Singapore Financial News

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.

Binance CEO Changpeng "CZ" Zhao and other senior executives have been for years concealing the crypto exchange ties with China, according to documents obtained by the Financial Times.

SINGAPORE—Turmoil in the U.S. banking sector isn’t just a problem for the U.S. It also increases the risks of a global recession. 

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. 

Formula 1 teams could be warming to crypto advertising again despite a crypto sponsorship exodus in the wake of last year's high-profile meltdowns.

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.

SINGAPORE—Turmoil in the U.S. banking sector isn’t just a problem for the U.S. It also increases the risks of a global recession. 

The Terraform Labs CEO Do Kwon has complained that his “rights” are being “violated.” And legal experts warn that it could be “years” before his case is heard if he is extradited to face charges in his native South Korea.

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.

SINGAPORE—Turmoil in the U.S. banking sector isn’t just a problem for the U.S. It also increases the risks of a global recession. 

Following his arrest in Montenegro while attempting to fly using fake documents, Terraform Labs co-founder Do Kwon will reportedly appeal the court’s decision to extend detention time for up to 30 days.

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.

Kwon was arrested by Interpol at Podgorica airport on Thursday, after providing falsified documents from Costa Rica while attempting to board a flight to Dubai.

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.

Update:

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

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As the United States grapples with the challenges posed by an evolving cryptocurrency landscape, Asia emerges as a beacon of innovation and opportunity for digital asset businesses.