Singapore’s Central Bank chief dismisses cryptocurrencies, supports CBDCs and Stablecoins
The Managing Director of Singapore’s central bank, the Monetary Authority of Singapore (MAS), has branded cryptocurrencies as a failure. Instead, he backs Central Bank Digital Currencies (CBDCs) and stablecoins as future financial system components. Ravi Menon expressed his opinion in his keynote at the Singapore Fintech Festival. Menon stated, “Cryptocurrencies have performed poorly as a […]
Ripple triumphs with new digital payments license in Singapore
Ripple has gained regulatory approval for its digital payment token license from the Monetary Authority of Singapore (MAS). Ripple announced on X (formerly known as Twitter) about their full-fledged license that was granted on Tuesday, allowing it to continue operations in Singapore. The approval follows in-principle approval given in June. Ripple’s local entity, Ripple Markets […]
Coinbase secures full license to expand crypto payment services in singapore
Cryptocurrency exchange platform Coinbase has secured a full major payment institution license under Singapore’s Payment Services Act. This development will allow the company to broaden its crypto payment services footprint in the country. Coinbase announced on Sunday that the license was granted nearly a year after Coinbase received preliminary approval from the Monetary Authority of […]
Singapore Police seizes over $735 million in crypto
Singaporean authorities have detained 10 individuals, primarily with Chinese passports, on allegations of money laundering, resulting in the seizure of assets valued at approximately S$1 billion ($735 million), including cryptocurrencies. What you need to know: The arrests were made in connection with accusations of forgery, money laundering, and evading arrest. Law enforcement confiscated 94 real […]