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Between September and November 2018, a total sum of $ 78,000 was lost to cryptocurrency scammers in Singapore after they used a series of strategies involving spreading false information about fake investments online to attract investors. A Straits Times report reveals that the scams were specifically designed to appeal to Singaporean residents by using well-known local personalities
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The Monetary Authority of Singapore (MAS) has published new guidelines pertaining to digital token offerings. The document provides additional clarity on the regulatory requirements for intermediaries that facilitate them, while highlighting the reporting obligations of entities offering capital markets products that are not classified as securities.
Also Read: P2P Markets Report: Dumping Drives Record Volume Across Latin America and Asia
The guidelines state that offerings of digital tokens are categorized as “capital markets products” under the Securities and Futures Act (SFA). The document also states that MAS will determine compliance with Anti-Money Laundering (AML) and Countering Financing of Terrorism (CFT) requirements for offerings of capital markets products.
The Monetary Authority of Singapore (MAS) has updated its guide for businesses that want to raise capital via initial coin offerings (ICOs). The modified draft follows up to the announcement of introducing a “New Payments Framework” made in the original draft. It elaborates the Singapore central bank’s stance on how certain intermediaries should observe its instructions
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The post MYTVCHAIN Presents 1st Decentralised Sports Web TV and ICO at Blockshow Asia in Singapore 28th-29th Nov appeared first on CCN
A new bill which will impact electronic wallets and digital payment tokens such as bitcoin has been tabled in Singapore’s parliament. The Payment Services Bill will place the providers of payment services that are not under the regulatory oversight of Money-Changing and Remittance Businesses Act and the Payment Systems Oversight Act under the umbrella of
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Global private capital platform CapBridge Pte. Ltd. has garnered a license from the Monetary Authority of Singapore (MAS) to operate a security exchange known as 1exchange (also called 1X), which became operational on November 21, 2018. The exchange is designed to organize liquidity for private companies prior to exit events like an M&A (merger and acquisition) or an IPO (initial public offering).
In an interview with Bitcoin Magazine, CEO and founder of CapBridge Johnson Chen said that the process of obtaining the license took nearly two years. Steps included identifying the business case and ensuring IT systems were in place that included proper risk management and strict governance.
This is a paid-for submitted press release. CCN does not endorse, nor is responsible for any material included below and isn’t responsible for any damages or losses connected with any products or services mentioned in the press release. CCN urges readers to conduct their own research with due diligence into the company, product or service mentioned
The post Leading Singapore Cryptocurrency Exchange ‘Tokenize Xchange’ Lists TKX Emblem and Acquires a Stake in Crowd Ventures appeared first on CCN
The government of Singapore will offer financial incentives in order to grow the blockchain ecosystem in the country. According to The Business Times, the Infocomm Media Development Authority (IMDA) which falls under Singapore’s Ministry of Communications and Information will offer seed funding to players in the media and ICT sector. This is with a view … Continued
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The central bank of Singapore has finalized the country’s new regulatory framework for payment services, which now includes cryptocurrency. Crypto payment service providers, which fall outside of the current regulatory framework, will need to be licensed under the new regime.
Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space
The Monetary Authority of Singapore (MAS), the country’s central bank, announced on Monday that it has finalized the new regulatory framework for payment services. The Payment Services Bill “will provide a more conducive environment for innovation in payment services, whilst ensuring that risks across the payments value chain are mitigated,” the central bank explained. The bill was submitted to parliament by Education Minister and MAS board member Ong Ye Kung, the Straits Times reported.
The reserve banks of Canada, Singapore and the United Kingdom have singled out central bank digital currencies as being one of the solutions that can be implemented in order to solve the challenges encountered when making cross-border payments. The report by the Monetary Authority of Singapore, Bank of England and Bank of Canada notes that
The post Central Banks of Canada, Singapore and UK Propose CBDCs for Cross-Border Payments appeared first on CCN
Cybersecurity company Recorded Future has released a lengthy expose claiming that North Korea uses cryptocurrency to skirt U.S.-imposed economic sanctions alongside a shady network of collaborators and enablers in Singapore. The company claims that in addition to mining coins like bitcoin and monero, North Korean leaders have also been involved in promoting cryptocurrency scams that … Continued
The post North Korea Enablers in Singapore Operated Crypto Scams to Fund Regime: Report appeared first on CCN
South Korea’s largest cryptocurrency exchange by trading volume, Bithumb, has seen a Singapore-based blockchain consortium become its majority owner in a $ 350 million deal. BTC Holdings Company, which was Bithumb’s biggest stakeholder until Thursday with a 75.99% stake finalized an agreement to sell 50 percent plus one stake for 400 billion won (approx. $ 352 million)
The post $ 350 Million: Singapore Consortium Gains Majority Stake in Korea’s Biggest Bitcoin Exchange appeared first on CCN
Southeast Asia will purportedly see its first fiat-to-cryptocurrency exchange launching in Singapore. The venue is intended to make digital currencies more accessible to both consumers and businesses.
