Singapore Financial News

LSEG bought a stake in London-based Nivaura in 2019.

The majority of stablecoins are pegged to the US Dollar but there is a demand to create more coins with alternative denominations. That said, a few stablecoins are pegged to currencies like Singapore Dollar, Indonesian Rupiah or Euro. Large currencies have volume, some established form of consistency and track record and tangible backing, and thereby make for a good standard in the virtual currency world, said Raj A Kapoor, Founder, India Blockchain Alliance.

The nonprofit organization focused on the open-source stablecoin network behind Terra USD, Luna Foundation Guard, has closed on a $1 billion raise through the sale of LUNA tokens.

Disclaimer: The text below is a press release that was not written by Cryptonews.com. 

Singaporean state investment firm Temasek Holdings Pte and other investors valued cryptocurrency-trading platform Amber Group at $3 billion in a funding round.

Crypto finance service provider Amber has landed a valuation of $3 billion following a funding round led by Singaporean state-owned investment firm Temasek Holdings. 

investments, crypto platforms are introducing new products. They are looking to earn interest on their crypto deposits or draw loans against cryptocurrencies, without attracting the new tax. The Budget proposed a 30% tax on returns from digital currencies and a 1% Tax Deducted at Source (TDS) on digital assets. The government has not used the term «cryptocurrency» in the budget, but rather «virtual digital assets». This means there will not be any tax on crypto-based products, investors said. «The way the regulations are today, investors who invest in crypto-based products should not be covered either under the 1% TDS, or 30% tax on income. However, we have sought clarity on this from the government and will be approaching them in this regard,» said Darshan Bathija, cofounder of Vauld, a Singapore-based cryptocurrency exchange. Crypto platform executives say if there is no tax incidence on crypto-based products, it could lead to greater demand from investors. «It (tax) will increase our operations as people will prefer to take out a loan on their crypto holding, instead of selling it to avoid the tax implications,» said Kumar Gaurav, founder and CEO of Cashaa.

Major crypto exchange Binance has reportedly halted activities and marketing to Israelis following a request from one of the country’s financial regulators over licensing.

The United Arab Emirates is reportedly planning to issue a federal crypto license for virtual asset service providers (VASPs) by the end of the first quarter.

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The team behind the new gaming-focused proof-of-stake blockchain Oasys say that it’s been designed to increase mainstream play-to-earn (P2E) adoption.

Following Red Bull Racing's most recent wins at Formula One (F1), the racing team scores a three-year partnership with Singapore-based crypto trading platform Bybit for $50 million per year. According to the announcement, the fee will be paid in a combination of fiat and BitDAO (BIT) tokens.

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The major Singapore-based bank DBS confirmed that it is planning to launch a retail-focused crypto trading desk in 2022, after last year doing the same for accredited investors and corporate customers.

DBS Bank, Singapore’s largest bank, is working on expanding its cryptocurrency exchange beyond its current investor base of institutional clients, according to the CEO.

Singapore's largest lender DBS Group reported a record full-year profit for 2021, and its CEO Piyush Gupta told CNBC last year was «one of the best years» he's seen.

Disclaimer: The text below is a press release that was not written by Cryptonews.com. 

Disclaimer: The text below is a press release that was not written by Cryptonews.com. 

In her monthly Expert Take column, Selva Ozelli, an international tax attorney and CPA, covers the intersection between emerging technologies and sustainability, and provides the latest developments around taxes, AML/CFT regulations and legal issues affecting crypto and blockchain.

Disclaimer: The text below is a press release that was not written by Cryptonews.com. 

The upcoming Super Bowl in the USA, the annual playoff championship game of the National Football League (NFL), will be inundated with crypto ads as at least five crypto trading platforms and one decentralized autonomous organization (DAO) have paid up to USD 7m each to reserve a 30-second ad slot.