1. Home
  2. #Singapore

Tag: #Singapore

South Korean prosecutors have reportedly requested Interpol intervene of their case towards Terra co-founder Do Kwon by issuing a “Red Notice” — suggesting world regulation enforcement companies might try to seek out and detain him.According to a Monday report from the Financial Times, the Seoul Southern District prosecutors’ workplace mentioned it had “begun the procedure” to put Kwon on Interpol’s Red Notice record following steps to revoke the Terra co-founder’s passport whereas he was in Singapore. Interpol’s web site states {that a} Red Notice is requested by authorities “locate and provisionally arrest a person pending extradition, surrender, or similar legal action,” however the company can’t compel native regulation enforcement to arrest the topic of such discover.“We are doing our best to locate and arrest [Kwon],” a spokesperson for the prosecutors’ workplace reportedly mentioned. “He is clearly on the run as his company’s key finance people also left for the same country during that time.”Kwon has continued to be energetic on social media amid potential arrest and prosecution. Cointelegraph reported on Sunday that the Terra co-founder claimed he was “not ‘on the run’ or anything similar” however didn’t reveal his location — his Twitter account nonetheless confirmed him in Singapore on the time of publication. Reuters reported on Saturday that authorities in Singapore mentioned Kwon was not within the nation, having relocated there from South Korea in April. Dear CT – I’ll inform you what i’m doing and the place i’m if: 1) we’re friends2) we’ve got plans to meet3) we’re concerned in a gps primarily based web3 sport Otherwise you don’t have any enterprise understanding my gps coordinates— Do Kwon  (@stablekwon) September 17, 2022

The ongoing saga with Kwon and Terra began in May when the mission’s algorithmic stablecoin TerraUSD Classic (USTC) — initially TerraUSD (UST) — depegged from the U.S. greenback and dropped to nearly zero inside weeks. The value of Terra (LUNA) — now Terra Classic (LUNC) — additionally crashed amid liquidity points reported at platforms together with Celsius.Kwon, sure Terra staff and the corporate had been the goal of an investigation by South Korean monetary authorities, who reportedly raided the workplaces of crypto exchanges Upbit, Bithumb, Coinone, Korbit and Gopax in July. On Sept. 14, a South Korean courtroom reportedly issued a warrant for the arrest of Kwon and 5 people linked to Terra for allegedly violating capital markets legal guidelines. However, South Korea has no extradition settlement with Singapore. Related: South Korean prosecutors apply to revoke Do Kwon and different Terra staff’ passportsAccording to Interpol, there are at present 7,151 people publicly named on the company’s Red Notice record out of 69,270. At the time of publication, Kwon was not amongst them and the one South Korean nationwide so named was 59-year-old Lee Changhwan, wished by Indian authorities.