The first fiat-to-cryptocurrency exchange will launch in Singapore, attempting to facilitate easier entry to the cryptocurrency market for both businesses and consumers. EurekaPro, as the exchange is dubbed, has already launched an open public beta which reportedly has over 8,000 signed up in the first week.
The exchange will allow people to purchase cryptocurrencies with different Asian fiat currencies such as the Singapore dollar, Malaysian ringgit, Indonesian rupiah, and others alike.
The United States may no longer be the king of initial coin offerings (ICOs), as Singapore recently surpassed the U.S. for the most ICOs in the month of August. There were more ICOs in Singapore in August 2018 than in the USA. https://t.co/mU20rmEglN @elementus_io #data #ICO #blockchain #crowdfunding #SEC pic.twitter.com/w5CchNnT1v — Mike (@KalomeniM) September 30, […]
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With the increased regulatory scrutiny on ICOs in the United States, there appears to be a move by projects towards more friendly environments. According to blockchain analytics firm Elementus, there was a decline in the number of ICOs hosted in the United States compared to Singapore in the month of August. In that month the … Continued
The post Flippening? Singapore Hosted More ICOs than the US in August: Report appeared first on CCN
Singapore took a step closer towards cryptocurrencies as the national financial regulators discussed their openness towards the emerging industry during the Singapore Consensus.
It seems that the Singaporean government has a well-thought-out plan for introducing cryptocurrencies into their economy, according to TechCrunch.
The Singapore Consensus 2018 welcomed thousands of cryptocurrency visionaries, entrepreneurs, and experts to discuss and create new links that might form the foundation of the future of the industry. An essential element of the meeting was the talk delivered by the representatives of the Monetary Authority of Singapore (MAS) with regards to the future of cryptocurrencies in their country. It seems that the Singaporean financial regulators are far ahead many other developed countries concerning their understanding of the industry and plans for the future.
Binance, the world’s largest cryptocurrency platforms by trading volume, will start a crypto fiat exchange testing in Singapore. This was revealed by the Binance Co-founder and CEO ChangPeng Zhao, during a blockchain conference in Singapore. He later confirmed the plans through an official tweet post. It can therefore be assumed that before the end of the year, Binance would offer support for the Singapore Dollar (SGD) including alternatives like SGD/BTC and SGD/ETH pairs. For now, the SGD pairs will only be available in closed Beta, since the beta testing will be through invitation only.
The largest cryptocurrency exchange in South Korea, Upbit, have announced that their parent company, Dunamu are opening a similar exchange in Singapore, an exchange that is set to go live just next month.
According to CCN:
“Upbit Singapore CEO Alex Kim explained in an official statement that local users in Singapore will be able to trade all of the cryptocurrencies integrated by partner exchange Bittrex with 24/7 real-time security monitoring and firewall system for enhanced security.
Continue reading Upbit To Open Exchange Operations In Singapore at Crypto Daily™.
Binance, the world’s largest cryptocurrency exchange company, is reportedly planning to open live money trading for its upcoming Singapore fiat-to-crypto exchange starting on September 18. According to a tweet by Binance CEO Changpeng “CZ” Zhao, the news was first revealed during a breakout session at the Cumberland Summit in Singapore last week. This discussion featured major industry leaders, including Gemini’s […]
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This is a paid-for submitted press release. CCN does not endorse, nor is responsible for any material included below and isn’t responsible for any damages or losses connected with any products or services mentioned in the press release. CCN urges readers to conduct their own research with due diligence into the company, product or service mentioned
The post Leading Hong Kong, Shanghai, Singapore and Australia Scholars Join Forces to Tackle Regulatory Issues around Cryptocurrencies appeared first on CCN
