Tag Archives: singapore

Singapore authorities are doubling down on efforts to unveil a set of guidelines for banks on vetting crypto clients. As such, the banks in the city-state have been working with the authorities for the last six months to establish uniform standards for screening potential customers from the crypto industry. According to a Bloomberg report, the Monetary Authority of Singapore (MAS) has also joined the collaborative approach led by banks and police involving fine-tuning the...

43% of the 1,500 Singaporean respondents in a recent Independent Reserve survey said they own some amount of cryptocurrencies. In comparison, last year’s research estimated the figure to be around 40%, while the adoption levels were 43% in 2021 (during the bull run). 77% of the HODLers said they have two or more digital assets, with diversifying portfolios being the main reason behind the investment. The New Trends Following the Market’s Revival Apart from the surging crypto...

Singapore’s lower division of the Supreme Court approved Zipmex’s pre-packaged plan to restructure some of its operations and thus enable customers to receive portions of their deposits. The Thai-based crypto exchange suspended clients’ withdrawals in July last year, citing volatile market conditions. It could not cope with the issues and filed for bankruptcy protection shortly after. Zipmex announced in a recent blog post that the Singapore High Court allowed the creation of...

Coinbase is ramping up its expansion effort, with Singapore being the first stop. As part of its ambitious plan, the crypto exchange has announced forging a strategic banking partnership with Standard Chartered in the city-state to provide its users with an option to move funds between any lender and Coinbase. The news comes amidst the crypto industry losing a number of banking on- and off-ramps due to the recent turmoil in the US banking industry. Coinbase-Singapore...

Distressed crypto lending platform Vauld was granted another period of extension of creditor protection from the Singapore High Court until March 24, during which the company will work out revival plans. Vauld halted withdrawals for its customers last summer after being hit by an unprecedented $200 million worth of withdrawals in under two weeks amidst excessive turmoil in the market. The lender, backed by Coinbase Ventures, PayPal cofounder Peter Thiel’s Valar Ventures, and...

The Singapore-based cryptocurrency platform Juno announced that all services are “now up and running again.” It increased daily withdrawal limits at the beginning of the year and urged customers to transfer their holdings into self-custody wallets, citing issues with its previous custodian partner – Wyre.  Back on Track Juno temporarily halted cryptocurrency purchases on its platform in early January and auto-converted the stablecoins – USDC, USDT, mUSDC – to USD. It also...

Last year’s industry-wide meltdown has haunted Asian firms as they cautiously plot their recovery. China was once a hotbed for crypto mining and trading. Even after announcing a blanket ban on all digital asset activities more than a year ago, there’s reason to believe that the country may make a comeback in the space. Tron founder Justin Sun, who has a history of hyping the industry, also said China could embrace the asset class, especially after the implementation of a tax...

ConsenSys – a blockchain software technology company – and Amber Group – a cryptocurrency platform based in Singapore – are the latest entities in the digital asset sector to announce staff layoffs.  The former will trim its team by approximately 11%, while the latter reportedly plans to reduce its Hong Kong division by 50%. Adjusting to ‘Uncertain Market Conditions’ Joseph Lubin – CEO of ConsenSys – said his organization made the “extremely difficult decision” to lay off 96...

When it comes to risky assets like crypto, Singapore banks are no longer required to hold 1:1 in collateral, but rather 1.25:1. What this means is that for every $1 in cryptocurrency, a financial institution needs to hold $1.25 in regular cash. This is designed to ensure there are enough reserves in place to cover losses or other problems should the crypto industry decide to crash and burn all over again. Singapore Is Trying to Stop Future Crypto Problems 2022 was one of...

Amber Group – a cryptocurrency platform backed by Singapore’s investment company Temasek – completed a $300 million funding round. The money will be distributed to clients affected by the FTX collapse.  The company, which had to cope with severe issues due to the ongoing bear market, recently acquired the Singaporean exchange – Sparrow Holdings. Trying to Reimburse Victims As announced on Twitter, the Series C fundraiser was led by Fenbushi Capital US. Amber Group said the...