Tag Archives: mas

CoinspeakerOKX Secures In-Principle Approval for Singapore Expansion While the in-principle approval in Singapore adds to OKX's recent string of regulatory achievements, MAS has set other conditions to be met before the final approval of an MPI license. OKX Secures In-Principle Approval for Singapore Expansion

CoinspeakerEuropean Crypto Exchange Bitstamp Gets In-Principle Approval for Singapore Expansion An in-principle approval is a preliminary nod that the MAS issues to firms applying for the major payment institution (MPI) license. European Crypto Exchange Bitstamp Gets In-Principle Approval for Singapore Expansion

Aside from Hong Kong, another country that has contributed significantly to the growth of the Asian crypto economy is Singapore.  As the curtain draws nearer towards the end of 2023, Hong Kong has emerged as a significant player in shaping the regulatory landscape for crypto assets in Asia, the Block reported on Tuesday. Despite the many challenges faced in other jurisdictions around the world, there has been notable progress in the regulatory environment for the digital asset industry...

JPMorgan’s managing director Tyrone Lobban noted that the new system has processed over $900 billion in assets since launch. Top executives from US-based financial services companies JPMorgan Chase and Apollo Global Management have revealed their plans for the tokenized enterprise mainnet, developed in collaboration with the Monetary Authority of Singapore (MAS). The duo worked together on the MAS crypto pilot project, Project Guardian, designed to explore the tokenization of assets using...

The retiring MAS director believes the future monetary system will revolve around CBDCs, tokenized bank liabilities, and stablecoins. The Director of the Monetary Authority of Singapore (MAS), Ravi Menon, has emphasized that private cryptocurrencies have no future. Menon shared his thoughts as a panelist at an event jointly hosted by the Hong Kong Monetary Authority and the Bank for International Settlements. Earlier, Mr Menon, who spearheaded the fintech revolution in Singapore, announced...

The new measures will be rolled out in phases, beginning in mid-2024. One of the incoming rules will ban the use of locally issued credit cards to purchase cryptocurrencies. In a bid to safeguard retail investors amidst the growing number of individuals engaging in digital asset usage, Singapore has taken steps to tighten crypto regulations. The Monetary Authority of Singapore (MAS) recently announced these new measures, aimed at curbing risky practices that often serve as incentivization...

The MAS will collaborate with local banks during the pilot, allowing them to issue tokenized bank liabilities on blockchain technology, streamlining the clearing and settlement processes. Singapore is gearing up for a groundbreaking move into the era of Central Bank Digital Currencies (CBDCs), with plans to pilot the live issuance and use of wholesale CBDCs in 2024. As reported by CNBC, Ravi Menon, the Managing Director of the Monetary Authority of Singapore (MAS), announced the plans at...

The in-principle approval granted by the Monetary Authority of Singapore positions Paxos to offer digital payment token services, marking a significant step towards establishing a foothold in the Singaporean market. Blockchain infrastructure firm Paxos has announced plans to issue a US dollar-backed stablecoin for its customers in Singapore. The initiative comes after Paxos reportedly received preliminary approval from the Monetary Authority of Singapore (MAS), paving the way for the...

The countries created a policymaking group to further the asset tokenization tests and help with navigating legal and compliance concerns. Government agencies in multiple countries are collaborating on asset tokenization tests with real-world assets. In a Monday announcement from the Monetary Authority of Singapore (MAS), regulators in Japan, Switzerland, Singapore, and the UK are all working on tokenization pilots in foreign exchange, fixed income, and asset management products. The...

CoinspeakerSingapore Unveils Comprehensive Regulatory Framework for Stablecoins MAS said that only stablecoin issuers meeting the requirements of the newly introduced guidelines would only be considered for regulation.  Singapore Unveils Comprehensive Regulatory Framework for Stablecoins