Cumberland SG Pte. Ltd., the Asian arm of U.S.-based cryptocurrency trading firm Cumberland, has received in-principle approval (IPA) from the Monetary Authority of Singapore (MAS) for a Major Payment Institution (MPI) license. While an IPA indicates MAS’s willingness to issue a license after certain conditions are fulfilled, it is not
Singaporean department store chain Metro has joined forces with local crypto payments firm DTCPAY to integrate stablecoin payments across its physical stores and online platform, Metro Mall. The Metro will support four major stablecoins namely Tether’s USDT, Circle’s USDC, Worldwide Stablecoin Payment Network’s WUSD, and the Metro will also add
The recent decision by the Singapore High Court approving WazirX’s restructuring plan has sparked debate among the crypto community. After the devastating $234 million hack in July 2024 by North Korea’s Lazarus Group, the exchange now promises to return 75% to 80% of lost funds. While this appears to be
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
