Singapore Financial News

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

The non-profit organization DLT Science Foundation (DSF) has launched with the aim of fostering the adoption of distributed ledger technology (DLT). 

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. 

Bitcoin, the largest token, rose as much as 4.9% and was trading at about $25,610 as of 10:45 a.m. in Singapore on Friday. Second-ranked Ether added roughly 3%, while smaller tokens like Solana and Polkadot also jumped. “Any sign of interest-rate cuts should push funds to riskier assets, which is likely to be enough to bring more institutional funds into the crypto market, regardless of whether macro traders understand or believe in the longer-term Bitcoin investment thesis,” wrote Noelle Acheson, author of the “Crypto Is Macro Now” newsletter. Bitcoin has climbed about 55% so far this year and is in touching distance of the highest level since June 2022. But the token remains a long way off its record of almost $69,000 from November 2021.

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.

Signum Digital, a joint venture of Coinstreet and Somerley, has announced that it has received an approval-in-principle from the Hong Kong Securities and Futures Commission (SFC) for its security token offering (STO) and subscription platform.

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.

SINGAPORE—Economic activity in China rebounded in January and February as the country emerged from almost three years of tough Covid-19 controls, adding to signs of resilience in the global economy after the sudden collapse of two U.S. banks unnerved investors. 

The recent turmoil in the U.S. banking industry has left crypto-companies searching high and low for new partner banks. Last week, Silvergate Capital, Silicon Valley Bank, and Signature Bank all shut down following regulatory intervention. This forced many users to move their assets elsewhere.

NAB’s Australian stablecoin, AUDN, is fully backed one-for-one with the Australian dollar and managed as a liability of the bank,NAB’s ambition is to enable transactions across seven of the top globally utilised currencies: Australian, New Zealand, Singapore and US dollars, Euro, Yen and Pound Sterling. The Australian bank expects to be supporting select corporate and institutional clients to transact using digital assets by the end of 2023.NAB executive general manager, Markets, Drew Bradford, says: “We are committed to pursuing the right digital asset opportunities with clear customer benefits.

SINGAPORE—Economic activity in China rebounded in January and February as the country emerged from almost three years of tough Covid-19 controls, adding to signs of resilience in the global economy after the sudden collapse of two U.S. banks unnerved investors. 

National Australia Bank (NAB) announced March 14 that it had executed the first-ever cross-border stablecoin transfer on a layer 1 public blockchain. The intrabank transfer used the bank’s fully backed AUDN stablecoin tied to the Australian dollar (AUD). 

Asia-Pacific's leading index erased its year-to-date gains and is now flat in 2023 as bank stocks led declines Tuesday.

The collapse of U.S.-based Silicon Valley Bank is unlikely to hit fundraising for tech startups in Southeast Asia, venture capitalists and an analyst told CNBC.

The United States Justice Department is reportedly investigating the collapse of the TerraClassicUSD (USTC) stablecoin which contributed to a $40 billion wipe out in the Terra ecosystem last May.

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.

According to a statement on Mar. 9, bank messaging platform Society for Worldwide Interbank Financial Telecommunications, or SWIFT, disclosed that the financial institution witnessed positive results related to its pilot test of linking different central bank digital currencies (CBDCs).