Search results: Singapore

Temasek, Singapore’s state-owned investment firm, said on Monday that it has cut the pay of senior management and the investment team involved in the decision to invest in the now-bankrupt FTX cryptocurrency exchange.

OCBC Bank will offer tokenized equity-linked structured notes to accredited investors, in a partnership with private market exchange ADDX.

While U.S. regulators continue debating over whether cryptocurrencies are securities or commodities, the digital assets industry is being pleasantly welcomed by several Asian cities. And the competition is really hotting up now.

As U.S. regulators file lawsuits against cryptocurrency platforms, prompting some digital asset companies to seek more favorable jurisdictions, a fleet of cities in Asia are putting out the welcome mat, seeking to attract the jobs and investment that Web3 technologies promise. Right now, Hong Kong seems to be grabbing the limelight, but it has competition.

The Monetary Authority of Singapore is reportedly working on guidelines to help local banks vet and provide banking services to cryptocurrency clients

Alchemy Pay is eyeing expansion in South Korea following its US$10 million funding from blockchain investment firm DWF Labs.

The Monetary Authority of Singapore (MAS) aims to publish cryptocurrency and stablecoin consultations feedback by the middle of this year, it said Monday.

Singapore-based cryptocurrency exchange Crypto.com will soon be able to extend its services in Dubai, after it received a Minimal Viable Product (MVP) Preparatory License from Dubai’s Virtual Assets Regulatory Authority (VARA). 

Paris-based Kaiko will move its Asian headquarters to Hong Kong as it sees growing crypto-related opportunities in the city.

Unique in the world, Singapore is a big investor and player in digital assets while advancing regulations that favor institutions over individual crypto users, writes Danny Chong of Tranchess.

Singapore’s police have begun investigations linked to Terraform Labs that was co-founded by fugitive Do Kwon, according to a Bloomberg report.

DBS bank’s digital exchange, which serves institutional clients, said macroeconomic conditions last year were not suitable for security token offerings (STO), but it will explore opportunities for such listings in 2023 and plans to add more crypto tokens.

Cryptocurrency exchange Huobi Global is seeking to relocate its Asia headquarters from Singapore to Hong Kong.

DBS Digital Exchange (DDEx), one of Asia’s first bank-backed digital exchanges, has reported a year-on-year increase of 80% in Bitcoin traded in financial year 2022, while the number of Bitcoin custodized with the bank doubled from 2021. 

Singapore’s DBS Group plans to apply for a license to offer crypto to Hong Kong customers as the city pushes to become a hub for digital assets.

Regulators should not legitimize “purely speculative” activity in crypto markets following the collapse of FTX, said Monetary Authority of Singapore Chairmen.

Singapore-based digital asset manager Amber Group has cut its Hong Kong staff by half to 40 to weather a slump in cryptocurrency prices and a cascade of bankruptcies in the industry.

The Singapore High Court has extended the creditor protection period for crypto lender Vauld to Feb. 28, as the firm has yet to come up with a revival plan

Singapore-based crypto exchange MetaComp has been granted Singapore’s license, enabling it to offer digital asset exchange and custody services to institutional investors.

Asset tokenization and DeFi hold tremendous potential for the finance sector, writes Han Kwee Juan of DBS Bank. Here’s how the Singaporean government is at the forefront of change.

Singapore-based crypto lender Matrixport is hoping to raise US$100 million at a valuation of US$1.5 billion, according to a Bloomberg report citing unnamed sources.  

Singapore’s white-collar crime unit is investigating Hodlnaut on allegations of fraud, according to a statement on the website of the Singapore police dated Nov. 23.

Singapore-based DBS bank, the largest lender in Southeast Asia, has said it is the first bank in Asia to complete an intraday repurchase transaction on a blockchain-based network. 

The Monetary Authority of Singapore (MAS) said on Monday that it was not possible for the central bank to protect local users from FTX’s collapse as the crypto exchange operated offshore and was not licensed by MAS.

South Korea, Singapore and Japan were the biggest users of FTX.com based on the number of monthly unique visitors from January to October 2022

Yes, there is rivalry between the two global finance hubs. But their strengths are also complementary for Asia to become an even bigger crypto powerhouse, writes Lily Z. King.

Temasek says its belief in Sam Bankman-Fried may have been ‘misplaced.’

The Monetary Authority of Singapore (MAS) has partnered The New York Innovation Center of the Federal Reserve Bank of New York, to study if wholesale central bank digital currencies (wCBDCs) can make cross-border payments more efficient.

Singapore’s state-owned investment firm Temasek is a shareholder in embattled cryptocurrency exchange FTX, which faces a possible takeover by bigger rival Binance

Central bank digital currencies draw fire over inflation, privacy and threat to innovation, as questions raised over status of stablecoins in digital asset ecosystem.

