Singapore’s central bank, the Monetary Authority of Singapore (MAS), has announced amendments to the Payment Services Act to impose additional requirements on digital payment token service providers and broaden the scope of regulated services. The central bank warned that entities that do not fulfill the requirements must cease the activities when the amendments come into…
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Reflecting Singapore’s progressive stance on digital assets, the Monetary Authority of Singapore (MAS) has awarded Hashkey Capital Singapore a full Capital Markets Services license, enabling the firm to enhance its fund management services and contribute significantly to the burgeoning blockchain community. Hashkey Capital Singapore Elevates Its Market Presence with New CMS License from MAS In…
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The Monetary Authority of Singapore’s managing director has outlined the central bank’s plan to ensure seamless financial transactions across digital asset networks. “Currently, there is a proliferation of digital asset networks,” the head of Singapore’s central bank said. “We cannot wish these dynamics away and force consolidation of all financial transactions onto a single network.…
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The Monetary Authority of Singapore (MAS) has announced a global tokenization initiative that seeks to allow tokenized assets to be exchanged by different financial institutions across borders. The initiative, touted by MAS officials as the evolution of Project Guardian, a series of tokenization pilots carried by the institution, has the support of banking powerhouses like…
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The USD-backed token will comply with Singapore’s upcoming stablecoin laws and be issued through a new local Paxos entity that’s received initial approval. Crypto infrastructure firm Paxos has secured in-principle approval from Singapore’s regulator for a new entity that’s planning the launch of a U.S. dollar-backed stablecoin. In a Nov. 15 statement, Paxos said it…
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Upbit Singapore scored initial approval from the country’s central bank and financial regulator for a local crypto license. The Singapore entity for Upbit, South Korea’s largest exchange by volume, has been given in-principal approval for a Major Payment Institution (MPI) license in Singapore. On Oct. 16, Upbit Singapore said the Monetary Authority of Singapore (MAS)…
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Ripple said it received its fully-fledged digital payment tokens license from the Monetary Authority of Singapore. Ripple said it has received the full-fledged license to operate as a major payments institution from Singapore’s central bank, allowing it to continue operations in the country after receiving in-principle approval in June. In an Oct. 4 statement, the…
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The Monetary Authority of Singapore (MAS) unveiled regulations aimed at ensuring the value stability of each stablecoin regulated in the city-state. Under the new rules, issuers that want their fiat-pegged tokens to be labeled as “MAS-regulated” will have to meet certain requirements. Singapore to Require Stablecoin Issuers to Maintain Minimum Base Capital and Liquid Assets…
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Redemptions of MAS-regulated single-currency stablecoins will have a longer grace period of five business days despite some arguing that it should be done in real time. While blockchains continue to revolutionize payments by allowing instant transfers, Singapore’s central bank believes three business days is a “timely transfer” for single-currency stablecoins (SCS), similar to transfer speed…
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Crypto company Blockchain․com has been granted a payment license in Singapore that will enable it to provide regulated services for digital assets. The authorization in the city-state, which is a major trading hub for the platform, is part of its efforts to comply with local regulations in the jurisdictions where it operates. Blockchain․com Receives MPI…
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