• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • About us
  • Write for us
  • Terms and Conditions
  • Privacy Policy
  • Disclaimer
  • Contact
  • All Posts
  • Advertise

TronWeekly

Crypto World News

  • Home
  • Education
    • Best TRON Wallets
    • Beginner’s guide to TRON
  • Opinion
    • Tron Tokens
    • Market Analysis
  • Industry
    • Tron Exchange
    • Project Review
  • Press Release
  • Advertise
  • About us
    • The Team
    • Editorial Policy
    • Write for us
    • Privacy Policy
    • Disclaimer
    • Terms and Conditions
    • Contact
You are here: Home / Archives for singapore

singapore

Singapore Regulator Says It Will Not Tolerate Bad Crypto Behaviour

June 23, 2022 by Vignesh Karunanidhi

According to the Monetary Authority of Singapore’s (MAS) top fintech officer, Sopnendu Mohanty, the sector would not accept bad behavior in the crypto ecosystem.

Mohanty’s remarks come amid turmoil in the cryptocurrency market brought on by the failure of two tokens from Singapore-based Terraform Labs, namely terraUSD (UST) and terra (luna), which destroyed $40 billion in investor capital.

“We have no tolerance for any market bad behavior.” “If somebody has done a bad thing, we are brutal and unrelentingly hard.”

Mohanty told The FT in an interview

Another Singapore-based cryptocurrency company, hedge fund Three Arrows Capital, has had difficulties as a result of Terra’s collapse. The fund’s investment in luna experienced huge losses, and the ensuing market crisis required forced liquidations.

Several lenders, notably BlockFi and Voyager, are having financial issues as a result of Three Arrows Capital’s inability to service its loans. Recently, both acquired credit lines from Alameda Research.

Singapore’s regulator won’t grant licenses easily, says Mohanty

He continued by saying that the MAS would be cautious to provide licenses to cryptocurrency companies. In order to license cryptocurrency enterprises, the government has implemented a “painfully long” and “very rigorous due diligence process,” according to him.

So far, the MAS has only approved 14 companies to offer crypto services. The regulator handed Crypto.com, Genesis, and the cryptocurrency trading platform Sparrow in-principle clearance earlier this week.

Overall, Singapore’s opinion of the cryptocurrency industry has changed significantly. Prior to recently, the nation actively courted the industry, but as a result of its stricter stance, crypto companies have relocated to other nations, notably Dubai.

Filed Under: News, World Tagged With: Crypto, singapore

Crypto.com Receives In-principal Approval From MAS for Its Crypto License

June 22, 2022 by Vignesh Karunanidhi

Crypto.com received approval from the Monetary Authority of Singapore to function and provide its services. Three further in-principle approvals have been given by Singapore for its highly sought-after digital payment token (DPT) license, which enables businesses to provide digital assets services.

The Monetary Authority of Singapore (MAS) did not identify the applicants, but the well-known cryptocurrency exchange Crypto.com later revealed that it was one of the recipients in a press release. The license will allow the exchange to establish its services in Singapore.

Deputy Prime Minister Heng Swee Keat made the announcement on Wednesday (Jun 22) in a speech in which he reaffirmed Singapore’s intention to collaborate with blockchain and digital asset players.

The news comes amidst Crypto.com laying off 5% of employees

As of the end of May, MAS had received 196 applications. There are now 108 applications being reviewed; 3 have been declined, and 74 have been withdrawn. Coinhako, DBS Vickers, a trading firm, and Triple-A, a supplier of cryptocurrency payments, are among the licensees.

Heng said that by supporting the benefits of Web3 while minimizing its drawbacks, authorities and the fintech sector would work together to build the ecosystem responsibly.

“We are committed to partner innovative and responsible players to grow the Web 3.0 ecosystem and community in Singapore.”

Heng Swee Keat

Heng’s remarks follow a digital asset market collapse that has caused some firms to go into financial trouble. Policymakers throughout the world have indicated an interest in making their nations into crypto hubs as interest in Web3 technology is at an all-time high.

The role of Singapore as a global hub for Web3 has come under scrutiny in recent months as complaints about how simple it is to get a license have grown. Some people in the sector have suggested Dubai as a more cryptocurrency-friendly option because of its aspirations to become a Web3 hub.

Filed Under: World, News Tagged With: Crypto.com, singapore

This Singaporean Exchange Accepts Crypto To Attract High-Net-Worth Clients

June 9, 2022 by Lipika Deka

Singapore-based trading platform ADDX has become the first financial firm in the city-state to accept cryptocurrencies as proof of accredited investor status or in other words high-net-worth clients. The recognized assets are Bitcoin [BTC], Ethereum [ETH], and Tether [USDC].

