Paxos has secured full approval from the Monetary Authority of Singapore (MAS) to offer digital payment token services, positioning Singapore as a key player in Paxos’s global stablecoin operations. The approval permits the issuance of stablecoins compliant with MAS’s forthcoming regulatory framework. DBS Bank Named Main Banking Partner as Paxos Secures MAS Approval Paxos, a […]
Bitcoin News
Banking Sector Poses Highest Money Laundering Risk, Singapore’s Central Bank Says
According to the Money Laundering Risk Assessment Report by Singapore’s central bank, the banking sector is identified as the highest money laundering risk to the country. The report also highlights risks related to digital assets and cryptocurrencies. To mitigate these risks, the Monetary Authority of Singapore (MAS) has implemented stringent regulatory measures under the Payment […]
Bitcoin News
Singapore’s National Goalkeeper, Hassan Sunny, Appointed as Chief Security Officer for HTX Global and TRON
Singapore’s national goalkeeper, Hassan Sunny, has been appointed as the Chief Security Officer and spokesperson for HTX Global and TRON. The announcement was first made by Justin Sun on social media. Drawing parallels between Sunny’s role on the football field and his new position, Sun expressed confidence that just as Sunny defends the goal line […]
Bitcoin News
Coinbase Obtains License From Singapore’s Central Bank — Crypto Exchange Sees Singapore as ‘a Vital Market’
The Nasdaq-listed crypto exchange Coinbase has obtained a license from Singapore’s central bank, the Monetary Authority of Singapore (MAS), to provide services to both individuals and institutions. “We’ve identified Singapore as a vital market for Coinbase,” the crypto exchange emphasized. “The nation’s progressive economic strategies and approach to regulation sync well with our global mission and objectives.”
Coinbase Expanding in Singapore
Cryptocurrency exchange Coinbase (Nasdaq: COIN) announced Sunday that it has obtained a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS), the Singaporean central bank and financial regulator. Coinbase emphasized:
This development, coming after our initial In Principle Approval, amplifies our commitment to the Singapore market, enabling us to expand our provision of Digital Payment Token services to both individuals and institutions in Singapore.
The Nasdaq-listed crypto exchange received In Principle Approval from the MAS in October last year.
“With 25% of surveyed Singaporeans considering crypto as the future of finance and 32% being either current or past owners of crypto, Singapore has naturally become a significant location for this industry,” Coinbase detailed, adding: “Singapore is home to over 700 Web3 companies, making it a pivotal market for the growth of the crypto and Web3 economy.”
Coinbase noted that Singapore is “a priority market” for its business, emphasizing:
From our initial involvement in the Lion City, we’ve identified Singapore as a vital market for Coinbase. The nation’s progressive economic strategies and approach to regulation sync well with our global mission and objectives.
The crypto exchange has been expanding internationally. “Over the last year, we’ve achieved VASP [virtual asset service provider] registrations in Spain, Italy, Ireland, and the Netherlands,” Coinbase shared.
Singapore is considered a major crypto hub. In July, the MAS announced new regulations for crypto service providers. In August, the central bank unveiled a new regulatory framework for stablecoins. Singapore’s new President Tharman Shanmugaratnam advocates “one regulatory system” for crypto and traditional finance.
What do you think about Coinbase obtaining a license in Singapore? Let us know in the comments section below.
Singapore’s Monetary Authority Issues 9-Year Ban on Three Arrows Capital Founders
The Monetary Authority of Singapore (MAS) has issued nine-year prohibition orders against Three Arrows Capital (3AC) founders Zhu Su and Kyle Davies, banning them from regulated financial activities in the country. The orders come after a MAS investigation that reportedly uncovered multiple violations of securities laws by the now-defunct crypto hedge fund and its directors.
MAS Slaps 9-Year Ban on Three Arrows Capital Founders Over Violations
The prohibition orders prevent Zhu and Davies from performing any regulated activity or taking part in managing or becoming a major shareholder of any Singapore capital market services firm. The notice disclosed that the bans took effect on September 13.
MAS first reprimanded 3AC in June for providing false information and exceeding assets under management limits. Further investigation found 3AC failed to notify regulators about hiring a portfolio manager, gave false information about the manager’s role, and lacked an adequate risk management framework for its cryptocurrency investments.
