In an effort to improve the reliability of single-currency stablecoins, Singapore’s central bank, the Monetary Authority of Singapore (MAS), issued new guidelines on August 15. For single-currency stablecoins having a circulation value of more than S$5 million tied to the Singapore Dollar or any fiat of the G10 nations, the
To safeguard investor funds, the Monetary Authority of Singapore (MAS) is considering mandating that crypto exchanges maintain a dedicated trust. On Monday, the Monetary Authority of Singapore (MAS) allegedly ordered cryptocurrency exchanges in the country to start holding customer funds in trust. By the end of 2023, all crypto trading
The Monetary Authority of Singapore (MAS), has proposed a universal protocol that would outline the parameters for the usage of different cryptocurrencies. The Monetary Authority of Singapore (MAS) released a white paper on its new Purpose Bound Money (PBM) concept on June 21. The report details the idea’s lifespan and
Luno, a cryptocurrency exchange owned by Digital Currency Group, is discontinuing operations in Singapore. This change is part of Luno’s ongoing process of evaluating its “global strategy and presence,” the company said in a blog post. Furthermore, the company notified the relevant authorities in Singapore. That it was withdrawing its
Authorities in Singapore are making a concerted effort to provide recommendations for banks on verifying cryptocurrency clients. Banks in the city-state have been collaborating with regulators over the last six months. In order to develop industry-wide guidelines for vetting cryptocurrency consumers. Singapore’s monetary authority, the Monetary Authority of Singapore (MAS),
DBS Group Holdings Ltd. plans to apply for a license that would allow it to offer cryptocurrencies to customers in Hong Kong as the region works towards becoming a hub for digital assets. The DBS Bank in Singapore runs a digital currency exchange, which it made available for cryptocurrency trading
The Collapse of the popular crypto exchange FTX, has really affected hundreds of thousands of investors around the world. In fact the entire crypto market crashed due to the liquidity crunch of FTX, causing global ripple effects. In addition, the price fall of Bitcoin is one of the great losses
The effects of Sam Bankman-Fried’s FTX crypto empire demise have drawn further scrutiny from the Singapore government. On Nov 11, the FTX exchange filed for bankruptcy, and it’s unclear whether the platform obtained money from users for sister trading company Alameda Research. Following that, Big-shot firms are still separating themselves
The Monetary Authority of Singapore (MAS), the regulator in charge of the crypto sector, has defended the action it took against Binance, rather than the bankrupt crypto platform FTX. The central bank also warned that cryptocurrencies are extremely volatile, with many losing all of their value. And, on Nov 21,
The newest update is that Singaporean authorities are looking into allegations of fraud and deceit against cryptocurrency lender Hodlnaut Pte. The struggling crypto lender’s operations have been strained along with the rest of the market in this crypto winter. With the collapse of the Terra ecosystem earlier this year, Hodlnaut