ADDX in a statement on Wednesday stated that it would recognize only those cryptocurrencies that have a higher market cap and would apply discount rates when valuing these assets.

Doubling down on the digital assets market, ADDX CEO Oi-Yee Choo said,

“Cryptocurrencies are here to stay. They no longer exist only on the fringes of wealth and investment conversations”.

“With a large minority of investors owning crypto, it is reasonable for these digital assets to be recognized as a part of one’s portfolio – not unlike any other assets that can be valued in the marketplace, such as real estate or equity,” Choo added.

Under Singapore’s law, individuals need to have at least $217,991 of income from the past 12 months, $1 million in net financial assets, or $2 million in net personal assets to qualify as accredited investors.

ADDX also divulged that it will accept crypto assets only in the category of net personal assets and will apply a 50% discount rate for bitcoin or ether when calculating the value of these holdings and a 10% discount for USDC stable coin.

On the contrary, Singapore’s Deputy Prime Minister Heng Swee Keat has advised retail Investors to stay clear of cryptocurrencies citing that they are “highly risky.” He stressed, “We cannot express this enough.”

Singapore’s Deputy PM Urged Investors To Refrain From Crypto Trading

Speaking along the sidelines of the recently held Asia Tech x Singapore [ATxSG] summit, the minister took a critical note of the fallout of cryptocurrency terra [LUNA] and algorithmic stablecoin terrausd [UST], where many investors reportedly lost millions and used it as an example to support his point.

Singapore has maintained a cautious approach toward crypto, with the country’s central bank, the Monetary Authority of Singapore [MAS], as the main regulator of the crypto sector. 

For the last two years, the MAS has only granted licenses and in-principle approvals to 11 digital payment token service providers. As per reports nearly 100 entities have failed to meet regulator requirements.

Filed Under: Fintech, News Tagged With: ADDX, singapore, Singapore Monetary Authority

Crypto Is Now Accepted at a Singapore Luxury Car Company

April 21, 2022 by Vignesh Karunanidhi

EuroSports Global, a Singaporean luxury automobile dealer, has begun taking crypto payments for Lamborghini and Alfa Romeo vehicles.

EuroSports has collaborated with Fomo Pay, a digital payments startup, to take payments in BTC, ETH, USDT, and USDC for its cars. The startup sees a need to meet “the rising need for flexible and easy-to-use crypto payments” while also lowering transaction fees and simplifying international transactions utilizing crypto.

According to Fomo Pay CEO Louis Liu, the MAS granted the company a digital token payment license in September 2021. 2Tone Antique, a merchant, specializing in vintage high-end timepieces, and Luxehouze, a renowned marketplace for luxury commodities in Asia, use the firm’s intermediary services.

2Tone Vintage intends to attract new customers using Fomo Pay, while Luxehouze wants to prevent currency swings.

Despite the Monetary Authority of Singapore’s warnings that bitcoin trading is dangerous, several establishments in the region are already taking cryptocurrencies as payment.

“Singapore is one of Luno’s main markets, given its position as a worldwide financial center with a progressive business climate,” Sherry Goh, country manager for Singapore at London-based crypto exchange Luno, said.

“Between March 2021 and February 2022, our client base increased by more than 40% year over year,” he added.

Porsche Towson now accepts crypto

Porsche now accepts digital assets payments in the form of Bitcoin, Ethereum, Shiba Inu, and other cryptocurrencies.

On Twitter, Bitpay announced cooperation with Porsche Towson. Users may pay for a Porsche automobile using digital assets, thanks to Bitpay’s integration.

Porsche Towson is a Porsche dealership located in Twoson, Maryland. The store sells both new and used Porsche vehicles. BitPay was founded in 2011 with the goal of making bitcoin payments easier for companies. BitPay now has over 10,000 businesses that utilize it to make bitcoin transactions easier.

Companies like BitPay, which allow retailers and even real estate brokers to accept payments in numerous digital assets, are poised to pull business away from traditional banks.

According to Deloitte, firms may handle crypto payments without keeping bitcoin on their balance sheet by using an intermediary that converts back and forth between cryptocurrencies and fiat.

This helps to attract new clients in the near term, with the third party considering most of the risk and regulatory requirements.

Filed Under: World, News Tagged With: Luxury car company, singapore, US

Overseas Crypto Firms Require Singapore’s Stamp Of Approval

April 5, 2022 by Lipika Deka

Singapore’s ambition to be the global hub of crypto received a major boost when the nation’s parliament gave its consent to a law that aimed to bring foreign digital asset firms operating in the city-state under its ambit. According to sources, the new legislation will require overseas virtual asset service providers [VASPs] in the region to be licensed.

