Articles filed under
MAS – Monetary Authority of Singapore
Singapore prohibits crypto, NFT transactions in sanctions against Russia
The Monetary Authority of Singapore (MAS) has prohibited transactions involving digital assets such as cryptocurrencies and non-fungible tokens (NFTs) in its sanctions against Russian banks and entities, the central bank said in a statement. See related article: USDT-RUB volume outpaces Bitcoin pair as Russia sanctions pile Fast facts Following Russia’s invasion of Ukraine, MAS will […]
Temasek leads $200M funding round in crypto firm Amber
Amber Group has secured US$200 million in a funding round led by Singapore’s sovereign wealth fund Temasek, raising the cryptocurrency platform’s valuation to US$3 billion. See related story: Temasek-founded Affinidi launches new business unit to bring Web 3.0 to financial services to Southeast Asia Fast facts Existing investors including Sequoia China, Pantera Capital, Tiger Global […]
DBS Digital Exchange hits new high in trading value
DBS Digital Exchange (DDEx), one of Asia’s first bank-backed digital exchanges, recorded over SG$1.1 billion (US$818 million) in trading value in FY2021, the company said in a press release on Tuesday. Fast facts DDEx is currently a members-only exchange that provides corporate and institutional investors, accredited investors, and family offices that bank with DBS, access […]
Where does Singapore’s crypto policy go from here?
Despite Singapore’s reputation as a crypto-friendly hub, the truth is more complicated. Is the city-state purposely keeping out small companies?
Singapore crypto ATMs shut down to comply with central bank rules
Cryptocurrency ATM operators in Singapore halted operations on Tuesday to comply with new guidelines issued by the Monetary Authority of Singapore (MAS), the country’s central bank, Bloomberg reported. Fast facts Crypto ATM operators Daenerys & Co. and Deodi Pte shut their operations down as they await further clarification from MAS. New central bank guidelines issued […]
Singapore central bank warns against crypto marketing, promotion
The Monetary Authority of Singapore (MAS), the country’s central bank, issued guidelines to restrict cryptocurrency service providers from marketing or promoting their services to the general public on Monday. Fast facts MAS warned businesses to refrain from promoting cryptocurrencies and related services to Singaporeans in public areas, including websites and social media. However, firms are […]
China CryptoPunk sale; Use cases key to DeFi
A CryptoPunk is sold in a Shanghai auction house despite an existing crypto ban in China.
Will 2022 be the year of crypto regulation?
Global shifts are underway in crypto regulations, writes Huong Hauduc of Bequant. How might the political and market forces play out next year?
Japan’s SBI invests in Singapore crypto exchange Coinhako
Japan’s financial conglomerate SBI Holdings announced a joint investment in Singapore’s virtual asset exchange Coinhako with Switzerland-based Sygnum Bank. Fast facts The investment is made through a fund formed in Singapore named the SBI-Sygnum-Azimut Digital Asset Opportunity fund. SBI expressed certainty in supporting Coinhako’s international expansion and other startups that have growth potential in the […]
Binance’s Singapore entity pulls license application for local crypto exchange
Binance, the world’s largest crypto exchange, announced today that its Singapore entity Binance Asia Services has withdrawn its application to the Monetary Authority of Singapore (MAS) for a license to operate a regulated crypto exchange in the country, according to a company statement. Fast facts The exchange had operated in Singapore under an exemption that […]
Binance acquires 18% stake in HGX securities exchange in Singapore
Binance is acquiring an 18% post-money stake in Hg Exchange (HGX) — a private securities exchange that has obtained a recognized market operator license by the Monetary Authority of Singapore (MAS) — through Binance Asia Services, the blockchain ecosystem and cryptocurrency provider behind Binance, according to a company statement released Wednesday. Fast facts Binance’s investment […]
Bitget suspended over Army Coin, named after K-pop boy band BTS fanbase
Singapore-based crypto exchange had claimed the fan token would support BTS members — while the band’s agency denied any association with it.
Binance crypto license plans in Singapore uncertain
Will crypto exchange Binance withdraw its license application in Singapore and look elsewhere in its search for a new global home?
