Southeast Asian cryptocurrency exchange Zipmex submitted several moratorium applications under Section 64 of Singapore’s Insolvency, Restructuring and Dissolution Act 2018 last Friday on behalf of five of its entities, the company announced today. Zipmex Files for Moratorium Relief Moratorium relief protects debtors from legal action by creditors for a certain period. The time-out period gives...Read More
The blockchain company – Ripple – teamed up with the Singaporean fintech firm – FOMO Pay, aiming to boost its cross-border treasury flows. Ripple’s Latest Partnership As a digital payment system for monetary transactions, one of Ripple’s goals is to leverage crypto and provide cross-border settlements. Its On-Demand Liquidity (ODL) is meant to enable quick...Read More
Singapore-based fintech platform Cake DeFi has partnered with Razer Silver, a loyalty rewards program for gamers, to provide them with easy access to various crypto assets, including bitcoin (BTC) and ether (ETH). Cake DeFi Partners Razer Silver According to a press release shared with CryptoPotato, the multi-faceted deal will allow Razer Silver gamers to convert...Read More
One of the worst affected crypto companies by the unpleasant macroeconomic conditions – Vauld – reportedly filed for protection against creditors in Singapore. The process should grant the entity the “breathing space” it needs to reconstruct its distressed operations. Looking for a Way Out It is safe to say that the crypto winter has harmed...Read More
The Three Arrows Capital (3AC) liquidators are reportedly looking to investigate and preserve the Singapore assets of the crypto hedge fund. According to a recent report by Straits Times, the Singapore lawyers for Teneo have asked the High Court to recognize the British Virgin Islands (BVI) liquidation order in chambers hearing on July 15th. It...Read More
Tharman Shanmugaratnam – leading Minister of the Monetary Authority of Singapore (MAS) – says the regulator may restrict retail investment in the crypto sector through new consumer protection safeguards. These could include limits on leverage trading – a trading strategy that’s caused numerous crypto traders and firms to go bust in recent weeks. Crypto: Unsuitable...Read More
The Monetary Authority of Singapore (MAS) said it had reprimanded Three Arrows Capital on June 30. The central bank alleged that the beleaguered crypto hedge fund provided misleading information and also surpassed the assets under the management (AUM) threshold permitted for a registered fund management company (RFMC). The announcement stated, “TAC had represented to MAS...Read More
Singapore is often considered one of the world’s most open economies, but its relationship with the crypto industry in recent times has been inconsistent. The fintech policy chief believes the city-state will be “brutal and unrelentingly hard” on any bad behavior. Crackdown on Bad Behavior in Crypto While speaking to Financial Times, Sopnendu Mohanty, Monetary...Read More
The leading digital asset exchange – CryptoCom – received in-principle approval from the Monetary Authority of Singapore to provide a variety of payment services within the Asian city-state. The regulator has also given the green light to two additional firms part of the crypto industry – Genesis and Sparrow – to offer similar services. The...Read More
Multi-national IT services giant Accenture published a new survey analyzing wealthy Asian investors’ portfolios on digital assets, noting that a majority of them are interested in directly or indirectly holding cryptocurrencies. The survey was conducted on the basis of 3,200 participants – from Hong Kong, India, Indonesia, Japan, and more – who have investable assets...Read More
ADDX, a private market trading platform backed by Singaporean exchanges, will recognize bitcoin, ether, and USDC holdings of investors for granting “accredited investor” status to them. Onboarding of BTC, ETH, USDC However, it will apply a hefty 50% discount on bitcoin and ether and 10% on USDC to calculate their values for the net personal...Read More
Chinese billionaire Jack Ma’s Ant Group announced the soft launch of its Singapore-based digital bank – ANEXT Bank – on Monday, marking its latest foray in cracking into digital banking beyond its domestic market. The new entity will offer account services to small and medium enterprises starting from Q3 2022. Leveraging Ant’s Footprint in Assisting...Read More
June 7, 2022, marks Cake DeFi’s third anniversary. Reviewing its achievements, the Singapore-based financial technology platform noted that it has managed to record tremendous growth despite the bearish trends, averaging almost 90% quarter-on-quarter since its launch in 2019. Cake DeFi Pays $317M in Rewards to Users Cake DeFi also revealed in a press release that...Read More
The top financial regulator of the city-state – the Monetary Authority of Singapore (MAS) – reportedly partnered with the finance industry to introduce “Project Guardian.” The initiative aims to investigate potential use-cases of asset tokenization and decentralized finance (DeFi) and will guide the nation’s efforts to become a cryptocurrency hub. Singapore to Strengthen its Crypto...Read More
A Singaporean citizen has managed to successfully block the sale of one Bored Ape Yacht Club (BAYC) NFT through a court-ordered injunction. According to the court filing seen and reported by Bloomberg, the plaintiff used the NFT as collateral for a loan on the NFTfi platform. The collector decided to use the BAYC collectible since...Read More
