Category: MAS

What you have to know about money laundering reportsS
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June 21, 2024

Singapore Identifies Banking Sector as Top Money Laundering Risk

The Monetary Authority of Singapore (MAS) has pinpointed the banking sector as the primary conduit for money laundering (ML) risks in the country. This revelation comes from the Money Laundering National Risk Assessment report released on Thursday, June 20. Most recently, Singapore had a $3 billion money laundering scandal involving China, where 10 people were sentenced to prison and fines. Money laundering is a huge issue for the island country and city-state.
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Singapore MAS considers restrictions for crypto marketS
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February 22, 2024

Singapore’s Monetary Authority Issues Quantum Computing Cybersecurity Alert to Financial Sector

The Monetary Authority of Singapore (MAS) has warned the nation's financial institutions about the emerging cybersecurity threats posed by advancements in quantum computing. With experts forecasting that quantum computers capable of undermining current cryptographic standards could become a reality within the next decade, the MAS is urging the financial sector to brace for potential security vulnerabilities.
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Singapore MAS considers restrictions for crypto marketT
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November 24, 2023

The Singapore MAS And Its Plans To Protect Consumers In the Dawning Crypto Environment!

The Monetary Authority of Singapore (MAS) is certainly one a role model as a regulator for the dawning CyberFinance. The regulator now introduced new regulations to curb speculative investments in cryptocurrencies, reflecting a cautious approach towards the rapidly evolving digital asset market. As part of its regulatory framework, the MAS has classified Bitcoin and Ether as digital payment tokens (DPTs), thereby recognizing them as legal assets in Singapore.
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Paxos receives MAS approval for stablecoinP
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November 16, 2023

Paxos Receives In-Principle Approval For USD-Backed Stablecoin in Singapore

Paxos, a US-based fintech focused on blockchain and tokenization infrastructure, has secured the regulatory in principle approval (IPA) from the Monetary Authority of Singapore (MAS) for its new Singapore entity, Paxos Digital Singapore Pte. Ltd., to offer digital payment token services. The Singapore entity will issue a new US dollar stablecoin fully backed 1:1 by the US Dollar and cash equivalents.
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US crypto firm Ripple secures crypto license in SingaporeU
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October 4, 2023

U.S. Crypto Companies Go Global: Ripple Secured A Major Payments Institution License In Singapore!

The last few days have been very successful for the U.S. crypto companies, which are gradually recovering from the FTX collapse. Most recently, Coinbase announced that it had received a payment institution license in Singapore. Ripple, the company behind the XRP token, has been making headlines with a series of achievements. Its Singapore subsidiary has secured a pivotal license, and it has also marked a significant win in its ongoing U.S. court battle.
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Coinbase sucures payment institution license in SingaporeC
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October 2, 2023

Coinbase Obtains Major Payment Institution Licence in Singapore!

The U.S. crypto exchange Coinbase has secured a comprehensive license in Singapore, allowing it to expand its digital asset payment services in the region. This major payment institution license comes roughly a year after the Monetary Authority of Singapore (MAS) gave Coinbase an initial approval. This places Coinbase among the select group of companies authorized to offer digital payment token services in Singapore.
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Crypto.com registered with the UK FCA as crypto businessC
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August 17, 2022

Crypto.com Receives Regulatory Approval In The United Kingdom!

Singapore-based crypto exchange Crypto.com announced today its UK entity FORIS DAX UK LIMITED had received regulatory approval from the UK Financial Conduct Authority (FCA) as a cryptoasset business. The UK entity is led by US citizen Antonio Alvarez Lorenzo, Briton John Nicolas Charteris, and Brazilian co-founder and group CFO Rafael Melo, who is also listed as a controlling person. FORIS DAX MT LIMITED already received a Class 3 Virtual Financial Assets Service Provider license from the MFSA in Malta.
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Singapore MAS reports 7.4 billion lossS
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July 19, 2022

Singapore Regulator Posted A Net Loss Of $7.4 Billion!

The Monetary Authority of Singapore (MAS) announced a net loss of $7.4 billion for the financial year ended March 31, 2022. It was the first loss in nine years due to lower investment gains, a large negative foreign exchange translation effect, and higher interest expenses. As a result of the loss, MAS did not contribute to Singapore's consolidated fund, out of which government expenditure is made, for the financial year. It contributed $1.07 billion in fiscal 2021 and $2.17 billion in 2020.
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Singapore MAS considers restrictions for crypto marketA
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July 5, 2022

After Three Arrows Capital debacle, Singapore Considers Restrictions For Crypto Market.

Most recently, Singapore has been at the center of the crypto winter. The collapsed crypto hedge fund Three Arrows Capital (3AC) has its headquarters in Singapore, where co-founder Zhu Su is also based. The crash in crypto prices has led to 3AC filing for Chapter 15 bankruptcy in the United States while a court on British Virgin Island ordered its liquidation. The Singapore MAS reprimanded 3AC for providing false information. Now, regulations for crypto companies on the island nation are to be tightened.
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