South Korean prosecutors have reportedly requested Interpol intervene of their case towards Terra co-founder Do Kwon by issuing a “Red Notice” — suggesting world regulation enforcement companies might try to seek out and detain him.According to a Monday report from the Financial Times, the Seoul Southern District prosecutors’ workplace mentioned it had “begun the procedure” to put Kwon on Interpol’s Red Notice record following steps to revoke the Terra co-founder’s passport whereas he was in Singapore. Interpol’s web site states {that a} Red Notice is requested by authorities “locate and provisionally arrest a person pending extradition, surrender, or similar legal action,” however the company can’t compel native regulation enforcement to arrest the topic of such discover.“We are doing our best to locate and arrest [Kwon],” a spokesperson for the prosecutors’ workplace reportedly mentioned. “He is clearly on the run as his company’s key finance people also left for the same country during that time.”Kwon has continued to be energetic on social media amid potential arrest and prosecution. Cointelegraph reported on Sunday that the Terra co-founder claimed he was “not ‘on the run’ or anything similar” however didn’t reveal his location — his Twitter account nonetheless confirmed him in Singapore on the time of publication. Reuters reported on Saturday that authorities in Singapore mentioned Kwon was not within the nation, having relocated there from South Korea in April. Dear CT – I’ll inform you what i’m doing and the place i’m if: 1) we’re friends2) we’ve got plans to meet3) we’re concerned in a gps primarily based web3 sport Otherwise you don’t have any enterprise understanding my gps coordinates— Do Kwon (@stablekwon) September 17, 2022 The ongoing saga with Kwon and Terra began in May when the mission’s algorithmic stablecoin TerraUSD Classic (USTC) — initially TerraUSD (UST) — depegged from the U.S. greenback and dropped to nearly zero inside weeks. The value of Terra (LUNA) — now Terra Classic (LUNC) — additionally crashed amid liquidity points reported at platforms together with Celsius.Kwon, sure Terra staff and the corporate had been the goal of an investigation by South Korean monetary authorities, who reportedly raided the workplaces of crypto exchanges Upbit, Bithumb, Coinone, Korbit and Gopax in July. On Sept. 14, a South Korean courtroom reportedly issued a warrant for the arrest of Kwon and 5 people linked to Terra for allegedly violating capital markets legal guidelines. However, South Korea has no extradition settlement with Singapore. Related: South Korean prosecutors apply to revoke Do Kwon and different Terra staff’ passportsAccording to Interpol, there are at present 7,151 people publicly named on the company’s Red Notice record out of 69,270. At the time of publication, Kwon was not amongst them and the one South Korean nationwide so named was 59-year-old Lee Changhwan, wished by Indian authorities.

South Korean prosecutors have reportedly requested Interpol intervene of their case towards Terra co-founder Do Kwon by issuing a “Red Notice” — suggesting world regulation enforcement companies might try to seek out and detain him.…

Do Kwon, the co-founder of the Terra ecosystem, took to Twitter on Saturday asserting he’s “not ‘on the run’ or anything similar” after the Singapore Police Force (SPF) mentioned Kwon wasn’t within the city-state.On Sept. 14, South Korean authorities issued an arrest warrant for Kwon and 5 different associates for alleged violations of the nation’s capital markets legal guidelines. All had been identified to be in Singapore on the time, with prosecutors additionally making an attempt to revoke their passports a day in a while Sept. 15.“For any government agency that has shown interest to communicate, we are in full cooperation and we don’t have anything to hide,” Kwon tweeted.I’m not “on the run” or something related – for any authorities company that has proven curiosity to speak, we’re in full cooperation and we don’t have something to cover— Do Kwon  (@stablekwon) September 17, 2022

Kwon didn’t reveal the place he was, saying crypto Twitter has “no business knowing my GPS coordinates.” He added they’re defending themselves in “multiple jurisdictions” and stay up for “clarifying the truth over the next few months.”We are within the technique of defending ourselves in a number of jurisdictions – we’ve got held ourselves to a particularly excessive bar of integrity, and stay up for clarifying the reality over the following few months— Do Kwon  (@stablekwon) September 17, 2022

Singapore doesn’t have an extradition treaty with South Korea, however the SPF acknowledged it’ll help Korean authorities throughout the scope of its home legal guidelines and worldwide obligations and didn’t present any additional particulars.In May, the Terra ecosystem Kwon co-founded arguably had the most important crash in cryptocurrency historical past after its algorithmic stablecoin TerraUSD Classic (USTC), initially TerraUSD (UST) misplaced its US greenback peg to hit a low of $0.006 in June.Its sister asset, now referred to as Terra Luna Classic (LUNC) met an identical destiny with an all-time low of $0.0000009 in May after hitting its all-time excessive of over $119 the month prior. The twin collapses triggered panic amongst merchants, with promoting stress resulting in a wider collapse within the digital asset market.Related: Collapse of Terra blockchain ecosystem forces expertise migrationPreviously, South Korean prosecutors banned Terra staff from leaving the nation in June to cease the opportunity of them fleeing to keep away from investigation, Do Kwon was already residing in Singapore on the time.In July, South Korean authorities raided 15 corporations together with seven crypto exchanges related to the collapse of Terra reportedly getting access to information associated to USTC and LUNC transactions.

