Singapore has officially banned Polymarket, labeling it an illegal gambling platform. The restriction follows the country’s stringent Gambling Control Act 2022, prohibiting unauthorized online betting activities. Visitors to Polymarket’s site in Singapore now face a warning from the Gambling Regulatory Authority (GRA), stating potential penalties of up to $10,000, six
A recent research of the world’s best cryptocurrency jurisdictions conducted by ApeX Protocol, a multichain liquidity platform, established Singapore as the worldwide champion of blockchain technology. Singapore came out on top with a composite score of 85.4 in the research. That assessed 10 countries based on blockchain patents, blockchain-related jobs,
Ripple’s RLUSD stablecoin has officially debuted on Singapore’s first licensed crypto exchange, Independent Reserve (IR). The stablecoin became available on December 22, 2024, for trading against the Singapore dollar (SGD) and the US dollar (USD). This launch highlights Singapore’s growing role as a hub for crypto innovation and regulation. Independent
Fidelity International and Citi have unveiled a proof-of-concept (PoC) for an on-chain money market fund (MMF) featuring a digital foreign exchange (FX) swap solution. This was announced ahead of the Singapore FinTech Festival 2024 happening from November 6–8. The solution jointly developed demonstrates the real-time settlement of tokenized MMF transactions
The Monetary Authority of Singapore (MAS) is planning to advance tokenization within financial services through a series of new regulatory measures. These initiatives are designed to foster commercial networks, enhance market infrastructure, and establish standardized frameworks for tokenized assets. Besides, the MAS is facilitating the commercialization under Project Guardian by
UBS Asset Management is making waves in the digital finance world by launching its first-ever tokenized money market fund, the UBS USD Money Market Investment Fund Token (uMINT), starting in Singapore. This innovative fund, built on Ethereum’s distributed ledger technology, aims to provide investors with a secure and efficient cash
Paxos has officially launched the Global Dollar (USDG), a US dollar-backed stablecoin, in Singapore. This move aligns with the Monetary Authority of Singapore’s (MAS) regulatory framework. Furthermore, the stablecoin’s reserves will be managed by DBS Bank, Southeast Asia’s largest bank, which ensures high compliance with financial standards. (1/4) Today marks
The cryptocurrency exchange Gemini, led by the Winklevoss Twins, has received In-Principle Approval (IPA) from the Monetary Authority of Singapore (MAS) for its Major Payment Institution (MPI) license. NEW: Gemini receives In-Principle Approval (IPA) from the Monetary Authority of Singapore (MAS) for its Major Payment Institution (MPI) license Application. This
While the Asian regions have been enhancing their crypto involvement, Singapore-based DBS bank announces a major step. Meanwhile, a recent survey showed that North America is home to the largest crypto market on the global level. These data and other cryptocurrency data from Q3 have also shown intriguing results. Notably,
In the last 24 hours, amid several news reports, the cryptocurrency sector witnessed the release of governmental institutions’ Bitcoin holdings data. The governmental reserves alone account for 2% of Bitcoin’s total supply. This indicates a widespread adoption of cryptocurrency in the global economy. Moreover, several banks have begun listing digital