Fintonia launches Bitcoin funds in Singapore
Fund manager Fintonia has launched two new Bitcoin funds — Fintonia Bitcoin Physical Fund and Fintonia Secured Yield Fund — for institutional investors. Fast facts The physical fund buys and holds actual Bitcoin, rather than investing in a Bitcoin-linked derivative product. The fund’s Bitcoin will be stored with a licensed and insured custodian, according to […]
Crypto exchange Coinhako receives in-principle approval for Singapore license
Singapore-based cryptocurrency trading platform Coinhako has received in-principle approval from the Monetary Authority of Singapore for a digital payment token (DPT) service license — making it the first local native cryptocurrency exchange to announce that it is close to being granted the much-coveted license. Fast facts Coinhako is now working through the conditions of its […]
How will CBDCs benefit economies in Southeast Asia?
Central banks around the world are exploring digital currencies, writes Aymeric Salley of StraitsX. Here’s why Southeast Asia may be especially ripe for them.
3 teams, including ConsenSys, win Singapore’s CBDC Global Challenge
The projects topped 300 rivals in their potential to improve the future digital Singapore dollar in payment services and financial inclusion. Who were the other winners?
USDC stablecoin issuer Circle sets up regional hub in Singapore, launches Circle Ventures
Circle, the digital payment company that operates the USD Coin (USDC) stablecoin, this week announced it is setting up a regional hub in Singapore and looking to partner with local businesses for its stablecoin Lighthouse Project. Fast facts U.S.-based Circle says its move into Singapore is part of its global expansion plans and the company […]
How Singapore is looking at Web 3.0 and DeFi as it prepares for a digital Singapore dollar
Speaking at the Singapore FinTech Festival, Singapore central bank chief Ravi Menon announces the launch of Project Orchid, a digital dollar project.
How Singapore’s crypto regulations are shaping its DeFi space
Singapore is a major crypto hub. But for whom? In this primer, Malcolm Tan explains the island-state’s regulatory evolution and which groups are no longer in its favor.
How Singapore is emerging as a safe harbor for the Chinese crypto industry exodus
As China intensifies its crypto crackdown, regulatory clarity is a beacon for safer shores in Southeast Asia.
Singapore grants crypto licenses to DBS and Australian exchange Independent Reserve
The Monetary Authority of Singapore (MAS) today granted licenses to DBS Vickers (DBSV), the brokerage arm of DBS Bank, and Independent Reserve, an Australian cryptocurrency exchange, to provide digital payment token services under the Payment Services Act (PS Act). Fast facts Formal approval from MAS, which follows its earlier “in-principal approval” granted to both companies […]
Binance.com to cease trading in Singapore
In response to increased scrutiny from regulators, crypto exchange Binance is removing itself from app stores in Singapore, as well as ending support for trading pairs and payment options in the Singapore dollar (SGD), according to a company press release. The move takes effect Friday, Sept. 10 at 04:00 UTC. Fast facts Last week, the Monetary Authority […]
Singapore adds Binance.com to list of unregulated entities
The Monetary Authority of Singapore (MAS) today added Binance.com — the world’s largest cryptocurrency exchange by trading value — to its Investor Alert List, according to local media reports. Fast facts MAS’ Investor Alert List flags entities that are unregulated, but may have given the public the impression that they are licensed by MAS. In […]
BIS Innovation Hub, 4 central banks in CBDC test for cross-border transactions
The Bank for International Settlements (BIS) Innovation Hub together with the central banks of Australia, Malaysia, Singapore and South Africa today announced they will be collaborating to test the use of central bank digital currencies (CBDCs) for international settlements. Fast facts According to a joint statement, the pilot is part of Project Dunbar, a wholesale […]
Singapore grants FOMO Pay the city-state’s first crypto license
FOMO Pay, a Singapore-based fintech company, announced today that it has obtained a license from the Monetary Authority of Singapore (MAS) to provide Digital Payment Token Service — the first such approval out of 170 applicants for the city-state that is rapidly becoming a global crypto hub. Fast facts FOMO Pay said it had been […]
Singapore central bank announces 15 finalists for Global CBDC Challenge
The Monetary Authority of Singapore (MAS) today announced 15 finalists for its “Global CBDC Challenge” — a competition to develop retail Central Bank Digital Currency (CBDC) solutions to improve payment services and promote financial inclusion. Fast facts According to MAS, the Global CBDC Challenge attracted over 300 submissions from more than 50 countries, with over […]
