Tag Archives: singapore

On Wednesday, Ripple Markets APAC Pte Ltd announced that its Singapore subsidiary has successfully obtained a payments license from the Monetary Authority of Singapore (MAS) to operate in the city-state without transaction thresholds. This license represents a significant milestone for Ripple, allowing it to provide regulated digital payment token services in the city-state. MAS Approves Ripple’s License for DPT Services Ripple’s journey towards obtaining this license began...

Zhu Su, the infamous co-founder of the now-defunct crypto hedge fund Three Arrows Capital, has been reportedly apprehended in Singapore. This comes amid the amassing issues against his former hedge fund and his newly launched crypto exchange – OPNX. Citing an email update seen by The Business Times (Singapore), the report indicated that Su was apprehended at Changi Airport when trying to leave the city-state. Additional reports shed some more light on the matter, claiming...

The Singapore Police Force has seized more assets in relation to an ongoing money laundering probe, bringing the total value of confiscated funds to more than S$2.4 billion. The reported figure notably doubled from the first operation in August. Seized Assets Worth Over S$2.4 Billion In a statement published on Sept. 20, the Singapore Police Force said the additional asset seizures happened following additional operations by the police. All assets seized by the authorities so...

Darshan Bathija – Chief Executive Officer of the cryptocurrency lending platform Vauld – revealed that the entity will implement several amendments, including appointing a new CEO. The bear market has significantly affected the Singapore-based company, which laid off a substantial chunk of its workforce in 2022 and suspended withdrawals and deposits. The problems did not end there, and Vauld filed for protection against creditors in July last year. What’s New Around Vauld?...

Singapore authorities have arrested 10 foreign nationals suspected to be involved in money laundering and forgery, among other illicit activities, and have seized or frozen cash, assets, and crypto worth over S$1 billion. While eight other suspects are on the run, the case could be considered one of Singapore’s largest money laundering crackdowns. Singapore Seizes Over $1B in Cash, Properties, and Assets The Singapore Police Force (SPF), in a Facebook post on August 16,...

Following last year’s stablecoin implosion, international leaders have emphasized the importance of setting up global regulations and norms for this sector. Despite such calls, only a few have taken concrete steps to enact these measures. In contrast, Singapore’s central bank has taken a proactive approach by introducing a structured framework, outlining various prerequisites, aiming to bring transparency to stablecoin issuers and their operations. Singapore’s Stablecoin...

Singapore Red Cross – a humanitarian aid and community services charity in the Asian city-state – allowed people to contribute to its cause via donations in digital currencies. The option became possible after a partnership between the organization and the crypto payment gateway Triple-A. ‘Coin a new Way to Give Today’ The charity entity revealed that individuals willing to make such donations can set an amount in fiat, and the system will automatically convert the sum into...

The leading cryptocurrency exchange Blockchain.com received a payment institution (MPI) license from the Monetary Authority of Singapore (MAS).  This marks the company’s second license in the city-state after the in-principle approval secured in September 2022. Blockchain.com announced that its recently-obtained authorization in Singapore follows the entity’s strategy to comply with regulators in every region where it conducts business. The team behind the exchange said the...

The Monetary Authority of Singapore (MAS) will reportedly insist that cryptocurrency firms keep clients’ assets in a designated trust by the end of 2023.  The step comes several months after the infamous meltdown of FTX, which triggered colossal investor losses. Numerous individuals and entities have blamed the exchange for comingling user funds and scamming customers.  The New Requirements As reported by Bloomberg, the Singaporean regulator will enforce the obligation to...

The hawkish approach of the US Securities and Exchange Commission (SEC) has caused many prominent cryptocurrency companies to look abroad. Gemini is amongst them. Gemini, the cryptocurrency exchange led by Tyler and Cameron Winklevoss, has announced plans to expand its headcount in Singapore. The company revealed in a blog post that it plans to increase its Singapore offices to over 100 employees. They also plan to include an engineering base in India as part of the APAC...