Maldives government has announced plans to establish a $9 billion crypto project to position the nation as a global blockchain hub. This initiative focuses on the development of the Maldives International Financial Centre (MIFC) to attract foreign investment and support economic diversification. The plan seeks to establish the island nation as a leader in the […]
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Singapore Teen on Trial in The Us for Crypto Scam Of $240M
A Singaporean teenager, Malone Lam Yu Xuan, is set to face trial for a Bitcoin theft valued at $240 million (S$320 million). The U.S. authorities have accused him of his involvement in a very major crypto crime, which has caused significant financial losses to people. The case has drawn attention due to the scale of […]
Singapore Blocks Polymarket Citing Unlicensed Gambling Operations
Singapore blocks Polymarket for unlicensed gambling, enforcing penalties of up to SG$10,000, six months jail, or both under the Gambling Control Act 2022.
Singapore enforces Strict crypto rules beyond borders: 30 Days Deadline
Singapore, known for its progressive stance on financial technology, has recently expanded its regulatory oversight on cryptocurrency-related activities. The Monetary Authority of Singapore (MAS) announced on Tuesday that it would now regulate custodial services and cross-border money transfers involving digital assets, even if the transactions do not occur within the city-state. This move comes as […]
Paxos Launch Regulatory-Compliant Stablecoin in Singapore
Paxos, a blockchain infrastructure platform, has introduced a new stablecoin pegged to the USD in Singapore following the acquisition of in-principle approval from the Monetary Authority of Singapore [MAS]. The company’s latest stablecoin aligns with MAS’ stablecoin regulatory framework, unveiled on August 15, outlining essential criteria for issuers such as value stability, capital, and redemption […]
MAS Pioneers Large-Scale Asset Tokenization: Details
The Monetary Authority of Singapore, or MAS, has rolled out Project Guardian, a collaborative initiative with the financial industry aimed at expanding asset tokenization initiatives and building foundational capabilities to scale tokenized markets. In accordance with the press release, the project seeks to accelerate institutional adoption of digital assets, aiming to enhance liquidity, unlock investment […]
Standard Chartered Unleash Blockchain Innovation In Singapore
In a strategic move to establish a presence in the Singapore cryptocurrency landscape, StanChart, the venture wing of Standard Chartered, has introduced Libeara, a blockchain platform designed to tokenize traditional financial instruments, with a focus on the Singapore bond fund market. Libeara aims to digitalize financial instruments on blockchains, eliminating the need for third-party intermediaries, […]
Upbit’s Regulatory Victory Ignites Singapore’s Crypto Scene
Upbit, the South Korean cryptocurrency exchange, is making waves in the global crypto industry with its recent in-principle approval from the Monetary Authority of Singapore (MAS) for a Major Payment Institution (MPI) license. This regulatory green light represents a significant step in the company’s expansion strategy, positioning Singapore as a key hub for the exchange’s […]
Singapore Forms Committee to Bolster AML Measures, Crypto Impact Looms
The Singapore government has embarked on a bold step by forming an inter-departmental committee comprising members from key ministries including MAS [Monetary Authority of Singapore], MHA [Ministry of Home Affairs], MinLaw [Ministry of Law], MOM [Ministry of Manpower], and MTI [Ministry of Trade and Industry]. The committee’s primary mandate is to strengthen anti-money laundering measures. […]
Singapore Grants Licenses To Crypto Firms With Strong AML Measures
In the latest stride against money laundering, Singapore has granted operational licenses to cryptocurrency enterprises demonstrating robust Anti-Money Laundering (AML) controls. The move signifies the MAS’s unwavering commitment to maintaining the highest standards of financial integrity. Contrary to recent criticisms, MAS asserted that businesses still need to meet the criteria for participation in its FinTech […]