According to a study conducted by the digital asset exchange aggregator – Coincub – Germany is the most crypto-friendly country for Q1,2022. The previous leader – Singapore – holds the second position, while the USA took third place. Germany Emerges as a Crypto Hub Coincub noted that the ranking of the top digital asset-welcoming nations...Read More
HSBC, a former cryptocurrency critic, continues with its involvement with the Metaverse after its recent partnership with The Sandbox. The latest initiative will allow certain Hong Kong- and Singapore-based investors to engage with companies focusing on the new emerging trend. Citing a statement from the bank on April 6, Reuters reported that the new funds...Read More
Singapore’s new crypto law requires crypto businesses based in the city-state operating on foreign soil to comply with anti-money laundering and anti-terrorism measures. According to the latest report by Bloomberg, the Singapore parliament passed the law on Tuesday, a part of the Financial Services and Markets Bill. It states that domestic virtual asset service providers...Read More
Certain users will have to provide additional information when sending cryptocurrencies, said exchange giant Coinbase. In a bid to comply with local regulations, customers in Canada, Japan, and Singapore sending digital assets to another financial institution or exchange will be required to disclose specific information such as the name, address. The official blog post stated,...Read More
The Singapore-based financial technology company – Cake DeFi – introduced its corporate venture arm, called Cake DeFi Ventures. With $100 million in earmarked capital, the feature will enable the firm to interact with Web3, gaming, and fintech startups. In addition, Cake DeFi partnered with The Edge of Company to hop on the NFT bandwagon. The...Read More
Sygnum Singapore – a subsidiary of Switzerland’s Sygnum Bank – received in-principle approval from the country’s top financial regulator to conduct three additional activities. These include providing corporate finance advisory services, dealing in capital market products, and offering custodial services. Sygnum to Enable More Opportunities Upon obtaining full approval from the Monetary Authority of Singapore,...Read More
After opening its very own institutional-grade digital asset exchange, Singapore-based DBS Bank is eyeing the expansion of a similar trading offering, but this time, catering to retail investors. It is expected to launch by the end of 2022. DBS’ Upcoming Retail Digital Assets Trading Desk DBS CEO Piyush Gupta believes that the expansion plans will...Read More
The city-state’s central bank – the Monetary Authority of Singapore (MAS) – reportedly issued guidelines that limit crypto trading service providers from promoting such assets. The financial institution believes dealing with digital assets is highly risky and unsuitable for every investor. In addition, Australia’s top financial watchdog – the Australian Securities and Investments Commission (ASIC)...Read More
The world’s largest digital asset trading venue – Binance – considers doubling its presence in Asia by setting up a blockchain innovation hub in Singapore. On the other hand, the company intends to withdraw its application for a crypto-exchange license in the city-state. Binance.sg will shut down its operations on February 13, 2022, as all...Read More
Binance Asia Service (a.k.a Binance.sg), the Singaporean arm of the world’s leading cryptocurrency trading venue, has invested in the private securities exchange – HG Exchange (HGX) – on December 8th. Binance’s Strategic Stake According to the official press release, BAS revealed an 18% post-money stake in HGX. Richard Teng, the CEO of Binance Singapore stated...Read More
Despite its regulatory issues in Singapore, Huobi Global has chosen the country as its regional headquarters. The exchange will have another one set up in Europe. Bloomberg reported Huobi’s intentions earlier on November 30th, citing the exchange’s co-founder Du Jun. Singapore will become the company’s new headquarters since it’s unable to continue operating from China...Read More
To cater to the rising demand for digital asset funds, the Singaporean fund manager Fintonia Group has announced the launch of two institutional-grade funds tracking the performance of the world’s largest cryptocurrency. Fintonia Bitcoin Physical Fund and the Fintonia Secured Yield Fund are the two new products offered by the financial services firm regulated by...Read More
The major digital asset exchange – Huobi Global – revealed it will shut the accounts of all Singapore-based users by March 31, 2022. The company will also start closing its doors for new customers. China And Now Singapore According to an official announcement on its website, Huobi Global will stop providing cryptocurrency services to clients...Read More
Huobi Group will move its spot-trading operations to Gibraltar as The Financial Services Commission of the city-state has already greenlighted the initiative, according to a recent report. Gibraltar Caught The Attention of Huobi Following the total crypto ban imposed by the People’s Republic of China, many local companies started migrating their services outside the borders...Read More
The central banks of Australia, Singapore, Malaysia, and South Africa will reportedly launch a trial program to test cross-border payments employing different CBDCs. Their mission: to determine whether the move would enable more accessible transactions. The Multinational Partnership Central bank digital currencies appear to be an attractive financial instrument for numerous countries across the globe...Read More