DBS Vickers wins nod for Singapore crypto license
DBS Vickers, the brokerage arm of Singapore’s DBS Bank, today announced that it has received in-principle approval from the Monetary Authority of Singapore to provide digital payment token services in Singapore as a major payment institution under the Payment Services Act. Fast facts DBS Vickers’ notification follows that of Australian cryptocurrency exchange Independent Reserve, reported […]
Singapore poised to grant one of first approvals to crypto exchange Independent Reserve
Australian cryptocurrency exchange Independent Reserve said Monday that it had received an “in-principle approval” for a Major Payment Institution License in Singapore to operate as a regulated digital payment token (DPT) service provider, according to a company statement. Fast facts Founded in Australia in 2013, Independent Reserve set up its first overseas operations in Singapore […]
Singapore crypto license applications in final stages of review
Singapore’s central bank is in the final stages of reviewing applications for licenses to provide crypto services, including payments and the operation of cryptocurrency exchanges, according to Tharman Shanmugaratnam, minister in charge of the Monetary Authority of Singapore (MAS), which regulates financial institutions in Singapore. Fast facts To date, Singapore has received over 480 crypto […]
Stablecoins promise much, but can they deliver?
As issuer Circle prepares to list and China sounds the alarm over speculation, the mood among regulators is mixed, despite stablecoins’ clear appeal to investors.
BIS: cooperation essential for CBDCs to improve cross-border payments
In a new report, BIS says countries must work together and design CBDCs with interoperability in mind. Hong Kong and Singapore lead mCBDC efforts.
Singapore central bank joins IMF, World Bank to push state digital currencies
The Monetary Authority of Singapore is inviting proposals for retail central bank digital currency innovations to improve payment services.
How Singapore and Cambodia see digital currencies for cross-border use
In a recent conference, central bankers from Cambodia and Singapore discuss how digital currencies are transforming existing payment systems for the better.
R3 and ASEAN network partner on CBDC sandbox for banks and fintechs
The ASEAN Financial Innovation Network (AFIN) is partnering with enterprise software firm R3 on a central bank digital currency (CBDC) sandbox.
Singapore central bank says blockchain can boost Asia’s low-carbon future
Ravi Menon, managing director of the Monetary Authority of Singapore, says technologies such as blockchain will help Asian nations to reduce carbon emissions.
DBS Bank tapping on tokenized bonds as a new way to invest
From digital bonds to real estate, blockchain-enabled security token offerings and tokenization are redefining corporate fundraising and investing.
Tokenization to transform financial system, DBS Bank CEO says
The power of tokenization can fundamentally transform the fabric of the financial system, Singapore’s DBS Bank CEO Piyush Gupta told the Consensus by CoinDesk 2021 conference taking place this week.
Will Singapore launch a people’s digital currency — and support DeFi?
As Singapore builds Project Dunbar, a cross-border multiple-CBDC platform, its government dives into DeFi learning and ponders a CBDC for the masses.
FTX CEO on tokenized stocks; South Korean police officers want crypto | The Daily Forkast
FTX CEO Sam Bankman-Fried joins Forkast.News to share how the exchange is able to provide new financial products while still satisfying regulators.
How S. Korea and Singapore are grappling with crypto investor protection
As retail interest in crypto grows, countries around the world are grappling with consumer protection. Asia offers a window into the array of policy responses.
Singapore’s US$31 million RegTech grant to boost crypto compliance
The RegTech grant, although not directed towards cryptocurrency, could have a profound impact on the industry.
DBS digital asset exchange performance; Cardano connects Africa online | The Daily Forkast
120 investors join DBS bank’s digital assets exchange in Q1 as Cardano looks to enable Sub-Saharan Africa with decentralized identities
Asian governments urge ‘extreme caution’ before buying cryptocurrency
As Bitcoin and crypto market swells beyond $2 trillion, even crypto-friendly Singapore is warning the public about risks. Are more regulations coming?
Digital payments — not cash — is now king in Asia’s payment ecosystem
Singapore and Thailand launch the world’s first real-time cross-border digital payment system. Here’s what else is happening in Hong Kong and China.