August 2022
Huobi warning issued; Singapore’s blockchain aims
Huobi in hot water after being put on investor alert list. Meanwhile, we take a closer look into crypto regulation in Asia.
OSL Digital placed a ‘tokenized bond’ in July — what’s next for blockchain securities?
Financial instruments sold and traded on a public blockchain could be the next big thing, so Forkast caught up with OSL to hear about what’s planned.
Coinhako crypto exchange sees Asia expansion opportunity as rivals stumble
Cross currents: BlackRock Inc, the world’s biggest money manager, is talking about Bitcoin opportunities amid a market slump. Singapore’s Coinhako looks to have similar ideas.
Shareholders ask Zipmex CEO to step down amid restructuring
The chief executive officer of troubled crypto exchange Zipmex is being asked to resign by shareholders and potential investors, citing Marcus Lim’s management decisions that led to a severe cash crunch, while the company was granted a three-month moratorium to try to restructure. See related article: Why Singapore may be the ideal place for companies […]
Huobi looks to sell stake that values exchange at US$3 bln, Bloomberg reports
Leon Li, the founder of China cryptocurrency exchange Huobi, is seeking to sell a 60% stake in the company that would value the business at US$3 billion, according to a Bloomberg News report that cited people familiar with the matter. See related article: Sam Bankman-Fried’s Voyager debt emerges; Celsius reshuffles board Fast facts See related […]
Why Singapore may be the ideal place for companies to rebuild post-crypto winter
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.
Bitget offers ‘protection fund’ to users as emergency insurance
Singapore-based cryptocurrency exchange Bitget says it has launched a US$200 million “protection fund” to act as an “emergency insurance reserve” to protect user funds when their losses are not a consequence of their own actions or behavior on the platform. See related article: How the crypto winter is laying groundwork for Web3 to reach its […]
Revolut starts crypto service in Singapore
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 […]
Filecoin on a tear as cautious optimism returns to crypto markets
Top blockchain and crypto news: Filecoin leads in market uptick. CryptoPunks in new glow as Tiffany jewelry. Chinese firms flock to Singapore.
Flippening ahead?; NFT sales fall again
Is the flippening coming soon? And NFT sales drop 25% in July as the crypto winter continues.
Singapore court gives Vauld parent three-month protection from creditors
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 latest to win Singapore’s crypto license
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 […]
July 2022
Covid restrictions drive some Chinese Web 3.0 firms to Singapore
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.
Creditors take hostile action as crypto firm Vauld seeks bankruptcy protection
Crypto lender Vauld, which halted withdrawals earlier this month, is facing hostile action from multiple creditors, according to a new affidavit reviewed by Moneycontrol. See related article: Nexo in talks to buy out Vauld Fast facts As per the affidavit, Vauld has received two demand letters and two civil claims from four creditors. One of […]
Philippine central bank governor says no plan to ban crypto
New Bangko Sentral ng Pilipinas Governor Felipe Medalla is no fan of crypto, but in an exclusive interview with Forkast, he said there’s no plan to outlaw the digital asset.
Thai SEC seeks additional clarification from Zipmex
The Securities and Exchange Commission of Thailand (Thai SEC), has sought clarification from cryptocurrency exchange Zipmex on its decision to freeze withdrawals, according to a statement on its website. See related article: Celsius bankruptcy deepens chill over crypto sector Fast facts The regulatory authority for Thailand’s capital markets, in a letter dated July 20 issued […]
Zipmex extends withdrawal freeze until Friday; no time specified
Singapore-based crypto exchange Zipmex said on Thursday night Hong Kong time (HKT) it will prolong its customer withdrawal freeze until Friday “to prevent any technical issues,” without specifying a time. See related article: Singapore’s MAS to further strengthen crypto regulations Fast facts See related article: Singapore crypto lender reportedly owes retail investors US$363 million
Tesla’s Bitcoin bump; Zipmex freezes withdrawals
Bitcoin drops after Tesla sells 75% of its bitcoin holdings. Meanwhile, South Korean authorities raid 15 companies as part of their Terra Luna investigations.
Singapore crypto lender Vauld reportedly owes retail investors US$363 million
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 […]
Crypto exchange Zipmex freezes withdrawals
Singapore-based cryptocurrency exchange Zipmex became the latest firm to block customers from withdrawing their tokens, citing volatile market conditions and financial difficulties of its partners, reportedly Babel Finance. See related article: Celsius says users can settle for cash at a discount or go long on crypto Fast facts “Due to a combination of circumstances beyond […]
Singapore’s MAS to further strengthen crypto regulations
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 […]
Why Singapore needs to rethink its approach to regulating crypto
Singapore wants to attract institutional capital while shielding its people from crypto — but it can’t have it both ways, writes Donovan Choy.
