The license is the first awarded by Singapore to a crypto market maker.
Singapore Enacts Licencing Requirements for Crypto Custody Services and Others
Singapore has expanded the scope of what cryptocurrency-related activities it regulates to include custodial services, the Monetary Authority of Singapore (MAS) announced on Tuesday.
European Crypto Exchange Bitstamp Receives In-Principle Approval in Singapore
Bitstamp describes itself as the “first crypto exchange with major European Union (EU) presence to secure in-principle approval in Singapore.”
Crypto Exchange Upbit Gets Full Licensing in Singapore
Upbit said it is “poised to expand [its] range of offerings,” having acquired a MPI license.
‘Cryptocurrencies Have Failed the Test of Digital Money,’ MAS’ Managing Director Says
Ravi Menon, the Managing Director of the Monetary Authority of Singapore, said crypto has performed poorly as a medium of exchange or store of value.
Paxos to issue USD stablecoin in Singapore, wins initial approval
The USD-backed token will comply with Singapore’s upcoming stablecoin laws and be issued through a new local Paxos entity that’s received initial approval.
Singapore’s Central Bank Releases Stablecoin Regulatory Framework
Stablecoins must hold minimum base capital 1 million Singapore dollars ($740,000) and provide redemption within no more than five business days of a request.
Singapore central bank releases regulatory framework for stablecoins
The framework outlines requirements for stablecoin issuers to meet to be deemed as regulated by the Monetary Authority of Singapore.
Singapore’s MAS Orders Crypto Firms to Keep Customer Assets in a Trust by Year-End
Crypto service providers in Singapore are now required to safekeep customer assets under a statutory trust before the end of the year.
Ripple gets in-principle nod for digital asset services in Singapore
Ripple says the “in principle” approval will help scale its “On-Demand Liquidity,” the service it uses to source XRP liquidity to customers.
Ripple Obtains In-Principle Approval for Major Payments Institution License in Singapore
Authorities in Singapore have awarded 190 Major Payment licenses, and 11 of these have gone to Digital Payment Token companies.
NY Fed, Singapore Regulator Verify CBDC Interoperability, Payment Speeds in Latest Test
Central bank digital currency (CBDC) systems operating on different types of networks can be used for cross-border and cross-currency payments, a new report published by researchers with the New York Federal Reserve and Monetary Authority of Singapore late Thursday said.
Stablecoin issuers Circle and Paxos gain approvals in Singapore
The approvals came after the Monetary Authority of Singapore issued two consultation papers that proposed to ease regulatory hurdles for digital asset service providers.
SWIFT action: JPMorgan and Visa team on cross-border blockchain payments
Visa is set to integrate its B2B connect network with JPMorgan’s suit of blockchain based cross-border payment products.
‘Most of crypto is still junk’ and lacks use case — JPMorgan blockchain head
JPMorgan’s Umar Farooq said that use cases haven’t arisen fully and regulation hasn’t yet caught up.
‘Brutal and unrelentingly hard’: Singapore regulator’s clampdown on crypto
The remarks from the regulator’s chief fintech officer could see the city-state lose its perception as one of the most crypto-friendly countries in the world.
Crypto has gone from ‘weird’ to ‘cool’ thanks to NFTs says Visa executive
Visa’s head of crypto Cuy Sheffield said that mainstream users are setting up “crypto wallets in waves” to be a part of the NFT sector.
Singapore Central Bank Selects 15 Firms For Retailing CBDC
The Monetary Authority of Singapore (MAS) finally shortlisted 15 companies that will assist in developing retail CBDC. These firms will participate in the Global CBDC challenge and help build the in-house retail central bank digital currency.
MAS announcement indicates that the participants include four companies from the United States and six from Singapore. There’s also one firm each from Barbados, France, Switzerland, Australia, and Germany. Of all the participants, only three winners will emerge and work to build Singapore’s retail CBDC.
On June 28, there was an announcement of the cash prizes for the digital currency ideas by the Singaporean central bank. This resulted in a challenge that has more than 300 fintech firms from over 50 countries in participation.
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Some of the global finalists are Criteo (France), Bitt (Barbados), and Soramitsu (Switzerland). Also, there are ANZ Banking Group Limited (Australia) and Giesecke+Devrient advance52 GmbH (Germany).
The shortlisted United States-based firms include Consensys, cLabs Inc., IBM, and Extolabs LLC.
The local Singaporean shortlisted consortiums are IOG Singapore Pte Ltd, Citibank N.A., Standard Chartered Bank, and IDEMIA. Others are HSBC Bank Limited and HSBC Holdings Plc, and Xfers Pte Ltd
Finalists Will Be Rewarded For Developing CBDC Retail
A cash prize of 50,000 Singapore dollars (about $37,000) complements the Singaporean initiative of building its retail CBDC. An earlier announcement disclosed the MAS mentoring of the 15 finalists.
Also, the finalists can gain access to the APIX Digital Currency Sandbox that will promote quick prototyping of digital currency solutions.
The Sandbox ecosystem should contain over 100 APIs that are linked to payments and core banking.
Furthermore, it will contain Mastercard’s digital fund APIs. The finalists now have an opportunity to promote their CBDC solutions during the Singapore Fintech Festival from November 8th to November 12th, 2021.
There have been pro-crypto moves from the country’s authorities through the entire 2021. For example, the MAS recently released an ‘in-principle approval to Independent Reserve, an Australian crypto exchange. The company stands as the first crypto exchange to receive such approval in Singapore.
The approval will enable the company to run as a regulated Digital Payment Token (DPT) Service provider. Through the approval, Independent Reserve is expected to avail its users the maximum consumer protection. It will also ensure compliance with Anti-Money Laundering rules.
Related Reading | Bittrex Global CEO Declares Dubai Will Gain Benefit From Cryptocurrency Market Expansion
Also, there’s a report that Singapore hosts 170 crypto exchanges, including Germini and Binance. These companies seek approval to kick off businesses in the country.
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Shanghai Man: Bitcoin interest drops in China amid crackdown on social media and miners
Xinjiang crypto miners forced to shut down, Antpool hash rates drop by 30%, and Baidu and Weibo try to scrub crypto players from their platforms.
Singapore Begins Crackdown on Unlicensed Bitcoin Sellers
Singapore authorities charged a 23-year-old woman with breaking the city-state’s months-old ban on unlicensed bitcoin sales.