Analysis
Governments in Asia are quickly researching or implementing CBDCs. What does this mean for the region’s overdependence on the U.S. dollar?
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Singapore News
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.
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DBSV and Independent Reserve previously received MAS’ in-principle approvals to provide digital payment token services.
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The crypto exchange giant has announced further restrictions to its operations in Singapore amid regulatory scrutiny.
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Despite a blanket ban in China and regulatory crackdowns on exchanges in Korea, Asia remains a hotbed for crypto investments.
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“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.
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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.
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Binance.US plans to close a major private funding round in the next two months to become more independent from Binance.
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The joint initiative will prototype shared DLT platforms enabling institutions to settle cross-border transactions using central bank digital currencies.
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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.
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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.”
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The funding comes soon after Liquid suffered a major hacking incident last Thursday when the exchange’s hot wallets were compromised.
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A nine-month blockchain initiative assessing the cost and time efficiency of the two countries’ digital verification systems has been deemed a success.
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Almost four in five Singaporean crypto holders own Ether, followed by Bitcoin, Cardano and Binance Coin.
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Kakao wants to keep up with the enterprise blockchain competition in Asia as it eyes expansion to Singapore.
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Starting next Monday, DBS Bank’s crypto exchange will start operating, allowing institutional investors to trade Bitcoin.
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