Singapore’s low taxes draw Japan’s Web 3.0 companies
A large number of Japanese Web 3.0 companies are moving to or at least setting up new offices in Singapore, executives from Japanese blockchain gaming infrastructure builder Oasys told Forkast on Friday. See related article: Japan’s government approves policy to drive Web 3.0 adoption Fast facts Japanese firms operating in the Web3 sector need to […]
MAS mulls crypto limits; Pacquiao’s Pacman NFTs
Singapore’s monetary authority mulls on crypto limits. Meanwhile, Manny Pacquiao drops his NFT collection despite the crypto winter.
Vauld halts withdrawals, trading, deposits; explores restructuring
Vauld has suspended all withdrawals, trading and deposits on its platform, the Singapore-headquartered cryptocurrency exchange said on Monday. See related article: Three Arrows Capital files for Chapter 15 bankruptcy Fast facts The firm, backed by PayPal founder Peter Thiel’s Valar Ventures, Pantera Capital and Coinbase Ventures, said it is exploring “potential restructuring options.” Vauld said […]
Singapore may limit retail participation in crypto
The Monetary Authority of Singapore (MAS) is mulling additional consumer protection safeguards on crypto, Tharman Shanmugaratnam, the minister in charge of the central bank, told Parliament. See related article: Singapore’s central bank says cryptocurrencies have ‘no fundamental value’ Fast facts MAS is considering introducing rules on the use of leverage and limits on retail participation […]
MAS takes aim at Three Arrows Capital, does not impose penalty
The Monetary Authority of Singapore (MAS) has “reprimanded” cryptocurrency hedge fund Three Arrows Capital (3AC) for misleading information and ignoring assets under management (AUM) limits, the central bank said in a statement on Thursday. See related article: Three Arrows Capital lines up for liquidation Fast facts In August 2013, 3AC obtained its registered fund management […]
June 2022
CoinFLEX issues recovery tokens; MAS says cryptos not currencies
CoinFLEX to solve its liquidity problems by issuing a recovery token. Meanwhile, Singapore’s central bank doubts crypto capabilities.
Singapore’s central bank says cryptocurrencies have ‘no fundamental value’
Whither Singapore in the cryptocurrency world? The Monetary Authority of Singapore has some views on that and as with most markets, there are winners and losers.
CoinFLEX freezes withdrawals; Investors deserting Singapore
CoinFLEX joins other exchanges in freezing withdrawals. Meanwhile, crypto investors in Singapore head for the exits.
How a market slump may be helping Singapore’s stance against retail crypto
One door closes and another opens, which seems to be what’s happening in Singapore as the crypto price slump restructures the trading environment.
Singapore grants Crypto.com in-principle approval toward offering payment services
The Singapore-based cryptocurrency exchange Wednesday said the approval toward a license will eventually allow it to offer a range of payment services in the city-state. See related article: Singapore warms up to crypto industry — on its own terms Fast facts Crypto.com has received an in-principle approval from the Monetary Authority of Singapore (MAS) for […]
Crypto rises on Fed hike; Three Arrows insolvency concerns
Bitcoin, Ethereum and TRX recover as the Federal Reserve raises interest rates. Meanwhile, Three Arrows Capital faces liquidation concerns.
US senators’ crypto bill; India’s crypto taxes bite
A bipartisan crypto bill has been introduced in the US Senate. Meanwhile, Singaporean investment company ADDX plans on recognizing crypto assets.
Singapore’s ADDX to include crypto assets in determining eligibility for private market investments
Before the development, only traditional assets like stocks, bonds, cash and real estate could be used for an individual to have access to complicated investment options in private markets, ADDX said. See related article: ADDX, Fullerton partner to tokenize PE fund of funds Fast facts ADDX’s move signals crypto’s status as an asset class in […]
Singapore warms up to crypto industry — on its own terms
Crypto companies have voted with their feet in response to the city-state’s restrictions on their business. But they are still keeping an eye on opportunities.
Singapore’s crypto warning; Bitcoin takes a tumble
Singapore issues a crypto warning for retail investment. Meanwhile, Bitcoin took a tumble sparking market concerns
Retail investors shouldn’t invest in crypto: Singapore’s deputy PM
Singapore’s Deputy Prime Minister Heng Swee Keat cautioned retail investors to steer clear of investments in cryptocurrencies, saying the nascent asset class “is a highly risky area.” See related article: Singapore wants to bring some adult supervision to crypto Fast facts Many investors suffered losses and even lost their life savings in the recent meltdown […]
Singapore’s digital assets initiative; Shanghai lockdown ends
Singapore announces plans for a digital assets initiative. Meanwhile, Shanghai’s lockdown finally ends, but markets remain hesitant.