At present, such firms fall outside the purview of anti-money laundering and terror financing. The new law passed in the legislature on Tuesday is part of a broader effort to combat money laundering and other criminal activities. However, the move sends mixed signals.

This is because it comes at a time when Singapore’s financial regulator has recently prohibited firms in the cryptocurrency space from advertising their services to the public, which points to its cautious approach.

Apart from that, Singapore’s leading bank DBS Bank has made a complete reversal of its plan to extend crypto trading services to retail customers, a few days back. Many believed the decision was taken under regulatory pressure.

The rumors turned true when in an interview, Chief Executive Officer, Piyush Gupta said the local watchdogs were“rightfully concerned” about allowing digital asset services in the retail sector. Besides that, Singapore’s strict regulatory standards became a source of disillusionment for many in the industry.

Is Singapore’s crypto framework a “tall regulatory wall”?

Patrick Chiu, the founder of Hong Kong’s AP Capital, a fund with an expanding digital asset portfolio license said that the city-state has terms and stipulations that “aren’t typical for global exchanges.” “Everyone was welcome to apply”, said Chiu. “But there’s a tall regulatory wall”.

Even Binance who is the biggest player reportedly felt let down by the moves, as it had withdrawn its application for setting up its local affiliate.

Earlier this year, Singaporean regulators banned direct-to-consumer marketing for exchanges and directed crypto ATM operators to turn off their machines. It also placed DeFiance Capital, one of the larger crypto funds in the city-state, on an investor alert list because it was “wrongly perceived as being licensed or regulated by the Monetary Authority of Singapore.”

That said, the city-state has fared relatively well among its regional peers in welcoming the technologies of cryptocurrency and has launched a framework for legalizing the industry. In contrast to that, other Asian nations such as China have opted for a blanket ban.

Filed Under: News Tagged With: crypto firms, Crypto Regulations, singapore

Singapore Finance Minister Reveals That NFT Gains Are Taxable

March 15, 2022 by Vignesh Karunanidhi

Income from NFT trading, according to Singapore’s Finance Minister Lawrence Wong, will be subject to existing income tax restrictions.

According to the Business Times, the minister revealed the information during a Friday statement in parliament.

According to the finance minister, the tax laws will apply to persons who make income from NFT transactions, not to those who generate capital gains from NFT trading. Singapore, in particular, does not have a capital gains tax framework; hence capital gains will not be taxed.

Individuals who participate in NFT trading as full-time employment, on the other hand, will be taxed as if they were earning money.

The Singapore Inland Revenue Authority would consider various factors to assess whether or not an individual is profiting from NFT transactions, including the asset’s type, holding time, purchase purpose, transaction volume, and grounds for sell-off.

Reasonable tax important for crypto investors

Cryptocurrency regulation is becoming increasingly important to regulators. Cryptocurrency and NFT transactions are already subject to taxes in the United States and Australia.

Traders in Australia, for example, are obligated to pay taxes on profits from lucrative NFT trades. When an asset is sold, the government imposes a capital gains tax.

Meanwhile, the Internal Revenue Service in the United States considers digital assets to be property for taxes purposes. When converting a cryptocurrency to money, you must account for any capital gains or losses.

Singapore has among the lowest income tax rates in Asia. Individuals with a high income pay the lion’s share of 22 percent.

At the top end, Indonesia charges 45 percent, while the Philippines charges 35 percent. The lack of capital gains taxes in the country’s tax system has made it appealing to wealthy individuals.

Singapore’s Monetary Authority has stringent laws in place to safeguard bitcoin investors. Paxos, a stable coin issuer, received a preliminary Major Payments Institution license from the government, making it the first blockchain business to get regulatory control.

Startups with a maximum of 20 shareholders are eligible for a three-year tax exemption of up to $125,000 on the first $200,000 in earnings.

Singapore boasts arguably of the world’s most lenient cryptocurrency legislation. Although cryptocurrency is not legal cash, it may be utilized in various highly regulated trade situations.

Filed Under: News, Blockchain, World Tagged With: NFT, NFT tax, singapore

Over $7 Million in Stolen Crypto Frozen by Singapore High Court

March 5, 2022 by Vignesh Karunanidhi

The Singapore High Court has found favor of the crypto victim whose digital assets were taken by unknown individuals.

People are more confident in recovering stolen digital assets from fraudulent parties now that cryptocurrencies are being recognized by the government and law enforcement.

According to a local news station, an overheard exchange resulted in the theft of one American entrepreneur’s digital assets. The entrepreneur instructed his pal to take some money out after revealing the combination of a safe containing the recovery seeds.

