SBF’s former girlfriend admits to fraud during her time as CEO of Alameda Research.
Hata receives in-principle approval to be fifth Malaysian digital exchange
The new exchange was founded by an executive from Malaysian market leader Luno. It will target investors, businesses, and high-net-worth individuals.
Huobi Global ordered to halt operations in Malaysia
Securities Commission Malaysia has ordered Huobi Global to stop all activity after failing to register to operate in the country.
Malaysia Says Crypto Exchange Huobi Global Isn’t Registered, Must Cease Operations
The country’s regulator told CEO Leon Li to ensure the website and mobile apps are disabled.
Malaysia enlists China to help end USD dependence for trade
More proposals and currency concepts are emerging as Asia ramps up its efforts to distance itself from U.S. dollar hegemony.
Malaysian deputy finance minister responds to proposal to legalize Bitcoin
Similar to countries like Indonesia, Malaysia has not banned crypto trading but the government doesn’t want to adopt crypto for payments.
Malaysian comms official calls the state to legalize crypto and NFTs
Malaysia’s finance minister previously warned that crypto payments were illegal as they did not meet the universal characteristics of money.
Binance back in Malaysia via a strategic stake in regulated digital exchange
Binance has forged an array of new partnerships with regulated firms, especially in countries where it has found it difficult to get regulatory approval.
Malaysia’s Central Bank actively assessing CBDC options
Malaysia’s central bank recently completed a proof-of-concept for a CBDC with three other nations and may consider developing its own cross-border payment system using the blockchain.
Cabital Eyes Regulatory Approval To Provide Cryptocurrency Payment Services In Singapore
One of the things that validate a cryptocurrency payment service is regulations. Many exchanges, brokers, and institutions that operate outside the law’s provisions receive a lot of backlash and scrutiny from crypto users and financial regulators.
So, it is prudent to gain the necessary approvals before offering services in any territory, especially in a country such as the US.
In recent times, financial regulators across the globe have been focused on the cryptocurrency industry. They have been scrutinizing the markets and operations of the players to ensure compliance to regulatory dictates protecting users’ interests.
Related Reading | JPMorgan Analysts Put Ethereum Fair Value At $1,500, With Bullish Outlook For Bitcoin
With such pressures, every company in the industry focuses on meeting the regulatory requirements as well as they can.
Cabital Seeks Regulatory Approval From MAS
Given the recent trend in crypto regulations, it’s not surprising that Cabital moves to gain the legal approvals that will support its operations in the Singapore crypto market.
Total Crypto market cap nears $3 trillion | Source: Crypto Total Market Cap on TradingView.com
The institutions that offer exposure to digital assets aim at providing payment solutions to Singaporeans. Such a service will enable the citizens to trade in these tokens without regulatory issues.
According to the co-founder and CEO of Cabital, this move to secure approval from MAS (Monetary Authority of Singapore) will boost their services.
He also disclosed that the institution has always depended on Chainalysis Reactor and Chainalysis’ KYT (Know Your Transaction) to ensure compliance to AML requirements of their bases of operations.
To further support the Cabital moves, Chainalysis MD, Ulisse DellÓrto, disclosed that the platform would offer the tools that the payment institution requires to succeed in this new development.
Accordingly, the tools will boost user confidence and help them meet the crypto industry’s requirements. Cabital has depended on Chainalysis’ tools to comply with the provision of the financial regulators.
A Brief On Cabital And Chainalysis
Cabital is an institution that deals with digital assets globally. It provides secure and safe access for people to earn passively using cryptocurrency. Its popular product “Cabital Earn” is a crypto platform for wealth management. Customers can buy crypto using euros and earn higher returns up to 12% APY on their investment.
The company doesn’t play with fraud detection and employs a biometric solution from Sunsub to verify users’ identities. Also, it holds the crypto people buy on the platform with Fireblocks – a widespread and trusted digital asset custody platform.
Related Reading | The Fractal That Puts Bitcoin At $100,000 Before Year-End
The company is registered and spreads across China, Malaysia, and Singapore. Cabital has been operating since 2020 by Raymond Hsu-an, an experienced player in Fintech companies.
On the other hand, Chainalysis is a blockchain-based platform that provides data, research, software, and services to different companies and government institutions. They span across various industries, including crypto, cybersecurity, and insurance.
Also, their services cover more than 60 countries of the world. Moreover, the data from Chainalysis serves in different capacities such as growing access to crypto and solving criminal cases. So, it’s not surprising that Cabital relies on them for the tools that can facilitate its operations.
Featured Image From CNN, chart from TradingView.com
Australia, Singapore, Malaysia and South Africa launch joint CBDC pilot
The joint initiative will prototype shared DLT platforms enabling institutions to settle cross-border transactions using central bank-issued digital currencies.
Cambodia explores cross-border transactions of CBDC-like Bakong
Launched in late 2020, Cambodia’s digital money project Bakong reached 200,000 users in June, doubling from three months earlier.
Binance banned in Malaysia, given 14 days notice to shut down operations
The crypto exchange has been served with a notice to stop offering its services in the country.
Malaysia is literally crushing thousands of illegal Bitcoin miners
It’s unclear why authorities outright destroyed the miners rather than attempting to reap some value, but they could still be sold for scrap.
New ASEAN blockchain consortium targets cross-border cooperation
The new ASEAN Blockchain Consortium aims to engage with regulators to ensure compliance and raise industry awareness.
Malaysian Bitcoin Mining Gang Stole Over $2M in Electricity, Say Police
Police seized 1,746 bitcoin mining machines across 21 premises in raids this week.
Malaysia Pair Face Caning for Alleged $37K Bitcoin Fraud
If convicted, the two men face a maximum of 10 years in prison, caning and additional fines.
Ripple Tech to Power New Malaysia-Bangladesh Remittance Corridor
Malaysia’s Mobile Money and Bangladesh’s bKash will leverage RippleNet for wallet-to-wallet transactions.
Huobi-Branded Crypto Exchange Launches for Malaysian Market
Huobi Labuan said it’s been licensed in Malaysia for a nine-month trial period of cryptocurrency spot and derivatives trading services.
China Construction Bank Pulls Planned Listing of Bitcoin-Tradable Bond
The “Big Four” Chinese bank has suspended the listing of a $3 billion bond issuance that was intended to be tradable for bitcoin and U.S. dollars.