As directors of 3AC, Zhu and Davies were primarily responsible for ensuring compliance with regulations, MAS detailed. “MAS’ investigation showed that they had failed to discharge their duties and were responsible for TACPL’s breaches,” the entity wrote in the press release.
MAS Assistant Managing Director Loo Siew Yee stated: “Senior management of fund managers are required to implement robust risk management measures to protect the interest of investors. MAS takes a serious view of Mr. Zhu’s and Mr. Davies’ flagrant disregard of MAS’ regulatory requirements and dereliction of their directors’ duties.”
The prohibition orders represent the latest fallout from 3AC’s collapse last year. The prominent crypto hedge fund filed for bankruptcy in July 2022 after amassing over billion in liabilities and losing nearly all its assets. Regulators in multiple jurisdictions have cracked down on 3AC and its founders for alleged misconduct.
What do you think about the 3AC founders getting banned from regulated financial activities in Singapore? Share your thoughts and opinions about this subject in the comments section below.
Singapore’s Crypto.com to Halt US Institutional Division Citing ‘Limited Demand’
Singapore-based cryptocurrency exchange Crypto.com announced that it intends to halt services for institutional traders in the United States on June 21, 2023. The exchange cited “limited demand” as the reason for suspending its institutional offering.
Crypto.com to Cease U.S. Institutional Services on June 21
Crypto.com, the Singapore-based cryptocurrency exchange with 80 million customers worldwide, announced on Friday that it will cease its institutional offering in the United States. The exchange stated that it will close its U.S. institutional services on June 21 and emphasized that all institutional partners have been notified.
The announcement, as seen by Bitcoin.com News, emphasized that Crypto.com’s retail clients need not worry, as the firm’s retail services are completely unaffected by the transition. Crypto.com cited “limited demand” in the country’s “current market landscape” as the reason for the move. The decision by Crypto.com comes in the wake of recent lawsuits filed by the U.S. Securities and Exchange Commission (SEC) against Binance and Coinbase.
A spokesperson from Crypto.com spoke to ESPN and assured the media firm’s staff reporter, Dave McMenamin, that the recent decision would not impact the naming rights for Crypto.com Arena in Los Angeles. “We remain fully confident in the continued success of our market differentiating capabilities and offerings and will continue to offer all other regulated services in the markets in which we operate,” Crypto.com informed ESPN.
Crypto.com emphasized the potential for its U.S. institutional division to make a comeback. The day before, the company forged a partnership with Coinroutes to “enhance institutional access to liquidity within the digital assets market.” Prior to that, Crypto.com obtained a major payment institution license from the Monetary Authority of Singapore (MAS).
What are your thoughts on Crypto.com’s decision to suspend its institutional services in the U.S.? Share your thoughts and opinions about this subject in the comments section below.
Singapore’s State Investor Temasek Engaging With FTX For Bailout
There could be a surprising twist in the drama surrounding Sam Bankman-Fried’s insolvent crypto exchange FTX. As reported by The Straits Times, a possible government takeover by Singaporean state investor Temasek could be on the table. The group is one of FTX’s many investors.
FTX’s other investors include BlackRock, Sequoia Capital, Circle, Ontario Teachers’ Pension Plan, Paradigm, Tiger Global, SoftBank, , Ribbit Capital, Alan Howard, Multicoin Capital and VanEck.
Meanwhile, 3rd largest investor in @FTX_Official for @Temasek. HFSP! pic.twitter.com/sVjyOJZ99v
— Phryics.eth (@Phryics) November 9, 2022
Is Temasek Going To Bail Out FTX?
According to the report, Temasek, in its role as a shareholder of FTX contacted SBF after Binance announced its bailout plans. The report goes on to say that a takeover by CZ would mean such a power shift that “would make Binance reign supreme in the crypto world”.
For this reason, Temasek is in talks with FTX, according to a spokesperson:
We are aware of the developments between FTX and Binance, and are engaging FTX in our capacity as a shareholder
At the same time, Temasek’s spokesperson clarified that no details about the talks can be disclosed at the moment. “[G]iven the ongoing discussions between both companies, it wouldn’t be appropriate for us to comment beyond that”, The Straits Times reports.
Temasek invested in FTX’s Series B and Series C funding rounds, which raised 0 million and 0 million, respectively. However, FTX is not the only crypto exchange that Temasek has invested in the past. Temasek, through Vertex Ventures, also invested in Binance when the Singapore exchange launched operations.