Do Kwon, the co-founder of the Terra ecosystem, took to Twitter on Saturday asserting he’s “not ‘on the run’ or anything similar” after the Singapore Police Force (SPF) mentioned Kwon wasn’t within the city-state.On Sept. 14, South Korean authorities issued an arrest warrant for Kwon and 5 different associates for alleged violations of the nation’s capital markets legal guidelines. All had been identified to be in Singapore on the time, with prosecutors additionally making an attempt to revoke their passports a day in a while Sept. 15.“For any government agency that has shown interest to communicate, we are in full cooperation and we don’t have anything to hide,” Kwon tweeted.I’m not “on the run” or something related – for any authorities company that has proven curiosity to speak, we’re in full cooperation and we don’t have something to cover— Do Kwon (@stablekwon) September 17, 2022 Kwon didn’t reveal the place he was, saying crypto Twitter has “no business knowing my GPS coordinates.” He added they’re defending themselves in “multiple jurisdictions” and stay up for “clarifying the truth over the next few months.”We are within the technique of defending ourselves in a number of jurisdictions – we’ve got held ourselves to a particularly excessive bar of integrity, and stay up for clarifying the reality over the following few months— Do Kwon (@stablekwon) September 17, 2022 Singapore doesn’t have an extradition treaty with South Korea, however the SPF acknowledged it’ll help Korean authorities throughout the scope of its home legal guidelines and worldwide obligations and didn’t present any additional particulars.In May, the Terra ecosystem Kwon co-founded arguably had the most important crash in cryptocurrency historical past after its algorithmic stablecoin TerraUSD Classic (USTC), initially TerraUSD (UST) misplaced its US greenback peg to hit a low of $0.006 in June.Its sister asset, now referred to as Terra Luna Classic (LUNC) met an identical destiny with an all-time low of $0.0000009 in May after hitting its all-time excessive of over $119 the month prior. The twin collapses triggered panic amongst merchants, with promoting stress resulting in a wider collapse within the digital asset market.Related: Collapse of Terra blockchain ecosystem forces expertise migrationPreviously, South Korean prosecutors banned Terra staff from leaving the nation in June to cease the opportunity of them fleeing to keep away from investigation, Do Kwon was already residing in Singapore on the time.In July, South Korean authorities raided 15 corporations together with seven crypto exchanges related to the collapse of Terra reportedly getting access to information associated to USTC and LUNC transactions.

Do Kwon, the co-founder of the Terra ecosystem, took to Twitter on Saturday asserting he’s “not ‘on the run’ or anything similar” after the Singapore Police Force (SPF) mentioned Kwon wasn’t within the city-state. On…

The Monetary Authority of Singapore, or MAS, has granted SBI Digital Markets, a subsidiary of the digital asset arm of Japan-based monetary large SBI Holdings, a license to conduct sure regulated actions within the nation.In a Thursday announcement, MAS stated it had awarded SBI Digital Markets a Capital Markets Services license following the agency receiving in-principle approval in May. The agency, whose mother or father firm presents digital asset custody and buying and selling, will probably be offering custodial companies, capital markets merchandise and company finance advisory companies in Singapore as a regulated enterprise. It additionally plans to launch a digital asset securities platform.“This is an exciting milestone for SBI Digital Markets, which will play a major part in SBI DAH’s core mission to re-imagine and transform capital markets and banking value chains through the deployment of digital technology,” stated SBI Digital Asset Holdings CEO Fernando Luis Vázquez Cao.SBI Digital Markets is a subsidiary of SBI Digital Asset Holdings, the digital asset arm of one of many largest monetary establishments in Japan, SBI Holdings. The firm lately ceased all mining operations in Russia as a result of crypto winter and the nation’s position within the warfare on Ukraine. SBI Holdings additionally reported in August that certainly one of its investees, Clear Markets, acquired approval from the U.S. Commodity Futures Trading Commission to supply over-the-counter crypto derivatives merchandise with a bodily settlement. Related: Singapore MAS examines crypto companies forward of recent rules: ReportAs the principal monetary regulator in Singapore, the MAS has the authority to grant licenses to corporations aiming to supply crypto-related companies to the nation’s residents — the world is presently house to crypto trade Crypto.com and the founding father of the Terraform Labs, Do Kwon. Filecoin service supplier RRMine Global introduced on Tuesday that it deliberate to relocate its headquarters to Singapore in response to “tightened restrictions on cryptocurrency usage” in China.

