Singapore is aiming to become a center for fintech due to the changes of the regulation system.
The partnership is centered on making HGI’s crypto spot ETF available by leveraging MetaComp’s Client Asset Management Platform (CAMP).
An in-principle approval is a preliminary nod that the MAS issues to firms applying for the major payment institution (MPI) license.
The MAS will collaborate with local banks during the pilot, allowing them to issue tokenized bank liabilities on blockchain technology, streamlining the clearing and settlement processes.
The in-principle approval granted by the Monetary Authority of Singapore positions Paxos to offer digital payment token services, marking a significant step towards establishing a foothold in the Singaporean market.
The unveiling of the wholesale CBDCs project comes a day after MAS announced the completion of live tests under project Guardian.
This means the company can now provide cross-border and domestic payment services and also offer token products within the region.
The new guidelines also mentioned that crypto ATMs should not be available to the public.
The Monetary Authority of Singapore stated that the Ubin project can be integrated with similar blockchain platforms enabling end-to-end digitization.
Trading platform iSTOX has announced that it received approval from the Monetary Authority of Singapore. As a result, the startup has obtained the right to begin expanding its operations.
Regulators in Singapore are considering the option of approving the launch of cryptocurrency-based derivatives on selected platforms in the country.
Under its Project Ubin, the Monetary Authority of Singapore is working on ways to bring seamless multi-currency payments on a blockchain network.
The fintech industry is booming as shown by investors in Singapore who poured a record $735 million into financial-technology deals representing a 69% surge from the prior-year period that had $435 million.
The Bank of Canada and the Monetary Authority of Singapore (MAS) have announced successfully conducted transfers of central bank-backed cryptos using blockchain.
The updated guide clarifies the Singapore central bank’s stance on how certain intermediaries should observe the rules determined by Anti-Money Laundering and Countering Financing of Terrorism policies.
Hong Kong and Singapore have committed to work on a strategic project on trade finance cross-border infrastructure, based on distributed ledger technology (DLT).