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OKCoin Ventures Into Asia With Its New Office In Singapore

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Asia has been a promising market for technological innovations in almost every other field. As the globe is veering towards digitalization the demand and adoption of cryptocurrencies have recorded a surge. With the intention of expanding and adhering to the needs of the market, several crypto platforms have been venturing into Asia. San Francisco’s OKCoin is the latest cryptocurrency to jump the bandwagon.

OKCoin Rolls Out Asian-Centric Office

In a recent blog post, prominent cryptocurrency exchange, OKCoin revealed that it was venturing into the Asian markets with its latest office in Singapore. Earlier this year, the exchange sought approval from the Monetary Authority of Singapore [MAS] and finally received a thumbs up from the financial regulator. Keeping in mind its interest in the Asian market, OKCoin added support for the Singapore Dollar [SGD] in March 2020.

With its latest venture, the crypto exchange intends to represent itself as a “South East Asia hub” and specifically render to the needs of users from Asia and Oceania. The blog post further revealed that OKCoin’s Singapore exchange would allow users to trade the Singapore Dollar against prominent cryptocurrencies like Bitcoin [BTC] and Ethereum[ETH]. However, the United States Dollar [USD] can be traded against, BTC, ETH, Bitcoin Cash [BCH] Litecoin [LTC], and Ethereum Classic [ETC].

Elaborating on OKCoin’s Singapore takeover, Khairi Azmi, OKCoin Singapore GM revealed that the platform was steering towards making partnerships to pave way for new payment channels to accelerate the “burgeoning industry”. Azmi added,

“It’s an exciting time to lead OKCoin’s rapid expansion into Singapore, with the current macro economic environment setting the stage for the next phase of growth in cryptocurrencies.”

The financial watchdogs of Singapore have garnered an array of appreciation for its interest in regulating the crypto-verse. Lauding the Singapore government and its regulators, Anson Zeall, an OKCoin partner said,

“The Singapore government has taken a practical and proactive approach to regulating cryptoassets by finding the right balance of managing risk without discouraging innovation.The long term benefits for crypto firms is the exciting participation of the greater ecosystem in this country, such as RegTech companies, banks, auditors, compliance and legal firms. ”

It seems like Singapore is heading towards becoming a global leader in the financial technology sector.

Singapore Central Bank Confirms its Readiness to Explore Digital Currency

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Singapore’s central bank is looking to join forces with the People’s Bank of China (PBoC) to explore Central Bank Digital Currencies, according to Ravi Menon, Managing Director of the Singapore Monetary Authority (MAS).

During a finance conference in Shanghai, Menon stated the new plan. He outlined the progress China has made in creating its own CBDC, and said Singapore was looking to share information and experience in this field with China. Singapore is conscientiously looking to build a central bank digital currency.

Menon stated the new plan during a financial conference in Shanghai. Additionally, he outlined China’s digital Yuan development progress. Singapore is conscientiously looking to build a cryptocurrency central bank and is looking forward to exchanging skills and expertise with China, as reported by Sina Finance on 18 June.

Singapore exploring Central Bank Digital Currency

Menon allegedly stated that the state-issued cryptocurrencies were a hot topic, outlining that Singapore and China are deliberating on various CBDC development scenarios.  He also noted that the reasons for developing a Digital Currency Central Bank differ on a country-by-country basis.

However, he stated that Singapore ‘s reason for developing a CBDC is to cut the cost of cross-border payments and settlements, protect transactions through blockchain, and reduce payment processing time.

Facebook Libra project challenge to central banks

Menon also mentioned that the embattled Facebook Libra stablecoinn is facing and said that Libra is a major challenge to the global central bank system. He also asserted that the Libra stablecoin has “great flexibility” and that the team behind its development is committed to working closely with international regulators.

The Singapore Monetary Authority has been developing its interbank blockchain-based payment system since 2016. The Ubin Project, which was officially launched in 2018, is a partnership to explore the application of blockchain technology to clear and settle payments and securities.

China’s plan to counter Facebook Libra project and USD

Back in June 2019, PBoC was in a rush to launch its CBDC ahead of Facebook Libra’s stablecoin. Although the digital yuan is undergoing pilot tests in various Chinese cities, experts suggest that China might deploy it with the public, not noticing the change. Furthermore, early in June, reports broke out that China is planning to develop an East Asia digital currency to reduce the over-reliance in the United States dollar. 