The Monetary Authority of Singapore, or MAS, has granted SBI Digital Markets, a subsidiary of the digital asset arm of Japan-based monetary large SBI Holdings, a license to conduct sure regulated actions within the nation.In a Thursday announcement, MAS stated it had awarded SBI Digital Markets a Capital Markets Services license following the agency receiving in-principle approval in May. The agency, whose mother or father firm presents digital asset custody and buying and selling, will probably be offering custodial companies, capital markets merchandise and company finance advisory companies in Singapore as a regulated enterprise. It additionally plans to launch a digital asset securities platform.“This is an exciting milestone for SBI Digital Markets, which will play a major part in SBI DAH’s core mission to re-imagine and transform capital markets and banking value chains through the deployment of digital technology,” stated SBI Digital Asset Holdings CEO Fernando Luis Vázquez Cao.SBI Digital Markets is a subsidiary of SBI Digital Asset Holdings, the digital asset arm of one of many largest monetary establishments in Japan, SBI Holdings. The firm lately ceased all mining operations in Russia as a result of crypto winter and the nation’s position within the warfare on Ukraine. SBI Holdings additionally reported in August that certainly one of its investees, Clear Markets, acquired approval from the U.S. Commodity Futures Trading Commission to supply over-the-counter crypto derivatives merchandise with a bodily settlement. Related: Singapore MAS examines crypto companies forward of recent rules: ReportAs the principal monetary regulator in Singapore, the MAS has the authority to grant licenses to corporations aiming to supply crypto-related companies to the nation’s residents — the world is presently house to crypto trade Crypto.com and the founding father of the Terraform Labs, Do Kwon. Filecoin service supplier RRMine Global introduced on Tuesday that it deliberate to relocate its headquarters to Singapore in response to “tightened restrictions on cryptocurrency usage” in China.

The Monetary Authority of Singapore, or MAS, has granted SBI Digital Markets, a subsidiary of the digital asset arm of Japan-based monetary large SBI Holdings, a license to conduct sure regulated actions within the nation.…

RRMine Global, a Filecoin service supplier providing world cloud-computing asset administration, introduced Wednesday that it has shut down enterprise operations in mainland China and is relocating its headquarters to Singapore. The firm mentioned the choice to maneuver nations and launch upgrades to their system got here after the it rebranded from RRMine to RRMine Global. RRMine Global is ending its operations in Mainland China after the Chinese authorities tightened cryptocurrency restrictions, signaling the federal government’s dedication to closely regulating the Web3 trade. Steve Tsou, the worldwide CEO of RRMine Global, shared: “Very much like other entrepreneurs, we want the best for our company, employees, and community. The decision has been made after a profound examination and multiple discussions.”Singapore looks like an apparent alternative for the undertaking, as many Chinese Web3 corporations have already made their transfer to the nation. Singapore gives a comparatively balanced regulatory method towards the rising crypto trade and has a fame for being one of many world’s main open economies. The firm additionally revealed the official launch of a brand new improve service, R-Datacap storage, which is predicted to scale back operational prices and improve yield effectivity. CEO, Steve Tsou shared, “We are taking the lead in Web3.0 technology research and development to create a more efficient system for tackling the issue. Data storage providers will receive ten times the output incentive under the FIP-0012 proposal, which Filecoin approved. We are excited to bring this innovation to RRMine Global and Filecoin users very soon. It will undoubtedly be a game changer for our storage industry.”

