City Singapore Financial News

Crypto lender Amber Group is weighing options for its Japan unit, including a possible sale, and plans to apply for a Hong Kong license following the city’s pivot toward creating a digital-asset hub. The evaluation of the Japan operation is part of a strategic decision to focus more on institutional rather than retail business, Amber’s Managing Partner Annabelle Huang said in an interview on Bloomberg Television on Friday. Japan is a “very high quality market, but regulations are strict,” Huang said, adding the firm doesn’t have an announcement at the moment about a deal. Singapore-based Amber acquired Japanese crypto exchange DeCurret Inc. in 2022. While Japan has eased some digital-asset rules, other firms like Coinbase Global Inc. and Kraken have already pulled back from the East Asian nation.

Amber Group, a Singapore-based crypto lender, is considering selling its Japanese unit as part of its plan to focus more on institutional business rather than retail business, Bloomberg reported. 

Disclaimer: The Industry Talk section features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com.

A United States court has issued a summons to Tron founder Justin Sun’s Singapore address in connection to a Securities and Exchange Commission (SEC) civil case.

Disclaimer: The Industry Talk section features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com.

Disclaimer: The Industry Talk section features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com.

Singapore banks have teamed up with the country’s law enforcement and its Central Bank to come up with a uniform set of standards for vetting potential clients associated with digital assets and the crypto sector. The new initiative is reportedly a response to the bankruptcies and scandals witnessed in the crypto industry over the past few months. 

Singapore officials are collaborating with local banks to develop uniform standards for evaluating customers in the digital asset sector in the aftermath of significant global disruptions in the industry. 

Singapore regulators are working with traditional banks to develop uniform standards for screening potential customers from the crypto industry. The collaboration has been ongoing for the last six months. 

Disclaimer: The Industry Talk section features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com.

A judge will decide whether Do Kwon will be extradited to the United States or South Korea, Montenegro’s justice minister, Marko Kovac, reportedly said.

As Hong Kong is again opening up to the crypto market, local investors are launching a $100 million fund to finance the digital industry. The new fund, ProDigital Future, will aim at early-stage Web3 companies oriented at the regional market. 

SINGAPORE — Shares of Southeast Asia's largest bank DBS Group were down 1.4% on Thursday, a day after a 10-hour outage of its digital services.

The Hub will be staffed by a multi-disciplinary team working with central banks across the region to investigate some of the most pressing technology challenges facing the international financial system Four distinct projects have been defined for the Hub's input:

Circle has been subject to discussion in the crypto industry since the depegging of its stablecoin (USDC) due to the collapse of Silicon Valley Bank (SVB) on March 10. Now that the company cleared its backlogs and USDC regained its 1:1 peg with the United States dollar, it is looking towards the future of both the company and the industry. 

Singaporean women are slightly more likely to make money or at least break even on their crypto investments than their male counterparts, according to a survey from cryptocurrency exchange Independent Reserve.

cryptocurrencies has disrupted the global financial landscape, creating both opportunities and risks for investors. With the entry of new and credible players in the crypto space and the possibilities of blockchain technology, cryptocurrencies have become significant growth drivers. However, the rising number of scams in the crypto space has become a concern for investors, with reports indicating that illicit addresses sent nearly $23.8 billion worth of cryptocurrency in 2022 alone. As the crypto industry continues to grow, it is imperative for businesses to prioritise security and regulatory compliance of their operations to prevent any potentially questionable transactions. The Finance Ministry's recent announcement of including crypto businesses under the Prevention of Money-laundering Act, 2002 highlights the increasing importance of regulatory compliance in the crypto space. Any exchange involving virtual digital assets and fiat currencies, exchange between multiple forms of virtual digital assets, and transfer of digital assets will now be subject to the same anti-money laundering standards as other regulated entities. These developments are not unique to India, as other regions such as the EU, US, and Singapore have also implemented similar laws and regulations, such as the Markets in Crypto-Assets (MiCA) provisional agreement, the Framework for International Engagement on Digital Assets, and guidelines by the Monetary Authority of Singapore's Payment Service Act.

Cryptocurrency exchange Zipmex has reportedly not received the latest payment under its buyout agreement with venture capital firm V Venture. The exchange has sent a letter to the firm warning that it will have to begin liquidating one of its units without that money.

Troubled crypto exchange Zipmex's $100 million bailout deal is in jeopardy as the exchange has not received its latest payment due March 23. 

A person believed to be Terraform Labs co-founder Do Kwon, who is accused of alleged cryptocurrency securities fraud, was apprehended at an airport in Montenegro Thursday, according to a tweet from the country's interior minister.

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