HashKey Capital Singapore, an investment arm of Hong Kong-based HashKey Group, said on Friday that it received an in-principle approval for the Capital Markets Services license from the Monetary Authority of Singapore (MAS).

Hong Kong and Singapore are now locked in a battle over the future of crypto in Asia – but who will emerge victorious?

Bursting of speculative bubble described as a turning point in the evolution of digital assets as industry players and observers welcome promise of mainstream adoption and better governance.

The Monetary Authority of Singapore (MAS) wants to build the city-state into a “crypto hub” fueled by instant settlements, tokenized assets and programmable money, not “speculating in cryptocurrencies,” Ravi Menon, the central bank’s managing director, said at the Singapore FinTech Festival on Thursday. 

The MAS launched Project Ubin+ on Thursday, a collaborative initiative with international partners to explore cross-border foreign exchange settlements using wholesale CBDC.

Digital asset and blockchain highlights of event draw huge crowds, even as industry figures say they want the technology behind them to become just a normal component of the finance system.

Singapore-based StraitsX, a payments infrastructure for digital assets, will pilot stablecoin applications at the ongoing Singapore Fintech Festival. 

DBS, the largest bank in Southeast Asia, said it tested trading of foreign exchange and government bonds using permissioned decentralized finance (DeFi) liquidity pools on a public blockchain as part of the city-state’s Project Guardian exploration of blockchain in finance.

The issuer of the world’s second-largest stablecoin is joining a fleet of companies in the digital asset industry moving into Singapore. What’s the attraction?

Cryptocurrency exchanges in Singapore are shifting focus to heavy-hitter investors, such as family offices and financial institutions, in line with the central bank’s warnings about the risks in retail crypto trading.

Singapore-based Alta, a digital marketplace for alternative investments, has acquired private digital securities exchange Hg Exchange (HGX) for an undisclosed amount. 

DBS Bank, the largest lender in Southeast Asia, has partnered the Singapore government’s Open Government Products (OGP) to pilot purpose-bound money-based vouchers (PBM) using tokenized Singapore dollars to facilitate live transactions with selected merchants. 

A hearing is scheduled in Singapore on a lawsuit filed against Terraform Labs’ Do Kwon on behalf of investors who lost about US$57 million in the collapse of Terra-LUNA.

Singapore’s High Court blocked any potential sale and transfer of ownership of the NFT BAYC 2162. What implications could that have globally?

The central bank is also considering options such as banning crypto firms from offering credit facilities, leverage or staking services to retail traders.

The lead counsel for the plaintiff in the case has called Friday’s ruling a decision with implications for the global blockchain industry

In a Q&A with Forkast, First Digital Trust Chief Executive Officer Vincent Chok shared his views on Hong Kong getting back into crypto, regulations, and how the crypto pie in Asia is big enough for rivals Singapore and Hong Kong.

Kwon Do-hyung, the cofounder and chief executive officer (CEO) of Terraform Labs Pte. Ltd., also known as Do Kwon, left Singapore last month and landed in Dubai, United Arab Emirates, South Korean prosecutors confirmed with Forkast.

Cryptocurrency exchange Blockchain.com has received in-principle approval from the Monetary Authority of Singapore (MAS) for a license to offer “digital payment token” services in the city-state.  See related article: Singapore’s MAS says needs to do better job explaining crypto policy Fast facts Blockchain.com is the second crypto exchange to earn the central bank’s in-principle approval […]

Cryptocurrency exchange Coinbase Global Inc. received a digital assets license from the Monetary Authority of Singapore, the firm announced Tuesday. See related article: Coinbase blames India’s central bank for exit Fast facts They were granted “in-principle approval” under the Payment Services Act to provide “regulated Digital Payment Token products and services” in Singapore, including “our […]

The Monetary Authority of Singapore is exploring blockchain-based payments solution to solve the challenges in cross-border transactions.  See related article: Singapore warms up to crypto industry — on its own terms Fast facts The current state of cross-border payments “is slow, costly, opaque, and inefficient, relying on an archaic network of correspondent banks,” Ravi Menon, […]

The Monetary Authority of Singapore (MAS) said illegal crypto-related businesses are operating in the city state and it is working with the police to identify and prosecute them. See related article: Singapore’s MAS says needs to do better job explaining crypto policy Fast facts In a reply to a Parliamentary question, Tharman Shanmugaratnam, senior minister […]

Prosecutors investigating the man behind the US$37 billion wipeout of the Terra-LUNA cryptocurrency project are raising the stakes to get him back to South Korea.