Singapore plans digital assets initiative with financial industry
The Monetary Authority of Singapore (MAS) has announced Project Guardian, a collaborative initiative with the financial industry to explore the economic potential and value-adding use cases of asset tokenization, according to a statement from Deputy Prime Minister Heng Swee Keat on Tuesday. See related article: Singapore wants to bring some adult supervision to crypto Fast […]
May 2022
G7 calls for regulation; Bored Ape transfer blocked
South Korean LUNA investors file lawsuit against Terra. Meanwhile, Singapore’s High Court blocks sale of a Bored Ape NFT.
Singapore court’s blocking of NFT transfer tests legal oversight
In an exclusive interview with Forkast, the lawyer representing the claimant discusses what the result means for NFTs and digital ownership.
Blood moon: Terra’s LUNA rescue plan panned by industry, investors
Top blockchain and crypto news: Terra puts down the fork. Bitcoin loses its shine in Singapore. China’s miners dig in.
Will ‘smart contracts’ rule the world? Maybe not in Singapore
Forkast sat down with Singapore’s biggest bank for insights into crypto regulations in the city-state. Singapore has a reputation for planning far ahead, so what’s in store for cryptocurrencies?
Terra hard fork proposed; Temasek ‘doesn’t own Bitcoin’
As Terra continues to crash, Do Kwon proposes a hard fork solution, Meanwhile, Singapore’s Temasek gets ready for tokenized assets.
Singapore’s Temasek says doesn’t own Bitcoin, but prepping for tokenized assets
The Bitcoin community got a lift last year when it was reported Singapore’s sovereign wealth fund had bought Bitcoin. The company told Forkast in an interview that they do not own BTC, but they are keen on blockchain investments.
Terra’s UST loses dollar peg; Philippines expects Marcos Jr win
Coinhako becomes third Singaporean exchange to receive full license. Meanwhile, the blockchain industry reacts to Philippine election results.
TZ APAC, NUS join for blockchain, computing education
Blockchain consultancy TZ APAC has partnered with the National University of Singapore School of Computing (NUS Computing) to set up the Centre for Nurturing Computing Excellence, the company said in a statement. See related article: CoinDCX chimes in on India’s growing blockchain education needs Fast facts The new center will enable students to learn from […]
Coinhako receives full license in Singapore
The Monetary Authority of Singapore granted the crypto exchange a Major Payment Institution license, allowing it to provide Digital Payment Token (DPT) services under the Payment Services Act, the company said. See related article: Singapore wants to bring some adult supervision to crypto Fast facts In Singapore, cryptocurrency exchanges are required to be licensed and […]
KoinBasket raises US$2 mln from global marquee investors
KoinBasket, a cryptocurrency investment start-up, has raised US$2 million in an early-stage funding round with the participation of leading global crypto veterans, the company said in a statement. See related article: India’s crypto shakedown be damned, CoinDCX raises $135 million Fast facts The Singapore-based company will use the funds for product and geographical growth, technology […]
April 2022
Three Arrows Capital to ditch Singapore for Dubai
Three Arrows Capital, a cryptocurrency trading and hedge fund manager, is moving its headquarters to Dubai from Singapore, becoming the latest among a growing number of firms looking to expand their presence in the Middle East. See related article: Dubai could be crypto’s promised land, Citi says Fast facts Su Zhu, cofounder of Three Arrows […]
Singapore’s responsible crypto aim; Okay Bears storm the charts
Singapore says it wants to be a “responsible crypto hub”. Meanwhile, the Okay Bears lift Solana’s sales figures.
Singapore wants to bring some adult supervision to crypto
The city-state wants to position itself as a hub for cryptocurrency service providers while holding onto its reputation as an important cog in the global AML, ATF compliance machinery.
Singapore grants in-principle license to Revolut
The Monetary Authority of Singapore (MAS) has granted in-principle approval to fintech firm Revolut to offer digital payment token (DPT) services under the Payment Services Act, according to media reports. See related article: Caught between a rock and a hard place, Singapore tightens crypto oversight Fast facts Revolut Technologies Singapore Pte. Ltd. (RTS) is already […]
OCBC Bank joins MVGX in push to help firms go carbon neutral
Singapore’s OCBC Bank has partnered with MetaVerse Green Exchange (MVGX) to develop financial solutions, including tokenized carbon credits, to help large corporations offset their carbon emissions, according to a statement. See related article: Crypto exchange Gemini buys carbon offsets, pledges carbon-neutrality Fast facts The tokenized carbon credits, due to launch later this year, will use […]
Caught between a rock and a hard place, Singapore tightens crypto oversight
A desire to stay in line with global anti-money laundering and anti-terrorism norms is forcing the city state’s hand when it comes to regulating cryptocurrency exchanges.
