Singapore Central Bank Proposes New Rules for Bitcoin Startups
The central bank of Singapore has proposed a new regulatory framework for payments providers in the city-state, a move that would bring digital currency exchanges under its oversight. The proposed framework would require applicable companies to obtain a license from the Monetary Authority of Singapore (MAS), and divides payment activities into several categories. Digital currency exchanges would be covered by a provision overseeing startups that provide "money transmissions and conversion services". The MAS said: "The scope of currency conversion activities is intended to....
Related News
Singapore’s central bank, the Monetary Authority of Singapore (MAS), is contemplating imposing stricter rules on retail crypto investors. “MAS regards cryptocurrencies as unsuitable for use as money and as highly hazardous for retail investors,” said the central bank chief. New Rules May Be Coming to Retail Crypto Investors in....
Singapore’s central bank has issued guidelines to discourage cryptocurrency trading by the general public. The central bank emphasized that “the trading of cryptocurrencies is highly risky and not suitable for the general public.”
Singapore’s Central Bank Discouraging Crypto Trading by the General Public
The Monetary Authority of Singapore (MAS), the nation’s central bank, announced Monday that it has issued guidelines “to discourage cryptocurrency trading by [the] general public.”
The guidelines restrict....
The Monetary Authority of Singapore (MAS), the country’s central bank, has formally approved two companies to provide crypto services. One is the brokerage arm of DBS, the largest bank in Singapore and Southeast Asia. The other is Independent Reserve, a crypto exchange and OTC trading desk.
Singapore’s Central Bank Formally Approves DBS and Independent Reserve
DBS Bank announced Friday that its brokerage arm, DBS Vickers (DBSV), “has received formal approval from the Monetary Authority of Singapore (MAS) under the Payment Services Act 2019 to provide digital....
Three crypto startups have been selected to join Startupbootcamp (SBC), Singapore's FinTech accelerator program. Decentralised peer-to-peer marketplace DeBuNe; blockchain equity issuer Otonomos; and bitcoin wallet provider Cryptosigma will join seven other startups in the three-month programme. SBC will give each of the participating startups approximately $18,000 in funding, free office space, mentorship and access to a network of angel investors and global venture capitalists such as DBS Bank, Mastercard and Route 66 Ventures in return for 8% in equity. The Southeast Asian state, a....
Singapore is taking steps to promote the country's fintech ecosystem by easing regulations for investment in the sector. Increasing interest in blockchain technology based applications among banking and financial institutions has got governments and central banks across the world making special allowances for Fintech companies. Singapore is the latest country to consider offering special concessions targeted towards fintech companies. The deputy Prime Minister of Singapore, Tharman Shanmugaratnam has announced that the Central Bank of Singapore is looking into the possibility of easing....