The central banks of Canada and Singapore have concluded a trial of cross-border payments using blockchain technology and central bank digital currencies.
The Bank of Canada (BoC) and the Monetary Authority of Singapore (MAS) jointly announced Thursday that the successful trial – the first of its kind between two central banks – showed “great potential to increase efficiencies and reduce risks for cross-border payments.
14 ноября финансовый регулятор Сингапура Monetary Authority of Singapore (MAS) объявил, что будет рассматривать ICO только если они соответствуют SFA.
Singapore’s central bank has issued new guidelines on initial coin offerings (ICOs) providing guidance on how tokens should be applied under its securities laws.
In its 13-page document titled ‘A Guide to Digital Token Offerings,’ the Monetary Authority of Singapore (MAS), Singapore’s central bank and financial regulator, wrote that:
Offers or issues of digital tokens may be regulated by MAS if the digital tokens
are capital markets products under the Securities and Futures Act (SFA).
Singapore’s central bank has announced a slew of initiatives during the ongoing FinTech Festival, including a notable partnership with the Bank of Canada on cross-border payments using blockchain.
On the second day of the week-long Singapore FinTech Festival today, Ravi Menon, director of the Monetary Authority of Singapore (MAS), Singapore’s central bank and financial regulator, spoke at length about Project Ubin – the central bank’s effort to place a tokenized Singaporean dollar (SGD) on a blockchain.
The chief of Singapore's central bank has indicated it will not regulate cryptocurrencies, but plans to stay watchful on the risks posed by the technology.
In an interview with Bloomberg, Ravi Menon, managing director of Monetary Authority of Singapore (MAS), said he currently sees "no basis for wanting to regulate cryptocurrencies," adding:
"It is a known fact that cryptocurrencies are quite often abused for illicit financing purposes.
Hong Kong's banking regulator and de facto central bank has announced a new collaboration with Singapore aimed to digitize trade finance using distributed ledger technology (DLT).
Making the announcement today at a fintech event, the CEO of the Hong Kong Monetary Authority (HKMA), Norman Chan Tak-lam, said the joint project with the Monetary Authority of Singapore (MAS) will focus on a DLT proof-of-concept called the Hong Kong Trade Finance Platform (HKTFP).
Already having seen involvement from seven Hong Kong-based banks, the project is designed to digitize trade documents and reduce risk and fraud in the industry.
Singapore has no plans of regulating cryptocurrencies like bitcoin and the central bank will keep “an open mind”, the authority’s chief has revealed.
The Monetary Authority of Singapore (MAS), the country’s central bank and financial regulator, will not regulate cryptocurrencies but will “expect” intermediaries to implement anti-money laundering controls, according to MAS managing director Ravi Menon.
The central banks and financial regulators of Singapore and Hong Kong have inked a cooperation agreement to strengthen FinTech ties and work on a blockchain trade finance project.
In a joint–announcement today, the Monetary Authority of Singapore (MAS) and the Kong Kong Monetary Authority – the two cities’ central banks – signed a FinTech Co-operation Agreement aimed at bolstering fintech ties and furthering fintech development in South-East Asia.
Professional services and consultancy giant Accenture has been appointed by Singapore’s central bank to develop a prototype blockchain solution for interbank payments.
Earlier this month, the Monetary Authority of Singapore (MAS) – the country’s defacto central bank and financial regulator – revealed the successful development of three different blockchain models for decentralized inter-bank payment and settlements.
A senior Singapore central bank has called blockchain technology “a natural form of collaboration” between Singapore and the Indian state of Andhra Pradesh.
Speaking at a blockchain conference in India, Singaporean central bank managing director Ravi Menon underlined cross-border transactions as the “killer app” for blockchain technology while talking up the ongoing FinTech collaboration between Singapore and the Indian state of Andhra Pradesh.
A senior official for Singapore's de facto central bank says that as many as 50 startups in Singapore are working with blockchain.
During a speech yesterday, Monetary Authority of Singapore (MAS) managing director Ravi Menon said that dozens of new companies are focused on the tech – an ecosystem that is further supported by local research institutions, venture capitalists and major tech firms, he explained.
A consortium led by Singapore’s central bank has successfully developed three new blockchain prototypes for interbank payments and settlements.
In an announcement, the Monetary Authority of Singapore (MAS) – the country’s defacto central bank and financial regulator – revealed details of its ongoing blockchain initiative dubbed “Project Ubin.
Singapore's de facto central bank has disclosed new details about its research into financial applications of blockchain technology.
The Monetary Authority of Singapore (MAS), along with the Association of Banks in Singapore (ABS) trade group, today unveiled a new set of distributed ledger prototypes that form the second phase of "Project Ubin," an initiative that began last year with the goal of testing how a tokenized version of the Singaporean dollar could be created.
Singapore’s deputy prime minister has revealed the central bank is keeping an eye on developments in cryptocurrencies and ICO fundraising, with a regulatory framework for the latter.
In response to a question in the Singaporean Parliament this week, Deputy Prime Minister and Minister in charge of the Monetary Authority of Singapore (the central bank) Tharman Shanmugaratnam said that the authority is looking into the use of virtual currencies and, subsequently, working on a “new payment services regulatory framework” to address money laundering and terrorism financing risks.
Banks in Singapore are reportedly moving to close accounts tied to a number of cryptocurrency firms.
According to a report by Bloomberg today, as many as 10 companies have reported issues in recent weeks. Anson Zeall, head of Singapore's cryptocurrency and blockchain industry association, ACCESS, supported the claim, stating the closures remain unexplained by the banks.