Security Token Platform iSTOX Admitted to Central Bank Sandbox

Security Token Platform iSTOX Admitted to Central Bank Sandbox

iSTOX, a Singapore Exchange-backed security token platform, has been admitted into a fintech regulatory sandbox set up by the Monetary Authority of Singapore (MAS), the country’s de facto central bank. Operating within the sandbox since the start of this month, iSTOX is now onboarding its first batch of issuers and investors to enable trading of digitized securities on its platform from Q4 of this year, the firm announced in a Medium post Friday.
Central Banks Settle Cross-Border Payments With Blockchain for First Time

Central Banks Settle Cross-Border Payments With Blockchain for First Time

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.
Report: North Korea May Exploit Southeast Asia’s Crypto Exchanges

Report: North Korea May Exploit Southeast Asia’s Crypto Exchanges

North Korea could pose a threat to countries across Southeast Asia as it looks to exploit cryptocurrency exchanges due to gaps in regulatory frameworks, according to a new report. The research from the Royal United Services Institute (RUSI) finds that as North Korea continues to circumvent international sanctions, it’s turning its attention to cryptocurrencies such as bitcoin.
Trade Organization ICC Eyes Blockchain Adoption for Its 45 Million Members

Trade Organization ICC Eyes Blockchain Adoption for Its 45 Million Members

The world’s biggest business organization is making blockchain technology available to its 45 million members, including Amazon, Coca Cola, Fedex, McDonald’s and PayPal. Announced Thursday, the 100-year-old International Chamber of Commerce (ICC) has partnered with Singapore-based blockchain startup Perlin to improve supply chain processes at member firms, making them more traceable and transparent. The ICC will help members spread across 130 countries to connect to Perlin’s blockchain platform and benefit from the application of the nascent technology.
Binance Announces Singapore Expansion, Details Around DEX Launch and Wallet

Binance Announces Singapore Expansion, Details Around DEX Launch and Wallet

The China-based crypto exchange giant Binance has announced that it will launch Binance Singapore this month, a fiat-to-crypto exchange with support for the Singaporean Dollar (SGD). Binance offered few details in the Twitter announcement except for the explicit confirmation that the exchange will be operational within a matter of weeks.
Crypto Exchange Binance Is Setting Up Shop in Singapore This Month

Crypto Exchange Binance Is Setting Up Shop in Singapore This Month

Cryptocurrency exchange Binance is launching a new fiat-to-crypto exchange in Singapore later this month. The news was announced Thursday by Binance CEO Changpeng “CZ” Zhao at the Deconomy event in Seoul, South Korea, in a tweet on the exchange’s account that said: “#Binance Singapore will come online in April. It will be our next Fiat to Crypto exchange servicing $SGD [Singapore dollar].
Singapore’s DragonEx Reports Hack, Releases Suspected Wallet Addresses

Singapore’s DragonEx Reports Hack, Releases Suspected Wallet Addresses

The Singapore-based cryptocurrency exchange DragonEx has announced a security breach to its users via its official Telegram channel. In the message, a company administrator revealed that the hackers stole assets belonging to both the exchange and its users. Per the message from the admin, the attack occurred on March 24, 2019, and the exchange then decided to take its servers offline under the pretense of “system maintenance/upgrade.
Government-Backed Blockchain Trade Platform Launches in Singapore

Government-Backed Blockchain Trade Platform Launches in Singapore

CrimsonLogic, a Singapore-based e-government service provider owned by a government agency and a major port operator, has announced the launch of a blockchain platform focused on cross-border trade. The firm’s fully-owned subsidiary GeTS launched the service on Wednesday, according to a press release.
Ubin Part 2: Singapore Central Bank Publishes Blockchain Project Details

Ubin Part 2: Singapore Central Bank Publishes Blockchain Project Details

The Monetary Authority of Singapore (MAS), the city-state’s de facto central bank, has released a new report focused on the second phase of its “Project Ubin” blockchain initiative. The report constitutes a sequel of sorts to an earlier test which involved the MAS and a consortium of major banks, along with distributed ledger startup R3 and professional services firm Deloitte.
Singapore Grants RMO License for CapBridge to Operate New Security Exchange

Singapore Grants RMO License for CapBridge to Operate New Security Exchange

Global private capital platform CapBridge Pte. Ltd. has garnered a license from the Monetary Authority of Singapore (MAS) to operate a security exchange known as 1exchange (also called 1X), which became operational on November 21, 2018. The exchange is designed to organize liquidity for private companies prior to exit events like an M&A (merger and acquisition) or an IPO (initial public offering). In an interview with Bitcoin Magazine, CEO and founder of CapBridge Johnson Chen said that the process of obtaining the license took nearly two years.

First Bitcoin Dispute Due for Trial in Singapore

The first legal trial involving bitcoin is due to take place in Singapore at the Singapore International Commercial Court (SICC).

Singapore’s Central Bank Includes Bitcoin in Singular Regulation of Payments Services

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.

Singapore, Bitcoin-Friendly Philippines Aim for Blockchain Cross-Border Payments

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.

Asian Banking Giant DBS Calls Bitcoin a ‘Ponzi Scheme’

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 Issues New Guidelines on ICO Securities Laws

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).

Bitcoin Price Gains Sees Swell Among Singapore Miners

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, Canadian Central Banks Unite on Blockchain Cross-Border Payments

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 World’s Largest FinTech Event Kicks Off in Singapore

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.
What Would Happen if Singapore Regulates Bitcoin?

What Would Happen if Singapore Regulates Bitcoin?

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 Won’t Regulate Cryptocurrencies: Central Bank Chief

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.

Traditional Rivals Singapore & Hong Kong Unite on Blockchain, FinTech

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.

Singapore’s Central Bank Hires Accenture for Blockchain Interbank Payments Prototype

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.

FinTech Gains: Singapore & Indian State Foresee Blockchain Cross-Border Payments

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.
50 Startups: Central Bank Director Touts Singapore as Blockchain Hub

50 Startups: Central Bank Director Touts Singapore as Blockchain Hub

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.

Singapore Central Bank Reveals Blockchain Breakthrough in Interbank Payments

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.