The Monetary Authority of Singapore (MAS) is preparing for the future of finance by exploring distributed ledger technology use cases, such as asset tokenization and cross-border payments, the city-state’s Deputy Prime Minister Lawrence Wong said on Thursday at an event organized by the central bank.  See related article:  Filecoin service provider RRMine leaves China for […]

SBI Digital Markets Pte. Ltd. (SBI DM) has received a Capital Markets Services (CMS) license from Singapore’s central bank, which allows it to provide custodial services and offer capital markets products. See related article: Singapore’s MAS says needs to do better job explaining crypto policy Fast facts SBI DM plans to launch a digital asset […]

Tighter restrictions on cryptocurrency usage in China have prompted leading storage service platform RRMine Global to close its mainland China operations and move its headquarters to Singapore. See related article: China has seen blockchain’s future and it doesn’t include cryptocurrencies Fast facts “As Singapore has been one of the world’s most open economies for a […]

The Monetary Authority of Singapore (MAS) said it is unable to determine the proportion of cryptocurrency holdings by the general public in the city-state as these include transactions with both Singapore-based as well as overseas service providers.   See related article: Singapore’s MAS says needs to do better job explaining crypto policy Fast facts “Data on […]

Singapore’s largest bank, DBS, aims to expand its cryptocurrency and digital assets offerings to 300,000 new clients in the face of the crypto bear market, according to a Financial Times report on Tuesday.  See related article: Why DBS’ move into the digital asset space is more than a token gesture Fast facts In an interview, […]

Singapore-based crypto lender Hodlnaut has been placed under Interim Judicial Management (IJM), a form of creditor protection, and will now be managed and controlled by interim judicial managers appointed by court order. See related article: Singapore’s central bank says cryptocurrencies have ‘no fundamental value’ Fast facts Hodlnaut said its legal representatives attended the IJM hearing […]

Welcome to The Daily Forkast – August 29, 2022 – presented by Joel Flynn. Coming up on today’s show: Crypto clarity from Singapore’s central bank. Forkast and NEAR Foundation initiative champions women in Web3. We’ll have more on those stories — and other news shaping the cryptocurrency and blockchain world — in this episode of […]

The city-state hosted a seminar with a title that it hopes sums up its crypto approach: “Yes to digital asset innovation, No to cryptocurrency speculation.”

Huobi in hot water after being put on investor alert list. Meanwhile, we take a closer look into crypto regulation in Asia.

Singapore is growing its digital assets industry while reducing risks, and its clear regulations allow firms to better plan for the future, writes Desmond Yong of DTC.

Revolut has started offering cryptocurrency services to users in Singapore, the global fintech firm said on Thursday. See related article: How a market slump may be helping Singapore’s stance against retail crypto Fast facts Revolut will levy transaction fees of 2.5% and 1.5% on standard and premium plans, the company said in its statement. Customers […]

Concerns over power supply and cost uncertainties have prompted Singapore-based Bitcoin miner SAI.TECH (SAI) to terminate the remainder of its expansion plans in Kazakhstan, the Nasdaq-listed company said in a statement. See related article:  Bitcoin rig maker Canaan to deploy self-mining soon in US, executive says Fast facts SAI has terminated the second phase of […]

Defi Payments, the parent company of troubled Singapore-based crypto exchange Vauld, received court approval to protect the platform from potential lawsuits for three months. See related article: Singapore crypto lender Vauld reportedly owes retail investors US$363  million Fast facts See related article: Zipmex seeks moratorium from creditors in Singapore court

Digital Treasures Center (DTC) became the latest firm to receive the Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS) to become a regulated Digital Payment Token (DPT) services provider, the company announced on Monday.  See related article: Singapore’s central bank says cryptocurrencies have ‘no fundamental value’ Fast facts A full license […]

A lack of certainty over future regulation and a long lockdown in Shanghai are pushing some Chinese Web3 companies to set up shop in Singapore.

Zipmex is seeking protection from potential claims or adverse actions for six months, citing “all efforts to focus on resolving the liquidity situation,” according to an announcement by the crypto exchange. See related article: Zipmex targets raising US$50 mln to cover exposure to embattled crypto lenders Fast facts See related article: Babel Finance says liquidity […]

FOMO Pay will partner with Ripple, the San Francisco-based blockchain payments company, to utilize its XRP-based tool that enables instant low cost settlement without the need to hold pre-funded capital in a destination market, the Singapore based company said. See related article: CrossTower in pact with Ripple to offer NFTs on XRP Ledger Fast facts […]

Singapore-based Vauld owes creditors US$402 million, with 90% of the debt owed to individual investors, according to a document filed to Singapore’s High Court on July 8 by Vauld co-founder and CEO Darshan Bathija, The Block reported. See related article: Crypto trading volumes dip to 18-month low amid bear market Fast facts The troubled crypto […]

The Monetary Authority of Singapore (MAS) said it will seek consultation in the next months on proposed measures toward regulating the crypto industry. See related article: Singapore’s central bank says cryptocurrencies have ‘no fundamental value’ Fast facts Singapore’s regulatory focus on crypto has been mainly toward containing money laundering and terrorist financing risks, MAS Managing […]