The Monetary Authority of Singapore (MAS) has announced that it aims to release feedback on consultations regarding cryptocurrency and stablecoin regulations by the middle of 2023.

This announcement comes after the central bank published two consultation papers in October of 2022, seeking responses on proposed regulatory measures to protect consumers from the risks of trading in crypto and support the development of stablecoins.

The consultation period closed on December 21st, 2022, and MAS received substantial feedback from a wide range of respondents. In response to a parliamentary question, MAS Chairman Tharman Shanmugaratnam stated that the authority is currently reviewing the feedback received and intends to publish its response by mid-2023.

Among the proposed regulatory measures for crypto service providers, MAS is considering banning the use of credit facilities and leverage by retail consumers for trading. Meanwhile, for stablecoins, MAS intends to regulate the issuance of single currency-pegged stablecoins with over S$5 million (US$3.7 million) worth in circulation. The authority also plans to allow Singapore banks to issue such stablecoins.

It is worth noting that Singapore has been vocal about its stance on cryptocurrency, with the government repeatedly highlighting the risks associated with trading in the industry. Singapore has taken steps to restrict the advertising and promotion of cryptocurrencies, as well as blocking crypto ATM services.

MAS has made it clear that it intends to balance the risks and benefits associated with crypto and stablecoins. While the authority recognizes the potential benefits of these technologies, it is committed to ensuring that consumers are adequately protected from the risks. The forthcoming feedback on consultations regarding crypto and stablecoin regulations will provide further clarity on how MAS plans to balance these competing interests.

In conclusion, MAS is taking a measured approach to regulating the cryptocurrency and stablecoin industry in Singapore. The forthcoming feedback on consultations will provide insights into the authority’s plans for regulating the industry and ensuring consumer protection. It remains to be seen how the industry will respond to these proposed regulations, but MAS has made it clear that it intends to strike a balance between risk and reward.

#Singapore #MAS #crypto2023 #azcoinnews #BTC

This article was republished from azcoinnews.com

The blockchain and cryptocurrency space continues to be a hotbed of innovation and creativity, with projects and organizations constantly striving to push the boundaries of what’s possible.

In the latest news, the #Aptos #Foundation has stepped into the spotlight, announcing its highly anticipated Global Aptos Hackathon, scheduled to take place in the vibrant city of #Singapore in September 2023.

As the blockchain ecosystem gains traction, this hackathon promises to be an exciting event, attracting crypto enthusiasts and developers from around the world.

A Multifaceted Crypto #Event

The Global Aptos Hackathon is not just your average crypto gathering; it aims to cover various crypto verticals, opening doors to a plethora of possibilities.

From decentralized finance (DeFi) to non-fungible tokens (NFTs), GameFi to payments, and much more, participants will have the opportunity to explore diverse avenues within the blockchain space.

The event provides a fertile ground for participants to showcase their creativity and problem-solving skills, all while networking with fellow builders and industry leaders.

Lucrative Rewards for Innovation

For those considering participating in the hackathon, the prospect of winning substantial rewards awaits.

With a prize pool of up to $30,000 in every hack track, participants have a chance to turn their innovative ideas into lucrative opportunities.

The Aptos Foundation believes in supporting promising projects, and winners will not only receive cash prizes but also funding for their crypto endeavors to aid in further development.

A Showcase of Aptos Blockchain

At the core of the hackathon lies Aptos, a layer 1 proof of stake blockchain that has caught the attention of the crypto community.

This event presents an opportunity for individuals and teams interested in Aptos or building on the network to demonstrate their prowess.

With a focus on key areas like the utilization of the Aptos blockchain, technical merit, and project completeness, participants will be assessed based on five essential criteria to determine their performance and potential.

