Singapore Financial News

The Monetary Exchange of Singapore (MAS), ​​the country’s central bank and financial regulator, reminded all authorized cryptocurrency exchanges in the country to comply with financial sanctions in place toward Russia. 

The government will also review property rights for tokenised assets.

Hong Kong's government has proposed allowing retail investors to trade in cryptocurrencies and crypto exchange-traded funds – a move it hopes will help it rebuild its fintech hub status.

Terraform Labs founder Do Kwon, along with the Luna Foundation Guard (LFG) and Terra founding member Nicholas Platias, are facing a fresh $57 million class action suit from aggrieved investors in Singapore. 

Do Kwon, the co-founder of Terraform Labs who may be facing legal actions in South Korea and the United States, is the target of a lawsuit in Singapore along with the Luna Foundation Guard (LFG) and Terra founding member Nicholas Platias.

Singapore's retail investors may have to take a risk awareness test to be allowed to trade crypto, in order to ensure that they have sufficient knowledge of the risks involved. 

The Monetary Authority of Singapore (MAS) is introducing proposals to better regulate the cryptocurrency industry in the aftermath of the bankruptcy of the Singaporean crypto hedge fund Three Arrows Capital (3AC).

MAS said it discourages the public from speculative trading in cryptocurrencies.

Instead it is proposing stringent new requirements on providers of Digital Payment Token (DPT) services deisgned to discourage casual use of cryptocurrency trading by consumers. These include mandatory testing of customers to guage prior knowledge of crypto risks; a ban on retail users from borrowing or accepting credit card payments to purchase crypto; and the prohibition of crypto-related incentives, such as free tokens, gifts, or celebrity endorsements.Firms will also be mandated to separate customer assets from their own assets, introduce clear risk management controls, and disclose the policies and procedures for selection and listing of tokens.While the proposals are likely to dampen speculative growth in crypto trading, the central bank has taken a more nuanced approach to the use of stablecoins as a medium of exchange.In a bid to lend credibility to tthe emerging asset class, the current regulatory framework, which primarily addresses money laundering and terrorism financing risks, and technology and cyber risks, will be expanded to ensure that regulated stablecoins have a high degree of value stability.Non-bank issuers of stablecoins wil also be required to hold liquid assets which are valued at higher of 50% of annual operating expenses to achieve recovery or an orderly wind-down.

Reddit’s Polygon-based nonfungible token (NFT) venture continues to impress with three of its tokenized avatar collections cracking the top 10 projects on OpenSea in terms of sales volume this week.

Filecoin Green, a Protocol Labs initiative designed to reduce the environmental impact of FIlecoin and make Filecoin verifiably sustainable, has spearheaded an initiative to power Web3 technology with verifiably clean energy. 

“Big four” accounting firm KPMG and technology and financial services company Aspen Digital found that family offices (FO) and high-net-worth individuals (HNWIs) in Hong Kong and Singapore "have embraced" the digital asset class, with more than 90% of survey respondents having already invested in the space or planning to do so. 

Some two billion WhatsApp users were left without service on Oct. 25 as the biggest messaging application worldwide went offline. Meta, the owner of Facebook and WhatsApp, is yet to clarify what led to the outage.

Hong Kong and Singapore’s wealthy elite appear to be looking at digital assets with fervor, after a new report from KPMG suggesting over 90% of family offices and high-net-worth individuals (HNWI) are interested in investing in the digital assets space or have already done so. 

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Disclaimer: The text below is a press release that is not part of Cryptonews.com editorial content.

Do Kwon, the Co-founder and CEO of Terraform Labs, left Singapore last month for Dubai, South Korean prosecutors and police have claimed. But Kwon they say he has since left the United Arab Emirates – and is now in a “third” country.

There is no substitute for experience. Even when an experience can feel regrettable, like getting your brother’s Runescape account banned.

Terra (LUNA) founder Do Kwon has said in a recent podcast interview that the collapse of Terra due to design weaknesses is “my responsibility alone,” while admitting that “it’s not easy” to own up to the responsibility.

Institutional adoption of digital assets is “moving very, very fast,” and much faster than the rate nascent industries ordinarily develop at, says Coinbase Senior Advisor John D’Agostino.