RRMine Global, a Filecoin service supplier providing world cloud-computing asset administration, introduced Wednesday that it has shut down enterprise operations in mainland China and is relocating its headquarters to Singapore. The firm mentioned the choice to maneuver nations and launch upgrades to their system got here after the it rebranded from RRMine to RRMine Global. RRMine Global is ending its operations in Mainland China after the Chinese authorities tightened cryptocurrency restrictions, signaling the federal government’s dedication to closely regulating the Web3 trade. Steve Tsou, the worldwide CEO of RRMine Global, shared: “Very much like other entrepreneurs, we want the best for our company, employees, and community. The decision has been made after a profound examination and multiple discussions.”Singapore looks like an apparent alternative for the undertaking, as many Chinese Web3 corporations have already made their transfer to the nation. Singapore gives a comparatively balanced regulatory method towards the rising crypto trade and has a fame for being one of many world’s main open economies. The firm additionally revealed the official launch of a brand new improve service, R-Datacap storage, which is predicted to scale back operational prices and improve yield effectivity. CEO, Steve Tsou shared, “We are taking the lead in Web3.0 technology research and development to create a more efficient system for tackling the issue. Data storage providers will receive ten times the output incentive under the FIP-0012 proposal, which Filecoin approved. We are excited to bring this innovation to RRMine Global and Filecoin users very soon. It will undoubtedly be a game changer for our storage industry.”

RRMine Global, a Filecoin service supplier providing world cloud-computing asset administration, introduced Wednesday that it has shut down enterprise operations in mainland China and is relocating its headquarters to Singapore.  The firm mentioned the choice…

The courtroom drama behind the acquisition of South Korean crypto alternate Bithumb has been occurring for a number of years, however in an surprising improvement, a Singapore courtroom has made a ruling towards Kim Byung-gun, who has initially accused the proprietor of Bithumb, Lee Jung-hoon, in defrauding him. According to the South Korean publication Aju Daily, on Aug. 26, after three years of proceedings, a courtroom in Singapore discovered Kim responsible of promoting BXA cash with out the permission of his accomplice Lee and ordered him to return the proceeds gained from the sale of cash to Singapore-based consortium BTHMB. The determination of this civil case would possibly have an effect on the trial courtroom, that has been held in South Korea. In that case, Kim accused Lee of defrauding him within the strategy of a collectively deliberate acquisition of Bithumb. Related: South Korean authorities raid 15 entities linked to Terra collapse: ReportAs his narrative goes, in October 2018, Lee Jung-hoon mentioned the acquisition and joint administration of the Korean alternate with the chairman of BK Group and the founding father of a line of beauty surgical procedure clinics, Kim Byung-gun. Partners registered the BTHMB consortium to purchase out a 50% stake in Bithumb Holdings — Lee reportedly acquired $100 million upfront as a “contract fee” from Kim, one other a part of the funds, demanded to shut the acquisition, ought to have come from the sale of BXA cash issued by BTHMB. Yet the token was by no means listed and the consortium didn’t take over Bithumb because it didn’t pay the stability. Kim filed a grievance towards Lee in a Korean courtroom in 2020. But even beforehand, in 2019, Lee accused his ex-partner of promoting BXA tokens on his behalf in Singaporean courtroom.Meanwhile, Bithumb casually continues its operation — in January 2022, it confirmed the event of a nonfungible token alternate that might assist it keep aggressive with Korbit and Upbit, two different home Korean exchanges. In July, the present proprietor of Bithumb, Koren firm Vidente, revealed that it has contacted FTX with reference to a potential sale of its stake.

