#singapore
71 articles found
Latest
Under the new regulations, stablecoin transfers will require up to three business days. This rule has caused bewilderment within the blockchain community.
However, officials state that this restriction is consistent with the pace of standard domestic money transfers and will also apply to stablecoin redemptions.
"The redemption timeline is intended to strike a balance between responsiveness to users’ requests and ensuring there is enough time for the SCS issuer to do so in an orderly manner under various stress situations," added the regulator. 
Bitdeer Technologies Group, based in Singapore, has successfully set up an avant-garde bitcoin mining facility in Gedu, Bhutan – a nation recently recognized for its crypto investments.
As the facility approaches the end of its trial run, many of its mining units are already in operation. Reflecting on the progress, Bitdeer's CEO, Linghui Kong remarked:
"We made significant strides on both the operational and infrastructure fronts during July." 
X (Twitter) is actively seeking a financial-data giant to collaborate on building a trading hub within its app.
The request for plans emphasizes the importance of real-time information, particularly in the realm of investing. The company aims to offer financial content, real-time stock data, and other related features to enhance user experience.
Reminding that Elon Musk envisions the platform as a Western super-app akin to WeChat in China, Gojek in Indonesia, Grab in Singapore, and Gozem in Africa.
Such super-apps integrate various consumer services like food delivery, ride-hailing, payments, investing, and identity authentication into a single app, providing a comprehensive user experience. Thailand and Singapore Against Crypto Staking and Lending
In a recent development, the Securities and Exchange Commission (SEC) of Thailand has implemented new regulations that require cryptocurrency exchanges and other entities to publicly disclose the potential risks associated with trading cryptocurrencies. 
Cryptocurrency skeptic elected as Singapore's president
With 70.4% of the vote, 66-year-old Tharman Shanmugaratnam has been chosen as Singapore's new President. Formerly the Finance Minister and Central Bank head, he'd expressed that cryptocurrencies are "purely speculative assets" and "slightly crazy." 
Singapore’s central bank, the Monetary Authority of Singapore (MAS), has released a final regulatory framework for single-currency stablecoins (SCS) under its regulation.
MAS stated that the framework’s goal is to guarantee “a significant level of value stability” for stablecoins.
This framework will be applicable to all stablecoins tied to the Singapore Dollar or any other G10 currency issued within Singapore. 
The cryptocurrency exchange OPNX has tabled an offer to take over crypto lender Hodlnaut, which is undergoing a restructuring plan under the supervision of a Singapore court.
OPNX offered $30 million in FLEX to partially offset the creditors’ losses and cover their claims. If the bid is approved by the court and accepted by creditors, OPNX will own a 75% stake in Hodlnaut. 
In a pivotal ruling on July 25, Judge Philip Jeyaretnam of the Singapore High Court declared cryptocurrency as personal property, placing it on par with fiat money. Judge Jeyaretnam's elucidation is notable for the legal status of digital assets.
It was stemmed from a case where ByBit accused its former employee, Ho Kai Xin, of illicitly transferring approximately 4.2 million USDT from the company's coffers to personal accounts. The court mandated Ho to return the funds to cryptocurrency exchange. 
Gemini Foundation Launches Non-US Derivatives Platform
Gemini Foundation has launched a non-US derivatives platform for global traders, in a move that follows the recent launch of Coinbase International Exchange. This new platform is now live and available for trading to customers in multiple jurisdictions, including Singapore, Hong Kong, India, Israel, Jersey, New Zealand, and more. Singapore police launch an investigation into Terraform Labs
Do Kwon, who had seemingly disappeared from public view, left behind a significant problem that has continued to affect the crypto market for almost a year. The collapse of his main creations, the Terra USD stablecoin and its ecosystem, has had far-reaching consequences. 
