City Singapore Financial News

Terra founder and crypto fugitive Do Kwon has been allegedly arrested in Montenegro.

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

Hong Kong has seen massive interest from virtual asset-related firms as the city pushes toward reclaiming its position as a global crypto hub with a more friendly regulatory stance. 

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

Coinbase – the leading American-based crypto exchange – is reportedly planning on setting up a new Bitcoin (BTC) and crypto trading firm overseas. According to a report by Bloomberg, the exchange is moving in this direction in order to attract global clients. Notably, the exchange is planning on opening a new platform despite already having a presence in multiple countries including the UK, India, Singapore, UAE, and others.

On 15 March, Coinbase announced that it had secured a partnership with TradFi giant Standard Chartered. This move undermined recent directives by regulators aiming to prevent the flow of liquidity into the crypto market.

Singapore move funds to and from accounts via local banks, smoothing one path to investing in digital assets at a time when markets are on edge over financial stability and crypto banking. Transfers, in Singapore dollars, are facilitated by a traditional bank, Standard Chartered, and carry no fee, the company said in a statement. Previously, users could only purchase crypto via a Visa or Mastercard debit or credit card, or transfer crypto in and out of their Coinbase account. Hassan Ahmed, Coinbase's country director for Singapore, told Reuters in an interview the move was part of the company's international expansion strategy. Rivals Crypto.com and Gemini already offer a similar service. Coinbase, which last year received in-principle approval from the Monetary Authority of Singapore (MAS) to offer payment services in the city-state, is looking to ramp up its Singapore retail offerings, said Ahmed.

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.

The world of digital cash is divided into two camps. The traditionalists want a public authority to remain in charge of providing a safe medium of exchange for people to settle claims against one another. Or else, they say, private money could become as unreliable as in the pre-US-Civil-War era of wildcat banking, when notes issued by a lender in Tennessee would be discounted by 20% in Philadelphia.

Terra Luna Classic (LUNC) continues to endure bleed-out price action, as authorities in Singapore open investigation into Do Kwon - can LUNC recover?

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

Singapore authorities have launched a probe into Do Kwon's Terraform Labs, the entity that developed the now-collapsed TerraUSD stablecoin.

The troubled crypto lending firm Babel Finance is working on a new plan to raise money through a crypto-backed stablecoin.

Last Friday’s crypto market dip on Silvergate Bank concerns weighed heavily on Luna Classic (LUNC), the cryptocurrency that powers the original but not largely defunct Terra blockchain ecosystem. After dipping more than 10% on Friday from near $0.00017 to around $0.00015, the cryptocurrency has since eased a little lower to stabilize in the mid-$0.00014s. Price predictions thus remains somewhat downbeat.

Local authorities in Singapore announced they had begun a probe that is connected to Do Kwon’s Terraform Labs.

The digital rupee (e), India’s recently launched in-house central bank digital currency (CBDC), is now being tested for offline functionality, revealed Ajay Kumar Choudhary, executive director of the Reserve Bank of India (RBI). The RBI is the central bank and regulatory body of India.

India’s recently launched in-house central bank digital currency (CBDC) — the digital rupee — is now being tested for offline functionality, revealed Ajay Kumar Choudhary, executive director of the Reserve Bank of India (RBI).

Binance's custody unit Ceffu said on Thursday it is planning to apply for a permit to offer payment services in Singapore, as the crypto exchange makes another attempt to function in the crypto-friendly city-state. «Once the relevant amendments to the Payment Services Act go live and the application for a custody license opens, Ceffu will make its official application with the MAS (Monetary Authority of Singapore),» the unit's Vice President Athena Yu said in a statement to Reuters. The unit, launched in 2021, was recently rebranded to Ceffu from Binance Custody. Late last year U.S. crypto exchange Coinbase, Crypto.com and DBS Vickers — brokerage run by Singapore's largest bank DBS — received similar approval from the central bank to offer payment services in the country.

The figures from FinTech Global Research show that fintech companies based in Singapore were engaged in a record number of deals in 2022 with 232 deals in total.

Amid various reports about Binance trying to revive its crypto licensing plans in Singapore, the crypto exchange has come out to set the record straight. Binance told Cointelegraph that Ceffu, its "independent institutional custody partner," is the one looking to apply for an institutional crypto custody license when Singapore’s central bank opens up applications.