The courtroom drama behind the acquisition of South Korean crypto alternate Bithumb has been occurring for a number of years, however in an surprising improvement, a Singapore courtroom has made a ruling towards Kim Byung-gun, who has initially accused the proprietor of Bithumb, Lee Jung-hoon, in defrauding him. According to the South Korean publication Aju Daily, on Aug. 26, after three years of proceedings, a courtroom in Singapore discovered Kim responsible of promoting BXA cash with out the permission of his accomplice Lee and ordered him to return the proceeds gained from the sale of cash to Singapore-based consortium BTHMB. The determination of this civil case would possibly have an effect on the trial courtroom, that has been held in South Korea. In that case, Kim accused Lee of defrauding him within the strategy of a collectively deliberate acquisition of Bithumb. Related: South Korean authorities raid 15 entities linked to Terra collapse: ReportAs his narrative goes, in October 2018, Lee Jung-hoon mentioned the acquisition and joint administration of the Korean alternate with the chairman of BK Group and the founding father of a line of beauty surgical procedure clinics, Kim Byung-gun. Partners registered the BTHMB consortium to purchase out a 50% stake in Bithumb Holdings — Lee reportedly acquired $100 million upfront as a “contract fee” from Kim, one other a part of the funds, demanded to shut the acquisition, ought to have come from the sale of BXA cash issued by BTHMB. Yet the token was by no means listed and the consortium didn’t take over Bithumb because it didn’t pay the stability. Kim filed a grievance towards Lee in a Korean courtroom in 2020. But even beforehand, in 2019, Lee accused his ex-partner of promoting BXA tokens on his behalf in Singaporean courtroom.Meanwhile, Bithumb casually continues its operation — in January 2022, it confirmed the event of a nonfungible token alternate that might assist it keep aggressive with Korbit and Upbit, two different home Korean exchanges. In July, the present proprietor of Bithumb, Koren firm Vidente, revealed that it has contacted FTX with reference to a potential sale of its stake.

The courtroom drama behind the acquisition of South Korean crypto alternate Bithumb has been occurring for a number of years, however in an surprising improvement, a Singapore courtroom has made a ruling towards Kim Byung-gun,…

The enterprise capital market of the cryptocurrency business is holding robust regardless of the crypto winter as main government-linked corporations reportedly proceed betting on large business gamers.Singapore state-owned funding agency Temasek is becoming a member of a $100 million funding spherical for the blockchain and enterprise studio Animoca Brands, Bloomberg reported on Tuesday. According to the report, Temasek will lead Animoca’s financing spherical by way of convertible bonds.Both Animoca and Temasek are identified for investing in main crypto corporations. In March 2022, each corporations participated in a $200 million funding spherical for the Australian nonfungible token (NFT) platform Immutable.Temasek is a serious crypto-related investor, taking part in a number of funding rounds for main business corporations, together with the Binance crypto change. The agency can also be identified for backing crypto finance service supplier Amber Group earlier this 12 months, alongside engaged on many different business initiatives like a blockchain-based carbon credit score change.Headquartered in Singapore, Temasek is likely one of the world’s greatest buyers. According to official knowledge, Temasek’s Asian portfolio amounted to roughly 403 billion Singapore {dollars}, or $290 billion as of March 2022.Temasek declined to touch upon the report back to Cointelegraph. “As a matter of policy, Temasek does not comment on market speculation and rumors,” a spokesperson for the agency famous.Animoca ​​didn’t instantly reply to Cointelegraph’s request for remark.The report comes shortly after Animoca closed a $75 million funding spherical in July, securing the second tranche of funding following a $360 million elevate in January 2022. The funding was supported by enterprise capital giants like Sequoia China, Winklevoss Capital, Liberty City Ventures, Kingsway Capital, Alpha Wave Ventures and others. The agency is now reportedly valued at $6 billion.Related: Crypto fundraising hits $30.3B in H1, outpacing all of 2021: ReportOn Aug. 26, Animoca’s strategic subsidiary Animoca Brands Japan additionally raised $45 million from main Japanese financial institution MUFG. Focused on cooperative partnerships in Japan for NFT-related enterprise alternatives, Animoca Brands Japan goals to make use of the newly secured funds to develop Web3 merchandise within the nation.