However, when the friend repeated the combination out loud, he had several more individuals with him.

The entrepreneur realized the next day that enormous sums of Bitcoin and Ethereum, totaling over $8.6 million, had been transmitted to an unknown wallet address.

He requested that the Singapore High Court examine the theft of about 110 BTC ($4.56 million at current rates) and just under 1500 ETH (nearly $4.1 million at current prices).

Fortunately, $1 million in Bitcoin was identified and linked to two local crypto exchanges, who were compelled to freeze the remaining monies in the digital wallets associated with the transaction.

Soaring crypto scams

According to William E. Quigley, a significant investor, and co-founder of the WAX blockchain, “Olympic-level fraudsters” have discovered new opportunities for illicit behavior with the recent boom in cryptocurrency interest.

Quigley claimed last month at a panel discussion hosted by blockchain firm Light Node Media that the high-tech side of crypto will continue to attract cunning criminals.

Consider the recent “Squid Game” scam, in which investors say that a new SQUID cryptocurrency token and its accompanying immersive online game were nothing more than a ruse.

The inventors, according to investors, vanished as the currency’s value skyrocketed, and they appeared to have paid out more than $3 million.

To be clear, while investment scams are the most profitable way to obtain bitcoin, con artists will use any story that convinces individuals to send money in cryptocurrency. Impersonating a government institution or a well-known firm is a typical example.

Most passive investors should keep digital assets holdings to less than 5% of their portfolios, according to financial experts, and never invest in cryptocurrency at the expense of saving for emergencies or paying off high-interest debt.

Filed Under: News, Crypto Scam, Cyber Security, World Tagged With: Crypto, High court, singapore

Singapore’s Temasek-led funding round raises Amber’s valuation by $3B

February 23, 2022 by Lipika Deka

Singapore’s native investment firm Temasek Holdings was among the top investors to lead a $200 million funding round for a leading global digital asset platform Amber Group boosting its valuation by $3 billion, just weeks amidst the city-state clamp down on marketing by crypto firms. 

Others who participated in the Series B extension round include Sequoia China, Pantera Capital, and Tiger Global Management according to the press release by Amber Group via Twitter on 22nd February 2022.

Singapore is one of Asia’s most sought-after markets for crypto startups, and Temasek and its subsidiaries have made several investments in the past year. Chief Executive Officer Michael Wu said that Amber deliberately extended its Series B funding round, which was originally announced back in June, in order to onboard Temasek as an investor. 

Wu in an interview said, “They are very strategic, so we made this special effort to bring them in.” The chief exec also revealed that Amber may seek another funding round later this year ahead of an initial public offering that could take place in the second half of 2023, most probably in the U.S.

Furthermore Amber plans to utilize the proceeds to fund its hiring activities across Europe and America and expand its footprint through a mobile application it launched last year globally, as per the statement.

Crypto and blockchain occupies the major chunk in Singapore’s fintech funding

According to the KPMG Pulse of FinTech 2021 report, a record 191 fintech deals drove Singapore’s fintech investment to $3.94 billion last year. Of that, crypto and blockchain funding occupies the major part with $1.48 billion in size with 82 deals. The exponential growth of investment reflects the growing recognition of the potential role of crypto and its underlying technologies in legacy financial systems.

Anton Ruddenklau, Global Fintech Leader at KPMG believes that cryptocurrencies and blockchain are expected to remain the most preferred areas of investment in 2022, with more crypto firms seeking regulatory clearance in order to help boost and develop the space. In Singapore especially, the rise in crypto investments has managed to surpass that of payments which held the top spot so far.

Filed Under: World, News Tagged With: Amber group, singapore, Temasek Holdings

Singapore’s DBS Bank eyes crypto expansion in retail by the end of 2022

February 15, 2022 by Lipika Deka

Leading Singaporean DBS Bank has announced its intention to launch a retail crypto trading desk by the end of the year after opening an institutional digital asset trading desk back in 2021. Speaking in relation to the platform releasing its fourth-quarter results on Monday, CEO Piyush Gupta accepted that while there is still more work to be done, the bank still expects that it will be operational by the end of 2022.

Furthermore, the chief exec said that the bank would work its first half of this year on improving the user interface of the proposed digital assets trading desk.

Not only that, there would be relevant facilities by which users can place orders on the cryptocurrency over the phone, by contacting a bank representative. As per Gupta, the idea is to make it available online and as a self-service option.

However, additional information concerning the crypto trading platform, such as whether one would be able to move digital assets acquired on it to other platforms or crypto wallets, has not yet been specified by DBS. 

