Governments in Asia are quickly researching or implementing CBDCs. What does this mean for the region’s overdependence on the U.S. dollar?
Singapore, known officially as the Republic of Singapore, is a city-state located on an island in Southeast Asia. Singapore has a strong economy with a favorable investment climate, a competitive environment and a high level of education. Although Singapore has regulations around the industry, the country is commonly known for showing positivity toward blockchain and crypto. Regarding fintech, Singapore has a bustling scene. In Singapore, cryptocurrency trading is prevalent.
The country’s central bank, the Monetary Authority of Singapore, or MAS, has put forth a number of efforts relating to crypto regulation. A sign of its leadership in innovation, Singapore’s government was discussing Bitcoin taxes back in 2014, in the asset’s early days.
DBSV and Independent Reserve previously received MAS’ in-principle approvals to provide digital payment token services.7844
The crypto exchange giant has announced further restrictions to its operations in Singapore amid regulatory scrutiny.10764
Despite a blanket ban in China and regulatory crackdowns on exchanges in Korea, Asia remains a hotbed for crypto investments.3463
“We are building the next generation of tools to help onboard the investors and traders who have been on the fence about crypto,” said Khairi Azmi.3389
The Monetary Authority of Singapore placed Binance on its investor alert list on Wednesday over concerns that the crypto exchange may have violated local payments regulations.13130
Binance.US plans to close a major private funding round in the next two months to become more independent from Binance.6990
The joint initiative will prototype shared DLT platforms enabling institutions to settle cross-border transactions using central bank digital currencies.22887
Thailand's Bank of Ayudhya, where MUFG holds a 76.9% stake, has participated in a $41 million raise for Asia-Pacific-focused crypto trading platform Zipmex.2393
The 15 finalists will be mentored by the MAS and “be given access to the APIX Digital Currency Sandbox for rapid prototyping of digital currency solutions.”8303
The funding comes soon after Liquid suffered a major hacking incident last Thursday when the exchange’s hot wallets were compromised.3979
A nine-month blockchain initiative assessing the cost and time efficiency of the two countries’ digital verification systems has been deemed a success.9012
Almost four in five Singaporean crypto holders own Ether, followed by Bitcoin, Cardano and Binance Coin.8530
Kakao wants to keep up with the enterprise blockchain competition in Asia as it eyes expansion to Singapore.4825
Starting next Monday, DBS Bank’s crypto exchange will start operating, allowing institutional investors to trade Bitcoin.10695