The enterprise capital market of the cryptocurrency business is holding robust regardless of the crypto winter as main government-linked corporations reportedly proceed betting on large business gamers.Singapore state-owned funding agency Temasek is becoming a member of a $100 million funding spherical for the blockchain and enterprise studio Animoca Brands, Bloomberg reported on Tuesday. According to the report, Temasek will lead Animoca’s financing spherical by way of convertible bonds.Both Animoca and Temasek are identified for investing in main crypto corporations. In March 2022, each corporations participated in a $200 million funding spherical for the Australian nonfungible token (NFT) platform Immutable.Temasek is a serious crypto-related investor, taking part in a number of funding rounds for main business corporations, together with the Binance crypto change. The agency can also be identified for backing crypto finance service supplier Amber Group earlier this 12 months, alongside engaged on many different business initiatives like a blockchain-based carbon credit score change.Headquartered in Singapore, Temasek is likely one of the world’s greatest buyers. According to official knowledge, Temasek’s Asian portfolio amounted to roughly 403 billion Singapore {dollars}, or $290 billion as of March 2022.Temasek declined to touch upon the report back to Cointelegraph. “As a matter of policy, Temasek does not comment on market speculation and rumors,” a spokesperson for the agency famous.Animoca ​​didn’t instantly reply to Cointelegraph’s request for remark.The report comes shortly after Animoca closed a $75 million funding spherical in July, securing the second tranche of funding following a $360 million elevate in January 2022. The funding was supported by enterprise capital giants like Sequoia China, Winklevoss Capital, Liberty City Ventures, Kingsway Capital, Alpha Wave Ventures and others. The agency is now reportedly valued at $6 billion.Related: Crypto fundraising hits $30.3B in H1, outpacing all of 2021: ReportOn Aug. 26, Animoca’s strategic subsidiary Animoca Brands Japan additionally raised $45 million from main Japanese financial institution MUFG. Focused on cooperative partnerships in Japan for NFT-related enterprise alternatives, Animoca Brands Japan goals to make use of the newly secured funds to develop Web3 merchandise within the nation.

The enterprise capital market of the cryptocurrency business is holding robust regardless of the crypto winter as main government-linked corporations reportedly proceed betting on large business gamers. Singapore state-owned funding agency Temasek is becoming a…

Hodlnaut now positioned beneath creditor safety after freezing withdrawals

Hodlnaut now positioned beneath creditor safety after freezing withdrawals

Singapore-based crypto lending agency Hodlnaut was positioned beneath interim judicial administration, a type of creditor safety program, by the Singapore courtroom on Monday. The courtroom orders got here three weeks after Hodlnaut froze all buying…

‘Most of crypto remains to be junk’ and lacks use case — JPMorgan blockchain head

‘Most of crypto remains to be junk’ and lacks use case — JPMorgan blockchain head

The head of JPMorgan’s digital property unit Umar Farooq has suggestedthat many of the crypto property available on the market are “junk” and that actual crypto use circumstances are but to totally current themselves. During…

MAS doesn’t belief retail crypto investments, mulling extra laws

MAS doesn’t belief retail crypto investments, mulling extra laws

The managing director of the Monetary Authority of Singapore (MAS), Ravi Menon, addressed the company’s blended alerts on crypto within the public sphere at a seminar on Aug. 29. The public claimed that native regulators…

