Jack Ma’s Ant Group, 3 Other Digital Banks Get OK to Operate in Singapore

Crypto exchange Binance is winding down its exchange operation in Singapore after the company decided to withdraw its application with the Monetary Authority of Singapore (MAS) to operate a digital asset exchange in the country. “Buying and selling of crypto from existing assets of users will be discontinued from 13 January 2022,” said Binance Singapore. Binance Withdraws Application to Operate Crypto Exchange in Singapore Binance announced Monday some changes affecting all users of its Singaporean platform, Binance.sg. Noting that “The decision has not been made....

Coinbase is now in a good position to help cryptocurrencies have a little breathing room in Singapore where the government is maintaining a hard stance on the asset class. Following events that put the nation’s image in question as a safe hub for the highly volatile digital currencies, the Monetary Authority of Singapore made the […]

The Monetary Authority of Singapore (MAS) has notified several providers of digital payment services that they will be licensed to operate in the city-state. The move, which comes after the approval of a crypto exchange for a license, secures Singapore’s status as Asia’s crypto hub, industry observers say. Digital Payment Service Providers to Be Authorized to Operate in Singapore The central banking authority of Singapore has informed digital payment service providers that it’s going to license them to operate under its jurisdiction. MAS told “several” out of....

The blockchain is often touted as one of the most revolutionary staples of modern technology. Institutions from banks to governments have attempted to “exploit” its technology in the hopes that they can digitize and record their data in real-time to keep it safe from security breaches and related issues. The next spot on the map looking to harness blockchain technology is Singapore. Asia is proving to be a regular haven for digital currency and its respective technology. China is often regarded as the biggest influencer of bitcoin, touted for its price hikes, then pointed at and ridiculed....

The Monetary Authority of Singapore (MAS) will soon test how it could issue digital currency using a blockchain-based interbank payment system. According to Bloomberg, the planned proof-of-concept will be supported by blockchain consortium R3CEV, as well as eight banks and an unnamed local stock exchange. The Development Bank of Singapore, HSBC, Bank of America, JPMorgan, Credit Suisse and Bank of Tokyo-Mitsubishi are all said to be participating. In a speech on Wednesday, MAS managing director Ravi Menon said the test could come to include other central banks. Further, he credited the....