s co-founder, Su Zhu, following the fund’s dramatic collapse, evidences the power regulators hold over cryptocurrency activities. For some, it confirms the need for regulatory frameworks in the volatile crypto world, protecting against violations and malpractice, whilst critics argue against measures that could stifle crypto market innovation.

“The crypto sphere is witnessing different regulatory responses worldwide. Singapore is taking a more conservative approach following the downfall of FTX exchange. Meanwhile, Hong Kong’s recent crypto regulations limit token availability for retail investors, however, advancements are being made with new financial institutions entering the crypto realm.”

A U.S. federal judge delayed a sentencing hearing for radio host Ian Freeman, who allegedly created an illegal Bitcoin exchange used by scammers. Meanwhile, the DeFi Education Fund contests a patent claim by tech company True Return Systems. Also, DigiFT’s dETH0924 provides up to 4% APR, boosting Ethereum’s PoS mechanism, while crypto infrastructure provider Qredo integrated Circle’s USDC stablecoin into its wallet.