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Tag Archives: singapore

BNY Mellon Enters Singapore’s Digital Assets Market With BAS Tie-Up

Blockchain Association of Singapore (BAS) on Wednesday announced a partnership with American banking major BNY Mellon. As per the MoU, the latter comes on board BAS as a strategic collaborator. BAS’ tie-up with BNY comes in the wake of a generally strict regulatory environment both in Singapore and globally, coupled with an increasing interest of institutional investors in digital assets. The advocacy organization for the blockchain industry appointed Richard Teng, a former...

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Stringent Rules Could Turn Singapore Into a Global Crypto Hub, the MAS Says

Ravi Menon – the head of the Monetary Authority of Singapore (the country’s central bank) – said the nation’s crypto regulations will include a “stringent” licensing process. He believes strict rules could reshape the city-state as a global digital asset hub. MAS Seeks the Balance on Crypto Regulations Despite its rapidly-growing popularity in the last several years, the cryptocurrency sector remains a risky field for retail investors. That is what Ravi Menon – Managing...

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Germany Is the Most Crypto-Friendly Nation (Report)

According to a study conducted by the digital asset exchange aggregator – Coincub – Germany is the most crypto-friendly country for Q1,2022. The previous leader – Singapore – holds the second position, while the USA took third place. Germany Emerges as a Crypto Hub Coincub noted that the ranking of the top digital asset-welcoming nations has changed over the past several months. “Germany’s acceptance of cryptocurrency and groundbreaking decision to allow crypto investments...

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U-Turn: Singapore’s Largest Bank Won’t Extend Crypto Services to Retail Clients

Piyush Gupta – CEO of Singapore’s leading bank DBS Bank – revealed his institution will not extend its crypto trading services to retail customers in “the immediate future.” The announcement contradicts the company’s initial intentions to provide such opportunities. Change of Plans In February this year, the Singaporean multinational banking and financial services corporation – DBS Bank – disclosed it will extend crypto trading opportunities to its retail clients by the end...

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Coinbase to Monitor Crypto Transfers for Users in Singapore, Japan, Canada

Certain users will have to provide additional information when sending cryptocurrencies, said exchange giant Coinbase. In a bid to comply with local regulations, customers in Canada, Japan, and Singapore sending digital assets to another financial institution or exchange will be required to disclose specific information such as the name, address. The official blog post stated, “If you’re located in Canada, Singapore, or Japan and are sending digital assets outside of...

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Crypto Could be an Alternative to Gold, Says DBS Bank CEO

Piyush Gupta – CEO of Singapore’s largest financial institution DBS Bank – believes cryptocurrencies could turn into an alternative to gold and its role in the current financial system. However, he doesn’t think digital assets could become “money as we know it.” Bitcoin on the Same Level as Gold DBS Bank’s top executive aired his thoughts on several popular cryptocurrency topics during a recent interview for The Economic Times. Similar to many proponents of the asset class,...

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Crypto Bank Sygnum Singapore Secures Additional Regulatory Approval

Sygnum Singapore – a subsidiary of Switzerland’s Sygnum Bank – received in-principle approval from the country’s top financial regulator to conduct three additional activities. These include providing corporate finance advisory services, dealing in capital market products, and offering custodial services. Sygnum to Enable More Opportunities Upon obtaining full approval from the Monetary Authority of Singapore, the digital asset bank will be able to leverage its existing...

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Singapore’s Largest Bank to Launch a Cryptocurrency Trading Desk for Retail Investors

After opening its very own institutional-grade digital asset exchange, Singapore-based DBS Bank is eyeing the expansion of a similar trading offering, but this time, catering to retail investors. It is expected to launch by the end of 2022. DBS’ Upcoming Retail Digital Assets Trading Desk DBS CEO Piyush Gupta believes that the expansion plans will take a lot of work, including potential fraud and others, but expects the launch of the platform by the year-end. On a recent...

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Singapore Looks to Place a Limit on Crypto Advertising

Singapore is telling all crypto companies within its borders to cease advertising their products and services to members of the public. This rule also applies to any banks or traditional institutions that offer crypto. They are not allowed to produce any advertisements and they cannot show these ads in public areas like on buses or trains, websites, social media, physical ATMs, or broadcast and print media. Singapore Looks to Prevent Crypto Companies from Producing Ads...

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Singapore Urges Local Crypto Companies to Refrain From Promoting Digital Assets: Report

The city-state’s central bank – the Monetary Authority of Singapore (MAS) – reportedly issued guidelines that limit crypto trading service providers from promoting such assets. The financial institution believes dealing with digital assets is highly risky and unsuitable for every investor. In addition, Australia’s top financial watchdog – the Australian Securities and Investments Commission (ASIC) – advised locals to restrain from investing retirement savings into bitcoin and...

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