Coinbase India setback; Hong Kong’s Bitcoin ATMs
Coinbase’s launch in India is off to a rocky start. Meanwhile, Bitcoin ATMs grow in Hong Kong.
Singapore tightens regulations on crypto, again
Singapore on Tuesday passed a law requiring virtual asset service providers to be licensed if they do business overseas, according to Bloomberg. See related article: How Singapore is reimagining its ‘Asian crypto hub’ image Fast facts The new legislation is an attempt by The Monetary Authority of Singapore (MAS) to ensure that it has adequate […]
Indonesia levies 0.1% VAT, income tax on crypto
Indonesia will tax income from crypto trading at 0.1% and impose an additional value added tax (VAT) of 0.1% on crypto transactions starting May. See related article: Indonesian regulators play catch-up as crypto investment soars Fast facts The tax rate is lower than the 11% tax that the Indonesian government levies on other goods and […]
Crypto staking provider RockX raises $6M in Series A funding
RockX Tuesday said it raised US$6 million in series A funding, valuing the crypto staking platform serving institutional and high net worth investors at about US$30 million. Fast facts The funding was led by digital asset platform Amber Group and other crypto industry leaders including Matrixport, Primitive Ventures, FBG Capital, Draper Dragon, IMO Ventures, Alpha […]
Is Singapore retreating from its global crypto hub ambitions?
Singapore’s approach may seem increasingly anti-crypto to some, but not to those tracking its policies closely. Danny Chong of Tranchess explains what’s going on.
DBS Bank slams brakes on retail crypto trading
Singapore’s largest lender won’t expand cryptocurrency trading on its exchange to retail investors any time soon due to “regulatory restrictions” in the island state. See related article: How Singapore is reimagining its ‘Asian crypto hub’ image Fast facts CEO Piyush Gupta said that regulatory agencies are “rightfully concerned” about holding back cryptocurrency trading for retail […]
March 2022
Is Dubai the new crypto promised land?
Top blockchain and cryptocurrency news: Dubai’s crypto caravan. Mt. Gox unlocked. Digital yuan in play again.
Singapore imposes sanctions; Bitcoin bucks market trend
Crypto exchange Binance has won a license to operate in Bahrain. Meanwhile in Southeast Asia, Singapore’s Monetary Authority has designated Russian banks amid growing sanctions.
Singapore targets designated Russian banks amid sanctions
The Monetary Authority of Singapore (MAS) has imposed financial measures targeting designated Russian banks, entities and activities in Russia, and fundraising activities benefiting the Russian government, in response to Russia’s invasion of Ukraine. See related article: Singapore prohibits crypto, NFT transactions in sanctions against Russia Fast facts An MAS notice named the designated banks as […]
Singapore’s crypto future; Korea “White Day” NFTs a hit
Singapore’s image as a “crypto hub” may soon change as the country doubles-down on it’s stance that crypto currency is “not suitable for the general public”. Meanwhile, Korean convenience store giants CU launch their White Day NFT competition.
How Singapore is reimagining its ‘Asian crypto hub’ image
The Lion City has been the place to be for crypto firms, but retail activity is slowing down while the central bank continues to build a haven for institutional investors.
NFTs subject to existing tax rules in Singapore, FM says
Income from non-fungible tokens (NFTs) in Singapore will be subject to existing income tax rules, the Business Times reported, citing Singapore Finance Minister Lawrence Wong’s Friday speech in parliament. See related article: Singapore prohibits crypto, NFT transactions in sanctions against Russia Fast facts However, individuals who receive capital gains from NFT transactions will not be […]
China discusses the metaverse; Blockchain community comes together
As China’s Two Session’s meetings begin, ‘Metaverse’ enters the Chinese government’s radar. And while the invasion of Ukraine continues, Singapore announces new sanctions on Russia.
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 […]
February 2022
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 […]
January 2022
Zuellig Pharma to use its blockchain tool to track Covid vaccines
Singapore-based medical service firm Zuellig Pharma is using its blockchain-based medical tracking tool eZTracker to enhance vaccine transparency by flagging expired or mismanaged Covid-19 shots. Fast facts The eZTracker system verifies the authenticity of vaccines and other medical products to improve supply chain transparency and prevent black market distribution of supplies. QR codes on product […]