Temasek is a Singapore government holding company with approximately 4.4 billion in net assets under management in 2021. The company is an investor that says it is guided by four key structural trends in building its long-term portfolio. These are: digitization, sustainable living, the future of consumption and longer life expectancy.
The anonymous trader “degentrading” reacted to the news on Twitter. He commented that in his opinion a bailout of Temasek is unlikely, as their current exposure to Temasek is “only” billion.
I doubt temasek would bail out FTX given their current commitment has only been 1bn? Especially if the hole is 6b. However if temasek does bail out FTX, I will send my sons to Singapore for army. Plz
— degentrading (@hodlKRYPTONITE) November 9, 2022
Aside from the fact that Temasek is an FTX investor, the nature of the discussions between Temasek and the crypto exchange are unclear at press time.
As Bitcoinist reported earlier today, there are big question marks behind the deal between Binance and FTX. The hole in FTX’s balance sheet could be much bigger than expected. Adam Cochran tweeted that some of his sources tend to believe that Binance could pull out of the deal at the last moment.
Singapore’s Biggest Bank Reportedly Plans Bitcoin Trading—How Would BTC React?
DBS Bank Ltd is looking to offer support for Bitcoin as it looks to capitalize on the growing demand for cryptocurrency investments among consumers.
Singapore’s biggest banking corporation unveiled a flagship cryptocurrency trading service, dubbed as DBS Digital Exchange, in a “soft-launch.” It later removed the webpage from public view, leaving the Bitcoin community guessing about the correct timeframe of the launch. (Cached page accessible here)
Based on the information available on the original page, the platform primarily intends to assist SMEs and larger corporations in raising capital via the creation and sale of digitized securities and assets.
Meanwhile, it brings forth “trading services” that allow users to exchange fiat currencies for top cryptocurrencies: Bitcoin, Bitcoin Cash, Ether, and XRP.
“Unlike most digital exchanges today, DBS Digital Exchange does not hold any digital assets,” the platform’s official portal reads. “Instead, all digital assets are kept at DBS Bank, which is globally recognized for its custodial services.”
Cat’s out of the baghttps://t.co/cz473xsPFd pic.twitter.com/584o7PFGv6
— Fiat Minimalist (@fiatminimalist) October 27, 2020
Bitcoin Adoption Booms
The informal revelation appears almost a month after Taimur Baig–the DBS Bank’s chief economist–openly recognized Bitcoin as people’s hedge against worrisome dollar outflow.
“This thing has fixed circulation, it will not be debased,” said Mr. Baig in September. “People worry about dollar outflow and wondering if they should hold crypto in addition to gold as a safe-haven currency.”
Bitcoin rose by more than 80 percent in 2020 – and by more than 250 percent after the Federal Reserve introduced unlimited bond-buying and near-zero interest policies in March 2020. The cryptocurrency received a further upside boost from the US government after it announced a trillion aid to help Americans through the coronavirus-induced lockdown.
Bitcoin is trading 80 percent higher YTD on global expansionary policies. Source: BTCUSD on TradingView.com
As the expansionary decisions came into effect, the US dollar lost its value against leading foreign currencies. The greenback’s unattractiveness pushed investors further into the safety of riskier and other safe-haven assets, including Bitcoin.
Bullish
Billionaire investor Paul Tudor Jones, asset management firm StoneRidge, and corporations like MicroStrategy and Square, invested large sums into the Bitcoin sector to effectively replace their cash reserves. PayPal, a global payments giant, also announced its foray into the cryptocurrency sector.
Last three months in Bitcoin:
-MicroStrategy buys 5m in Bitcoin
-Square buys m in Bitcoin
-Stone Ridge buys 0m in Bitcoin
-PayPal integrates crypto purchases
-JPMorgan writes about Bitcoin vs Gold competition
-DBS soft launches crypto exchangeWhat’s next?
— Joseph Young (@iamjosephyoung) October 27, 2020
Each event led the Bitcoin prices higher across its spot and derivatives markets. With DBS further hinting to take the cryptocurrency mainstream, and a second stimulus deal underway, Bitcoin’s likelihood of adding more valuation to its market has surged highly.
Run Green Finance on Blockchain, Encourages Chief FinTech Officer of Singapores Monetary Authority
n Green finance is about monitoring, measuring, and mobilizing finance for green assetsn
CryptScout #BitFeed RSS – Bitcoin and Cryptocurrency News 24/7