GSR Markets has Won the License to Run a Major Payment Institution in Singapore.
The indirect consequence of cryptocurrency to the finance industry of Singapore has come to be the obtaining of an MPI license from the Monetary Authority of Singapore (MAS) by GSR Markets, the subsidiary of global crypto market maker GSR. This happened at the end of April 1. This milestone demonstrates GSR Market as the first […]
Singapore fortifies crypto regulations to lead the global marketplace
Singapore has made progress in its regulatory framework for the engaging cryptocurrency industry, evidenced by its changes to its offense of payment services that involve custody of digital assets and a wider range of firms involved in fund transfer. During the 2024 hearings, Singapore’s policy of becoming a leading global destiny for cryptocurrency institutions shall […]
Singapore is About to Become an AI Superpower
Singapore has continued to quietly take strategic steps towards becoming a global leader in artificial intelligence. Last month, the city-state announced a plan to invest more than $743 million (S$1 billion) into AI developments, and today, it has launched an AI institute, which is paramount to synergising and spearheading AI research and innovation across different […]
OKX receives in-principle approval for a major payment institution license in Singapore
Singapore’s financial landscape is set to evolve significantly as OKX, a prominent crypto exchange, secures an in-principle approval for a Major Payment Institution (MPI) license through its local subsidiary, OKX SG. This development marks a crucial milestone in OKX’s expansion strategy, granting the exchange broader capabilities within the Singaporean market. The Monetary Authority of Singapore […]
Singapore gives OKX approval for payments license
Singapore’s financial watchdog, the Monetary Authority of Singapore (MAS), has given the thumbs up to the cryptocurrency exchange OKX’s local branch, signaling a green light for their payments license application. This pivotal approval positions OKX to roll out digital payment token services and facilitate cross-border money transfers within the bustling city-state, a hub that’s increasingly […]
Driving AI Adoption: Singapore and Microsoft’s Collaborative Vision
In a bid to bolster artificial intelligence (AI) capabilities within Singapore‘s small and midsize businesses (SMBs), Microsoft has entered into strategic collaborations with key government agencies and industry partners. The tech giant aims to equip SMBs with the necessary skills and tools to harness AI, enhancing productivity and operations across various sectors. Microsoft’s Strategic AI […]
Singapore welcomes Bitstamp into its regulated crypto sphere
Bitstamp, a leading crypto trading platform, has announced receiving in-principle approval from the Monetary Authority of Singapore (MAS) to operate as a Major Payment Institution within the city-state. This approval marks a crucial step towards Bitstamp’s goal of providing digital payment token services in Singapore, positioning the exchange closer to acquiring a full operational license. […]
Can Singapore’s $1 Billion AI Commitment Secure Its Position as a Global Leader?
In a strategic move to secure its workforce’s future and maintain its global competitiveness, Singapore has unveiled ambitious plans to bolster its capabilities in artificial intelligence (AI). The government has allocated up to $500 million to procure advanced computer chips, laying the groundwork for AI innovation across both private and public sectors. Singapore’s investment in […]
Singapore court denies 3AC’s dismissal request in crypto lawsuit against DeFinance Capital
The High Court of Singapore has dismissed an application by the now-bankrupt cryptocurrency hedge fund Three Arrows Capital (3AC) to throw out a lawsuit brought against it by Arthur Cheong, the founder of Web3 investment firm DeFiance Capital. This ruling, issued in August, highlights a complex legal battle over the rightful ownership of assets held […]
Singapore’s High Court approves lawsuit against Three Arrows Capital
Singapore’s High Court has recently made a critical decision, siding against the now-bankrupt cryptocurrency hedge fund, Three Arrows Capital (3AC). The court has dismissed 3AC’s attempt to throw out a lawsuit initiated by Cheong Jun Yoong, more popularly known as Arthur Cheong, the innovative mind behind Web3 investment firm DeFiance Capital. This development marks a […]
Bitcoin ETF-led crypto industry takes a rather unique direction in Asia – How will this affect investors?