Binance and Coinbase among Crypto Firms to Secure Singapore Temporary Licensing Exemption

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The Singapore Monetary Authority has given a temporary exemption to several cryptocurrency firms operating in the country under the new Payments Services Act. The crypto firms that would benefit from this move include Binance, Coinbase, Gemini, Bitstamp, Luno, Upbit, and Wirex.

The central bank of Singapore, the Monetary Authority of Singapore (MAS) earlier this week published a list of cryptocurrency firms that have been excluded from holding an operating license under the Payments Payment Services Act (PS Act) 2019; for the six months grace period. This new act that regulates the cryptocurrency services industry, went into effect earlier this year.

The official MAS document notes that organizations that were in the payment services market before the enactment of the PS Act and did not inform MAS after the passage of the Act would be found in violation of the Exemption Regulations. Consequently, they are not allowed to undertake crypto-related operations as they are no longer licensed

“These entities are not licensed under the PS Act to provide the specific payment services, but are allowed to continue to provide the specific payment services.”

The Payment Services Act categorizes

The Payment Services Act categorizes six categories of “specific payment services” These are account issuance service, domestic money transfer service, inward cross-border money transfer service, merchant acquisition service, e-money issuance service “where the e-money issuer’s total float doesn’t surpass $30,” and “digital payment token service.”Crypto-currency services come into the umbrella of digital payment token services.

Firms that provide digital token payment services are excluded from holding a license for a period of six months since the enactment of the act. According to MAS, this period will come to a close on July 28 since the Act was activated on January 28. However, firms that offer different services can progress with their business for up to 12 months without a license. As per the law, this period should draw to a close on January 28, 2021. 

Firms to benefit from temporary licensing exemption include

Cryptocurrency firms including Coinbase, Binance Asia, Bitstamp, Bitcross, Bitcoin Exchange, Zipmex, Coincola, Ripple Labs, Quoine, Luno, Upbit and Payward are among the firms that should abide with the new Payments Services Act before July 28. Other digital currency firms that provide other services on top of crypto-related services such as Gemini Trust, BitGo Singapore, Wirex, LedgerX and Paxos Global. The entire compilation is here. According to MAS:

“The exemption will cease after the specified period; or if the entity submits a license application under the PS Act; on the date that the application is approved or rejected by MAS, or withdrawn by the applicant.”

The cryptocurrency firms’ licensing framework in Singapore is progressing. The country is a massive advocate of digital currencies and their daily use to settle financial needs. Singapore’s demand is for the industry participants to observe the strict anti-money laundering regulations  in the PSA. This act provides the relevant protection to both the investors and the companies involved.

Temasek Holdings CEO Hit By Fake Stories Linking Her To ‘Wealth Loophole’

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The world has seen a massive rise in cybercrime after the rapid development of technology and with that the internet. In today’s time, it has become very easy to run a scam on the internet and the latest victim of such an activity was Madam Ho Ching, the Chief Executive Officer [CEO] of Temasek Holdings. 

Recent reports showed that fake portals were issuing articles on their website that stated how Ho Ching made a lot of money using ‘financial loopholes’. 

Ho Ching is also the wife of the current Prime Minister of Singapore, Lee Hsien Loong. Her connection to the political leader is also seen as a reason for this defamation. The Monetary Authority of Singapore warned that websites were posing as legitimate portals to publish fake news.

One website posed as The Strait Times and published a piece that claimed: “Ching’s latest investment has experts in awe and big banks terrified”. While there was no mention of any backing for the statement, the article continued to shed light on the fake news. The piece also added that Singaporean citizens were ranking in millions of dollars sitting at home because of the same wealth loophole.

The usage of Mdm Ching’s photo has also drawn her comments, blasting the portals for it. She stated that such practices were wrong and that people should not fall for it as she would never endorse such efforts. Her Facebook post back in November said:

“These fake articles talk about fantastical ways of making money from bitcoins and such like, and pretend there are loopholes for multiplying your money quickly.They sometimes use old pictures of me, and other fake news would use newer pictures of me, photoshopped in front various banks.Pls report to Facebook, WhatsApp, or whichever social media channel you have been seeing this.More importantly, don’t get scammed or conned into investing into this or that get rich schemes.”

The Monetary Authority of Singapore has been very serious when it comes to such malpractices because of its efforts to promote digital money. The body is also responsible for bringing in technological changes as blockchain technology and cryptocurrencies into the country.

This was not the first time that Singapore was hit with such a scam as other politicians had also been affected earlier. Last year, Senior Minister and Coordinating Minister for Social Policies Tharman Shanmugaratnam was also hit by such a scandal. He also serves as the Chairman of the Monetary Authority of MAS.

 

Source:CNA