Read more: https://perseuscrypto.com/aptos/aptos-foundation-announces-global-hackathon-in-singapore/

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Tether, a popular cryptocurrency, has updated its terms of service, stating that residents of Singapore are now prohibited from holding shares in USDT trading.The CEO of Cake DeFi, Julian Hosp, shared an email from Tether explaining this policy change. There’s speculation that this change may be connected to a recent money laundering case in Singapore.
Tether has made changes to its terms of service in Singapore, specifically prohibiting residents of Singapore from exchanging USDT for USD. Julian Hosp, CEO of Cake DeFi, shared an email from Tether that outlined these updates.
According to the email, Tether has updated its terms to include stricter onboarding standards. It now restricts corporates controlled by other entities, directors, and shareholders residing in Singapore from being Tether customers.
The email also mentioned that Cake DeFi, being controlled by another Singapore-based corporation, would face limitations on account verification and would not be allowed to issue or redeem on the platform.
Hosp expressed his frustration on social media, mentioning that he had planned to mint/redeem USDT with Bake, the retail branch of Cake DeFi, which is headquartered and registered in Singapore, but received the email with these restrictions.
Crypto reporter Wu Blockchain shared the news and questioned whether this change was related to a recent money laundering case in Singapore. Another user on social media noted that it comes just one month after a significant money laundering bust in Singapore.
In August 2023, the Singapore Police arrested ten foreign nationals suspected of money laundering, marking one of Singapore’s largest money laundering cases. Authorities seized assets worth $1.76 billion, including cryptocurrency, cash, gold bars, properties, and vehicles. These individuals were accused of laundering proceeds from overseas criminal activities, including scams and online gambling.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

#CryptoMarket #Bitcoin #CryptoNews #Tether #Singapore

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In a significant development for the #cryptocurrency industry, $Ripple, the renowned #blockchain company, has been granted in-principle approval for its digital asset services in Singapore. This regulatory milestone marks a major step forward for Ripple’s expansion plans in Southeast Asia and reinforces Singapore’s growing acceptance of digital currencies. Let’s delve into the details of this groundbreaking announcement.

Singapore, known for its forward-thinking approach towards emerging technologies, has granted Ripple an in-principle approval to operate its digital asset services within the country. This move demonstrates the nation’s commitment to fostering innovation and embracing blockchain-based solutions in the financial sector.

Ripple Revolutionizes Cross-Border Payments with $XRP and RippleNet

Ripple’s digital asset services include the facilitation of cross-border payments using its native cryptocurrency, XRP, and its decentralized financial network, RippleNet. By leveraging Ripple’s technology, financial institutions and businesses can benefit from faster, more efficient, and cost-effective global transactions.

With Singapore’s in-principle approval, Ripple can now establish a foothold in the country’s flourishing digital asset market. The company will be able to offer its suite of services to Singaporean residents, businesses, and financial institutions, contributing to the growth and development of the local crypto ecosystem.

Singapore’s regulatory framework aims to balance innovation with investor protection and risk mitigation. The Monetary Authority of Singapore (MAS), the country’s central bank, has implemented stringent regulations to ensure compliance and safeguard against illicit activities. Ripple’s successful acquisition of the in-principle approval reflects its commitment to meeting Singapore’s regulatory standards and complying with the existing legal framework.

The partnership between Ripple and #Singapore is poised to promote financial inclusivity and bridge the gap between traditional banking systems and the digital economy. Ripple’s advanced blockchain solutions have the potential to revolutionize cross-border remittances, enhance liquidity management, and drive economic growth in Singapore and beyond.

Conclusion:

Ripple’s in-principle approval for digital asset services in Singapore is a pivotal moment for the company and the broader cryptocurrency industry. Singapore’s support for blockchain technology and its willingness to embrace digital currencies signal a positive shift towards a more inclusive and efficient financial landscape. With Ripple’s expertise and innovative solutions, Singapore stands to benefit from enhanced cross-border payment systems and increased accessibility to digital assets. As Ripple expands its operations in the country, it will undoubtedly play a significant role in shaping the future of finance in Singapore and Southeast Asia.$XRP