In recent years, the global financial landscape has witnessed a transformative shift with the advent of cryptocurrencies, and now, a new chapter is unfolding as Bitcoin Exchange-Traded Funds (ETFs) pave the way for a distinctive direction in the Asian markets. The introduction of Bitcoin ETFs has sparked significant interest and debate, as it represents a […]
Shiba Inu’s lead developer’s Singapore shift triggers crypto chatter
The Shiba Inu community has been abuzz with speculation and mixed reactions following the recent change in the location marker of Shytoshi Kusama, the pseudonymous lead developer of Shiba Inu, on the X (formerly Twitter) platform to Singapore. This development, highlighted by the update from X user “KURO SHIBARMY JPN,” has led to various theories […]
Bitlink exchange targets Nigerian market for web3 growth
Singapore’s Bitlink Exchange, a renowned cryptocurrency exchange trading platform, has announced the expansion of its operations to Nigeria. This strategic move is part of the company’s broader plan to spread its footprint across Africa, with Nigeria being the initial focus. Bitlink exchange’s vision for Africa’s crypto market Jearon Wong, the co-founder and CEO of Bitlink […]
Singapore rejects Bitcoin Spot ETFs, US opens doors for investors
In a recent move, the Monetary Authority of Singapore (MAS) confirmed that it will not permit listing spot Bitcoin (BTC) ETFs for retail investors on local exchanges. This decision aligns with Singapore’s current regulatory framework, which does not recognize cryptocurrencies like Bitcoin as suitable assets for Exchange-Traded Funds (ETFs). This development was reported following a […]
Singapore’s new bill set to tighten crypto financial regulations
The Monetary Authority of Singapore (MAS) can receive expanded powers if parliament passes the Financial Institutions (Miscellaneous Amendments) Bill 2024. This legislative change is set to considerably impact cryptocurrency firms, particularly those holding Capital Markets Services Licences (CMSL). Enhanced powers for Singapore MAS over unregulated business activities The bill specifically targets CMSL holders who engage […]
Singapore MAS expands alert list with new crypto entities
In a significant development in cryptocurrency regulation, the Monetary Authority of Singapore (MAS) has expanded its scrutiny to include more entities in its Investor Alert List. The recent addition of the noncustodial crypto wallet, imToken, and the BKEX crypto exchange marks a new phase in Singapore’s regulatory efforts to oversee the burgeoning crypto market. MAS’s […]
Upbit Singapore gains MPI license from MAS for crypto expansion
In a landmark move for Singapore’s digital asset sector, Upbit Singapore has been granted a Major Payment Institution (MPI) license by the Monetary Authority of Singapore (MAS). This development, a follow-up to the in-principle approval received in October 2023, marks a significant step for the leading cryptocurrency exchange in expanding its operations within the region’s […]
Singapore Prime Minister Lee Hsien Loong issues warning against deepfake crypto scam surge
Singapore’s Prime Minister, Lee Hsien Loong, warned the public about the surge in deepfake videos circulating on social media platforms. These AI-generated videos manipulate the Prime Minister’s likeness to falsely endorse cryptocurrency investment scams, posing a significant threat to public trust and security. PM Loong exposes deepfake scam tactics Prime Minister Lee Hsien Loong took […]
Moomoo Singapore Achieves Regulatory Milestone with MAS MPI License
Moomoo Singapore, a leading digital brokerage firm, has recently been granted in-principle approval for a Major Payment Institution License – Digital Payment Token Service, by the Monetary Authority of Singapore (MAS). The significant development marks a new chapter for Moomoo Singapore, enabling it to expand its service offerings and strengthen its position in the burgeoning […]
HashKey Capital secures regulatory approval for fund management operations in Singapore
The Singapore unit of Hong Kong-based digital asset firm Hashkey has been given a full capital markets services license by the Republic’s regulator. On December 19, HashKey Capital Singapore touted this as a “pivotal development” that allows the firm to provide regulated fund management services, principally with respect to capital markets products from its Singapore […]
Coinbase advances in Singapore with USD SWIFT transfers
