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The Monetary Authority of Singapore (MAS) has reiterated that cryptocurrency exchanges need to conform to restrictions on Russian users imposed over Moscow’s invasion of Ukraine. The reminder comes after researchers established that pro-Russia activists have raised millions of dollars in digital assets to support its war effort. Singapore Says Measures Targeting
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Project Mariana, coordinated by the Innovation Hub of the Bank for International Settlements (BIS), is looking at whether protocols used in intermediary-free decentralized finance (DeFi) can replace traditional, more laborious processes for matching buyers and sellers of different fiat currencies. Source
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The banks involved in the pilot were DBS, JPMorgan, and SBI Digital Asset. Source
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DBS Bank, a major financial services group in Asia, is applying decentralized finance (DeFi) for a project backed by Singapore’s central bank.DBS has started a trading test of foreign exchange (FX) and government securities using permissioned, or private, DeFi liquidity pools, the firm announced on Nov. 2.The development is part
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Circle, which sought a Major Payments Institution License from the Singapore central bank, can now offer cross-border and domestic payment services, according to a press release. The company, which is behind the USDC stablecoin, can also offer token products. Original Source
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"From the start, we’ve been committed to innovating within regulatory frameworks," he said. "We believe blockchain and digital assets will revolutionize finance for everyone around the world, but development of this technology must have clear oversight and consumer protections. We’re excited to have MAS as our regulator, and with their
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“Second, the retail CBDC system will form part of Singapore’s national foundational digital infrastructure, which brings together payments, digital identity and data exchange and authorisation and consent mechanisms to protect the privacy and welfare of individuals more holistically,” the report said. It will be fully interoperable with other payment systems. Original
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Do Kwon, the co-founder of Terraform Labs who may be facing legal actions in South Korea and the United States, is also the target of a lawsuit in Singapore along with the Luna Foundation Guard, or LFG, and Terra founding member Nicholas Platias.In a lawsuit filed in Singapore’s high court
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The government of Singapore has revealed the number of crypto scams reported to the police in the past three years. “The vast majority of cryptocurrency scams are perpetrated by scammers based outside Singapore. As such, there is a limit to how much law enforcement agencies in Singapore can do,” said
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Financial authorities in Singapore have proposed new regulations designed to protect consumers from risks associated with cryptocurrency investment and trading. The measures, which also aim to expand regulations for stablecoins, will be discussed with the industry before their adoption. Singapore Prepares to Tighten Cryptocurrency Regulations, Limit Public Access to Digital Assets The
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