The first legal trial involving bitcoin is due to take place in Singapore at the Singapore International Commercial Court (SICC).
The Monetary Authority of Singapore, the country’s central bank, is pressing ahead with regulation that will bring a handful of retail payment services, including bitcoin and cryptocurrency exchanges, under a single legislation.
With an announcement on Tuesday, the Monetary Authority of Singapore (MAS) launched the second consultation on its Payment Services Bill, a payments regulatory network proposing to streamline the regulation of all payment services under a single legislation.
The central banks of the Philippines and Singapore have forged a FinTech agreement that could result in cross-border payments over a blockchain between their markets.
Announced yesterday at the sidelines of the Singapore FinTech Festival, the pact is a ‘FinTech Co-operation Agreement’ between the Bangko Sentral ng Pilipinas (BSP) and the Monetary Authority of Singapore (MAS), and aims to establish ties to promote financial technologies in each other’s markets.
One of Asia’s largest banks has labeled bitcoin a “ponzi scheme”, joining the ranks of several legacy financial institutions pouring scorn on the world’s most prominent decentralized cryptocurrency.
Speaking at the sidelines of the ongoing Singapore FinTech Festival today, DBS group chief information officer BS told CNBC:
We see bitcoin as a bit of a ponzi scheme.
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).
A bitcoin mining company in Singapore is seeing a rising number of customers purchasing mining rigs as the cryptocurrency gains in value.
SG Mining, based in Singapore, has seen sales shoot up in recent months. In July, the company was selling 15 mining rigs, but now it’s seeing sales of around 100 per month. Dexter Ng, one of the team members who builds the mining hardware and sell them, said to Channel News Asia:
Customers come in and order 50 rigs on their own.
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 second edition of the Singapore FinTech Festival began on Monday, a week-long event comprising of over 25,000 participants from over 100 countries.
Lasting a week, this year’s Singapore FinTech festival is organized by the Monetary Authority of Singapore (MAS), the country’s central bank and financial regulator, in partnership with the Association of Banks in Singapore (ABS), an organization that represents the retail and investment banking community of Singapore.
At a conference, Ravi Menon, the managing director of the Monetary Authority of Singapore (MAS), the country’s central bank, stated that the country does not intend to regulate bitcoin and the cryptocurrency market in the short-term.
In essence, Menon shared the same sentiment as European Central Bank (ECB) President Mario Draghi, who as CCN reported, explained that the ECB is not planning regulatory frameworks for the cryptocurrency market as of yet.
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 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.
A consortium comprising of a Singaporean government body and a number of major banks has completed the ASEAN region’s first-ever proof-of-concept for a Know Your Customer (KYC) blockchain.
The Infocomm Media Development Authority of Singapore (IMDA), the country’s information communications and media regulator, has collaborated with a number of major banks to deliver the first regional Know Your Customer (KYC) blockchain proof-of-concept. Banking giant HSBC, Japan’s largest bank – Mitsubishi UFJ Financial Group (MUFG) and OCBC Bank are all participating banks in the consortium.
Three Asian banks and a regulator in Singapore have developed a new blockchain proof-of-concept aimed at streamlining the know-your-customer (KYC) process.
OCBC Bank, HSBC Singapore and the Mitsubishi UFJ Financial Group (MUFG) jointly announced the customer identification system along with the Info-communications Media Development Authority (IDMA). The IDMA regulates the city-state's media and information communications industries.
The proof-of-concept phase took place between February and May of this year, according to the firms involved.
Earlier this week, two local bodies representing the local financial technology (fintech) industry have revealed that Singaporean banks have denied banking services to bitcoin and blockchain startups.
Singapore’s Cryptocurrency and Blockchain Industry Association, or Access, submitted a formal complaint to the Singaporean government, requesting officials to step in and create a fair and transparent environment for fintech companies.
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.
In continuing its foray into Asia, blockchain payments fintech Ripple has announced the launch of a new office in Singapore.
San Francisco-based blockchain startup Ripple has opened shop in Singapore, one of the world’s leading trade and financial hubs. Ripple’s latest footprint in Asia comes within weeks after the launch of its office in India, the world’s largest remittance receiver.
As a venture-backed FinTech startup, Ripple has long stuck to its goal of connecting global banks on a blockchain to enable near-instant and inexpensive remittance.