DBS is on the move

The bank only recently has increased the trading hours of the desk to be 24/7 to match the pace of crypto. Before that, trading was done on bankers’ hours within Singapore’s time zone. That said, a licensing framework for retail exchanges is in place with the Monetary Authority of Singapore [MAS]. 

Looks like the increased level of interest in the Metaverse has finally caught up with the bank. A senior investment strategist at DBS Bank Daryl Ho said in late November that industry leaders who are already embracing the digitalization trends of digital assets and engaging in the movement will enjoy the advantages of the Metaverse.

Last year DBS issued a $15 million bond as a Security Token Offering [STO]. STOs are regulated token offerings, often seen as ‘legitimate’ ICOs. But the offering did not garner much attention in Asia. 

Some experts sought to provide an explanation for that. According to them the nature of STOs needing to stay within the confines of a ‘securities clearinghouse’ is contradictory to the basic idea of crypto and thus won’t attract much interest from investors.

Filed Under: Fintech, News Tagged With: Crypto Adoption, dbs bank, singapore

Binance Singapore abandons plan for its Local Crypto Exchange

December 13, 2021 by Lipika Deka

Binance’s Singapore branch- Binance Asia Services [BAS] has announced its intention to revoke its application efforts for a crypto license in the city-state and would wrap up its digital payment token [DPT] services in its local affiliate by 13 February 2022. Revealing more in the latest press release, the crypto giant noted that new users would be prohibited to open positions and the existing ones will be required to close their crypto and fiat portfolios from the local site, Binance.sg.nd by the abovementioned date.

The blog post added that the decision was not easy and expressed regret for the same. Richard Teng, Chief Executive Officer at the firm stated,

We always put our users first, so our decision to close Binance.sg was not taken lightly. Our immediate priority is to help our users in Singapore transition their holdings to other wallets or other third-party services.

Notably, the local arm of the crypto firm was among 170 entities that had applied to the Monetary Authority of Singapore [MAS] for a license to offer digital asset services. The CZ-led exchange had been operating under a temporary exemption under the city-state’s Payment Services Act [PS Act]. In a nutshell, the Binance Asia Services license was still under consideration from the regulator.

On December 8, this year, the local arm of the trading platform made an investment in Hg Exchange [HGX], a regional private security exchange, enabling it to obtain an 18% stake following which the platform announced its intention to work in collaboration with HGX ​to promote the blockchain ecosystem in the region.

The reason behind Binance’s exit from Singapore

The latest decision to withdraw its applications from the region was not strange as the trading platform has been contemplating for a while, as per earlier reports that hinted at a possibility of plans to scrap its application and look elsewhere. Apart from that, the increasing regulatory scrutiny from different regions around the world, while its application was still under review from the Monetary Authority of Singapore further exacerbated the decision to look for safer options.

Besides that, in September this year, MAS added the trading firm to its list of Investor’s Alert that contains a number of unregulated platforms that have been falsely perceived as being licensed or regulated by the authority. Soon after that, a representative of the crypto exchange cleared up that their two units, Binance.com and Binance Singapore [Binance.sg] are separate entities.

Filed Under: World, News Tagged With: Binance, Crypto Regulations, singapore

  • Go to page 1
  • Go to page 2
  • Go to page 3
  • Go to page 4
  • Go to Next Page »

Primary Sidebar

Recent Posts

  • Shiba Inu Retains The Largest Token Position Among Top ETH Whales June 26, 2022
  • Tron’s [TRX] Total Users Tap 100M; Justin Sun Says ‘Just A Beginning’ June 26, 2022
  • Cardano’s IOHK Weekly Report: Hoskinson’s ‘Beef’ With Solana & Much More June 26, 2022
  • Bitcoin Price Slump Lead to Miners’ Loan Piling Up By $4B June 25, 2022
  • MATIC Making Huge Moves As Price Leaps By 93% In 6 days June 25, 2022

Footer

News

  • Altcoin News
  • Bitcoin News
  • Blockchain
  • Tron News
  • World

Digest

  • Meet the Founder
  • Price Winning Article
  • DeFi
  • Cyber Security
  • Crypto Scam

Industry

  • Project Review
  • Technology
  • Fintech
  • Tron Exchange
  • New in Town

Tron Universe

  • Event and Tron Parties
  • New in Town
  • Tron Tokens

Follow Us

Subscribe US

Copyright © 2022 · Tron Weekly. All Rights Reserved. NOTE: Tron Weekly is an independent crypto news site that adheres to the strict journalism policy anchored on transparency, trust, and objectivity, we have no affiliation with the TRON Foundation, its founder Justin Sun or any other cryptocurrency firm.