Coinbase, a leading cryptocurrency exchange listed on Nasdaq, is making significant strides in Singapore by introducing United States Dollar (USD) transfers for retail customers. By utilizing the SWIFT network, this feature allows users to transfer USD to and from their accounts seamlessly. This development is crucial in bridging the gap between fiat and crypto, particularly […]
Singapore and China launch Digital Yuan pilot for tourist transactions
Singapore and China have initiated a cross-border pilot program for the use of China’s central bank digital currency (CBDC), the digital yuan. This initiative, a collaboration between the Monetary Authority of Singapore (MAS) and the People’s Bank of China’s Digital Currency Institute (PBCDCI), aims to simplify transactions for tourists in both countries. Easing cross-border transactions […]
Singapore MAS sets robust crypto framework for 2024
In a significant development for the cryptocurrency sector, the Monetary Authority of Singapore (MAS) has detailed its latest regulatory framework to enhance the governance and operational standards of digital payment token service providers (DPTSPs). This move aligns with the MAS’s ongoing commitment to ensuring a secure and robust digital finance environment. Singapore MAS restricts leverage […]
Singapore Unveils Ambitious Plan to Boost AI Talent and Innovation
Singapore has unveiled its updated National AI Strategy (NAIS) 2.0, with a bold vision to significantly expand its artificial intelligence (AI) capabilities, talent pool, and innovation ecosystem. The government’s plan, launched on December 4, outlines a series of strategic initiatives aimed at fostering the growth of AI in the country over the next three to […]
Singapore’s MAS makes big move against crypto
The Monetary Authority of Singapore (MAS) has unveiled the final segment of its responses to a consultation paper on proposed regulations for crypto service providers. This move signals Singapore’s intent to impose stringent measures on the crypto industry, aiming to strike a balance between fostering innovation and mitigating potential risks associated with digital assets. Singapore […]
Singapore’s MAS Drives AI Sustainability for Future Technological Horizons, Learns from Crypto Missteps
In a strategic move to safeguard its foray into artificial intelligence (AI), the Monetary Authority of Singapore (MAS) is leveraging hard-earned lessons from the tumultuous realm of Web3 and digital currencies. Sopnendu Mohanty, an executive at MAS, revealed the country’s commitment to a deliberate and long-term approach to AI adoption, aiming to protect consumers and […]
Singapore is about to transform its crypto scene forever
Singapore is on the brink of a significant transformation in its cryptocurrency landscape. The recent approval of blockchain firm Paxos to issue a stablecoin pegged to the US dollar marks a pivotal change for the city-state’s approach to digital assets. This move comes at a time when Singapore’s crypto scene is recovering from the collapse […]
Singapore launches live CBDC trial for interbank settlements
Singapore is making strides in digital currency with its recent announcement to initiate a live trial of a central bank digital currency (CBDC) for wholesale interbank settlements. This marks a significant evolution from previous trials that employed simulated CBDCs. The Monetary Authority of Singapore (MAS), under the leadership of Managing Director Ravi Menon, has been […]
Singapore’s monetary authority collaborates with international banks to launch tokenization initiative
The Monetary Authority of Singapore (MAS) has announced Project Guardian, a large-scale asset tokenization initiative. This new project, involving 17 key financial institutions, aims to catalyze the institutional adoption of digital assets, thereby enhancing the efficiency of financial markets and unlocking new investment opportunities. Expanding asset tokenization initiatives Under Project Guardian, MAS has set in […]
Circle unveils zero-Fee USDC minting hub in Singapore
The digital currency company Circle recently unveiled Circle Mint in Singapore, a groundbreaking zero-fee minting facility for its USDC stablecoin. This strategic move, aimed at strengthening Circle’s foothold in the burgeoning Asian market, marks a significant step in the company’s efforts to counterbalance the declining popularity of the USDC stablecoin. On November 14th, Circle announced […]
