In a positive development for Ripple, the blockchain company has been granted in-principle regulatory approval to operate in Singapore. The Monetary Authority of Singapore has awarded Ripple a Major Payment Institution License, enabling the company to offer regulated digital payment token products and services. This approval opens up opportunities for Ripple to expand the cross-border transfers of XRP, its closely associated cryptocurrency, among banks and financial institutions. Singapore's crypto-friendly jurisdiction continues to attract major players in the industry. #Ripple #Singapore #cryptocurrency

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

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The Monetary Authority of Singapore (MAS) has taken action against executives from Three Arrows Capital (3AC), Kyle Livingston Davies and Zhu Su, by imposing a nine-year ban due to regulatory violations.

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This ban, known as a prohibition order (PO), became effective on September 13, 2023. It’s important to note that Zhu Su and Kyle Davies were the founders of the now-bankrupt crypto hedge fund, Three Arrows Capital. Within the company, Zhu Su served as the CEO and director, while Kyle Davies held the positions of chairman and director

MAS Restricts Zhu and Davies

According to the statement, Zhu Su and Kyle Davies are now banned from engaging in “regulated activity” and are prohibited from managing, holding director positions in, or acquiring significant shares in any capital market services firm under the Securities and Futures Act (SFA).

Following MAS’s reprimand of Three Arrows Capital in June 2022 for providing false information to MAS, failing to report changes in Zhu’s and Davies’ directorship and shareholdings, and exceeding the allowable assets under management for a registered fund management firm, MAS initiated further investigations into the firm, Zhu, and Davies.

The regulator asserts that Three Arrows Capital did not inform the Monetary Authority of Singapore (MAS) about appointing a new fund manager, provided false information to MAS by claiming that this manager did not engage in regulated activities, and failed to establish an appropriate risk management framework.

Loo Siew Yee, Assistant Managing Director of Policy, Payments & Financial Crime, stressed the importance of senior management in fund management implementing strong risk management measures to protect investors.

She also expressed serious concern on MAS’s part regarding Zhu’s and Davies’ disregard for MAS’s regulatory requirements and their failure to fulfill their directorial responsibilities. MAS is committed to taking action against senior managers involved in such misconduct.

Effect on OPNX Exchange from MAS Actions?

The cryptocurrency exchange known as OPNX, which is registered in Seychelles, was co-founded by Kyle Davies and Zhu Su, who are also executives at 3AC. Following the prohibition order issued by Singapore authorities against these individuals, some are wondering if it will have any impact on the exchange.

It’s important to note that the ban prevents them from participating in financial markets within Singapore, so it may not directly affect the OPNX exchange.

However, it’s worth mentioning that on August 16, OPNX and its founders, including Kyle Davies and Su Zhu, were fined approximately $2.8 million by Dubai’s Virtual Assets Regulatory Authority (VARA). These fines primarily resulted from violations related to marketing and advertising standards established by the regulator.

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.

#CryptoNews #cryptomarket #MAS #OPNX #Singapore

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/