The Monetary Authority of Singapore (MAS) has began taking measures to arrange for brand new cryptocurrency laws addressing the continued liquidity disaster and withdrawal points.Singapore’s central financial institution has despatched detailed questionnaires to some candidates and holders of the MAS’ Digital Payment Token licenses, Bloomberg reported on Friday.Sent during the last month, the questionnaires had been reportedly searching for “highly granular information” about enterprise exercise and holdings by examined crypto corporations.The checks had been targeted on corporations’ monetary stability and interconnection, with questions together with high tokens owned, high lending and borrowing counterparties, the quantity loaned and high tokens staked through decentralized finance protocols.Citing folks aware of the matter, the report notes that corporations had been anticipated to reply promptly. The MAS has issued 10 licenses to crypto corporations in Singapore to date, together with exchanges like Crypto.com and DBS Bank’s brokerage arm DBS Vickers. That is kind of a small fraction out of almost 200 reported corporations which have utilized for the license. The newest regulatory motion in Singapore apparently goals to accentuate the scrutiny on crypto corporations amid upcoming new laws for the business. In mid-July, MAS managing director Ravi Menon disclosed that the monetary watchdog was engaged on a regulatory framework to deal with “consumer protection, market conduct, and reserve backing for stablecoins” within the subsequent few months.The MAS particularly pointed at blind spots within the current crypto laws in Singapore, noting that digital cost token service suppliers aren’t topic to risk-based capital or liquidity necessities. They additionally aren’t at present required to safeguard buyer funds or digital tokens from insolvency dangers. Instead, laws largely deal with cash laundering and terrorism financing fisks in addition to expertise dangers.The MAS didn’t instantly reply to Cointelegraph’s request for remark. This article can be up to date pending new info.Related: Singaporean monetary watchdog to seek the advice of public on stablecoin regulationSingapore’s upcoming new regulatory framework for crypto is available in response to the continued liquidity disaster and the related withdrawal points amid a bear market. Three Arrows Capital (3AC), the troubled Singapore-based crypto hedge fund, went bankrupt throughout this crypto winter, failing to fulfill margin calls in mid-June.In an affidavit in mid-August, 3AC co-founder Su Zhu mentioned that the corporate shifted its registration to the British Virgin Islands in September 2021 after having beforehand operated out of Singapore. He additionally reportedly accused the liquidators of deceptive authorities about 3AC’s construction.

The Monetary Authority of Singapore (MAS) has began taking measures to arrange for brand new cryptocurrency laws addressing the continued liquidity disaster and withdrawal points.Singapore’s central financial institution has despatched detailed questionnaires to some candidates and holders of the MAS’ Digital Payment Token licenses, Bloomberg reported on Friday.Sent during the last month, the questionnaires had been reportedly searching for “highly granular information” about enterprise exercise and holdings by examined crypto corporations.The checks had been targeted on corporations’ monetary stability and interconnection, with questions together with high tokens owned, high lending and borrowing counterparties, the quantity loaned and high tokens staked through decentralized finance protocols.Citing folks aware of the matter, the report notes that corporations had been anticipated to reply promptly. The MAS has issued 10 licenses to crypto corporations in Singapore to date, together with exchanges like Crypto.com and DBS Bank’s brokerage arm DBS Vickers. That is kind of a small fraction out of almost 200 reported corporations which have utilized for the license. The newest regulatory motion in Singapore apparently goals to accentuate the scrutiny on crypto corporations amid upcoming new laws for the business. In mid-July, MAS managing director Ravi Menon disclosed that the monetary watchdog was engaged on a regulatory framework to deal with “consumer protection, market conduct, and reserve backing for stablecoins” within the subsequent few months.The MAS particularly pointed at blind spots within the current crypto laws in Singapore, noting that digital cost token service suppliers aren’t topic to risk-based capital or liquidity necessities. They additionally aren’t at present required to safeguard buyer funds or digital tokens from insolvency dangers. Instead, laws largely deal with cash laundering and terrorism financing fisks in addition to expertise dangers.The MAS didn’t instantly reply to Cointelegraph’s request for remark. This article can be up to date pending new info.Related: Singaporean monetary watchdog to seek the advice of public on stablecoin regulationSingapore’s upcoming new regulatory framework for crypto is available in response to the continued liquidity disaster and the related withdrawal points amid a bear market. Three Arrows Capital (3AC), the troubled Singapore-based crypto hedge fund, went bankrupt throughout this crypto winter, failing to fulfill margin calls in mid-June.In an affidavit in mid-August, 3AC co-founder Su Zhu mentioned that the corporate shifted its registration to the British Virgin Islands in September 2021 after having beforehand operated out of Singapore. He additionally reportedly accused the liquidators of deceptive authorities about 3AC’s construction.

The Monetary Authority of Singapore (MAS) has began taking measures to arrange for brand new cryptocurrency laws addressing the continued liquidity disaster and withdrawal points. Singapore’s central financial institution has despatched detailed questionnaires to some…