Singapore high court orders liquidation of crypto lender Hodlnaut amid financial crises
Singapore’s High Court has ordered the liquidation of crypto lender Hodlnaut, marking a significant turn in the company’s ongoing financial struggles. This decision, taken in response to an application by Hodlnaut’s interim judicial managers (IJMs), ends the judicial management phase and signals a new chapter addressing the firm’s financial woes. Hodlnaut, once a prominent player […]
Singapore High Court uses NFTs to crack down on hacked crypto wallets
The Singapore High Court has recently allowed financial investigation firm Intelligent Sanctuary (iSanctuary) to attach non-fungible tokens (NFTs) to specific crypto wallets suspected to be involved in hacks. The unique measure comes as part of a court-issued worldwide freeze order, with Soulbound NFTs effectively acting as digital “red flags” on the associated wallets. Although the […]
Singapore and US Forge AI Governance Alliance for Responsible Innovation
In a significant stride towards fostering responsible innovation, Singapore and the United States have collaboratively aligned their artificial intelligence (AI) governance frameworks. The Infocomm Media Development Authority (IMDA) of Singapore and the US National Institute of Standards and Technology (NIST) successfully completed a joint mapping exercise, aligning IMDA’s AI Verify and NIST’s AI RMF. The […]
Sygnum Singapore Secures Major Payment Institution License from MAS
Sygnum Singapore, a subsidiary of Switzerland-based cryptocurrency bank Sygnum, has successfully obtained a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS). This significant development positions Sygnum Singapore to extend its regulated cryptocurrency offerings to accredited investors and institutions in the Asia-Pacific (APAC) region, with a particular focus on markets like Hong […]
Three Arrows drama unfolds as co-founder Su Zhu faces jail time in Singapore
Su Zhu, the co-founder of the now-defunct Singapore-based crypto hedge fund Three Arrows Capital, was apprehended in Singapore. Teneo, the liquidator handling the case, reported that Singapore Courts issued a committal order against Zhu on September 25, instructing the police to arrest him immediately. He was taken into custody at Changi Airport while attempting to […]
Singapore’s banking revamp following dirty money drama
Singapore’s glitzy financial skyline is currently facing unprecedented scrutiny. Not for its high-rise buildings or posh real estate, but for the uncomfortable spotlight on a money-laundering scandal worth a staggering S$2.4 billion (US$1.8 billion). While the nation is no stranger to large transactions given its status as an Asian financial hub, this scandal has caused […]
Will Singapore’s new president clamp down on crypto? What his election means for digital assets
Tharman Shanmugaratnam, former chairman of the Monetary Authority of Singapore (MAS), clinched the Singaporean presidency with a commanding 70% of the vote. The election results, confirmed on September 2, revealed that Shanmugaratnam defeated contenders Ng Kok Song and Tan Kin Lian, setting the stage for his swearing-in ceremony on September 14. A storied career in […]
Vauld crypto exchange gets court nod for board overhaul amid crisis
Singapore-based crypto exchange Vauld has received court approval to overhaul its board of directors. The move is part of the company’s ongoing bankruptcy proceedings, which began in August 2022. Darshan Bathija, Vauld’s co-founder, announced the news on X, formerly known as Twitter, on August 24. The new board will consist of a fresh CEO, a […]
Singapore’s inflation decreases to 3.8%, lowest point in over year
Singapore experienced a further decrease in core inflation, dropping to 3.8 percent year-on-year in July, which marks the lowest point over a year. The decrease from June’s 4.2 percent can be attributed to a reduced rise in food expenses and a decline in electricity and gas charges. The Ministry of Trade and Industry (MTI) and […]
Singapore busts a $1 billion money laundering ring, seizing assets and crypto
Singaporean law enforcement has taken a significant stride in combating financial crime, apprehending 10 foreign nationals suspected of laundering money. The arrests also encompass allegations of forgery and resistance to lawful authorities. The operation yielded an impressive haul of assets, totaling approximately S$1 billion ($735 million), a substantial blow to illicit activities. Most detained individuals […]
