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Singapore Shipping Association to Deploy Blockchain for Ship Registration

The Singapore Shipping Association, the International Chamber of Commerce and blockchain firm Perlin are jointly working on an e-registry for ships. The Singapore Shipping Association (SSA), the International Chamber of Commerce (ICC) and blockchain firm Perlin are jointly working on an e-registry for the ship registration and renewal process. Running on self-executing smart contractsThe International E-Registry of Ships (IERS) system is based on Perlin’s Wavelet, an open ledger for writing decentralized WebAssembly applications, financial daily Business Times reported on Oct. 14. The blockchain e-register will run on self-executing smart contracts, purportedly reducing time, costs and occurrence of errors in the registration process. The initiative found favor with the Maritime and Port Authority of Singapore, which is testing the registration process with the system. If the system proves to be successful in Singapore, the ICC will bid for global adoption of IERS standards in the ind..

Bitholic Now Bithumb Singapore in New Expansion by South Korean Bithumb

Bitholic has changed its name to Bithumb Singapore, indicating a shakeup or new partnership with South Korean exchange Bithumb. Singapore-based cryptocurrency exchange Bitholic has changed its name to Bithumb Singapore this month. Bithumb, for its part, is known as a cryptocurrency exchange based in South Korea. Local media News1 Korea shared the announcement in a report on Aug. 8. According to the report, the name change is part of an overseas expansion for Bithumb; however, the paper notes that Bithumb’s equity structure remains unknown. According to the announcement, the exchange’s name change occurred sometime this month. Moreover, a Bithumb official reportedly confirmed with the outlet that “Bitholic plans to launch a coin trading business under the name of Bithumb Singapore." At press time, however, Bitholic’s website appears to retain its name for now. The report also notes that BitHolic is represented by Park Jung-hoon, who is apparently a former director of the Bithumb Strate..

Singapore’s Regulator Warns of New Scam Bitcoin Investment Scheme

Singapore’s financial watchdog warns of an online Bitcoin scam scheme using fabricated claims by a former prime minister. The Monetary Authority of Singapore (MAS) has flagged an online Bitcoin (BTC) scam scheme that offers Bitcoin investment using forged claims by a former prime minister. Website uses forged statements by a former prime minister to solicit Bitcoin investmentOn July 31, Singapore's central bank and financial watchdog issued an official warning, stating that the agency has become aware of a website that invited online users to invest in Bitcoin via an article containing falsified claims. According to MAS, the scam website referenced fabricated statements falsely attributed to Goh Chok Tong, a local politician who served as Singapore's second prime minister from 1990 to 2004. The statements were "either false, or were taken out of context and used in a misleading way,” the regulator noted. The authority also presented a screenshot demonstrating these fraudulen..

Proposed Crypto Tax Cut in Singapore to Help Crypto Business: PwC...

Singapore’s proposal to exempt crypto from a goods and services tax would benefit crypto-related businesses, says PwC corporate tax expert. Singapore’s plans to exempt certain digital currencies from the Goods and Services Tax (GST) would benefit cryptocurrency-related businesses, according to a partner in PwC Hong Kong’s corporate tax practice. As reported by Hong Kong’s English language newspaper South China Morning Post on July 29, Gwenda Ho argued that the Singapore government’s proposal to drop the seven per cent GST for cryptocurrencies when using them to pay for goods and services would have a positive impact on crypto exchanges, asset managers and blockchain entrepreneurs. Per Ho, the adoption of the proposed law would also put Singapore’s sales tax regime on an equal footing with those of other jurisdictions such as Hong Kong, Australia, Japan, Switzerland, and the European Union. Ho stated that, as long as the token has the features of a digital payment token as defined by t..

Singapore-Based Blockchain Firm Perlin Acquires Blockchain Startup Dispatch Labs

Singapore-based blockchain company Perlin has acquired blockchain development startup Dispatch Labs. Singapore-based blockchain company Perlin has acquired blockchain development startup Dispatch Labs, Dispatch Labs CTO Zane Witherspoon told Cointelegraph on July 26. Perlin acquired Dispatch’s talent, provisional and non-provisional United States patents on Dispatch’s blockchain IP, and strategic business partnerships. Former Dispatch CTO Zane Witherspoon will now manage Perlin’s Developer Ecosystem. The company did not disclose the value of the transaction. The acquisition comes in the wake of the news in mid-June that Dispatch incurred considerable losses despite extensive investment and a recovering cryptocurrency market. Although Dispatch Labs received funding from its executive team, subsequently raising over $13 million in a series of private rounds from other investors in 2018, the value of the raised capital slumped considerably following the market drop in the first quarter o..

Binance Expands Fiat Trading Pairs for Singapore Exchange

Major cryptocurrency exchange Binance announced the expansion of its fiat-enabled trading platform in Singapore. Major cryptocurrency exchange Binance announced the expansion of its fiat-enabled trading platform in Singapore in a press release shared with Cointelegraph on July 10. Binance Singapore has been first launched in April, but with limited functionalities and only one trading pair. Now, Binance Singapore will now allow users to buy and sell cryptocurrency for Singapore dollars. Currently, local users can buy Bitcoin (BTC), Ethereum (ETH), and Binance Coin (BNB) on the platform, with more crypto coming in the future. The platform reportedly allows for instantaneous deposits and withdrawals via the Singapore Fast and Secure Transfers system. Furthermore, since its soft-launch in April, the exchange has allegedly perceived “user growth of about 20 percent per week with rapid ramp up in trading volume.“ The new exchange intends to expand its services in partnership with venture c..

Singapore Wants to Drop VAT for Transacting in Cryptocurrencies

Singapore plans to exempt cryptocurrencies that are intended to function as a medium of exchange from Goods and Services Tax (GST) — the local equivalent of VAT. Singapore plans to exempt cryptocurrencies that are intended to function as a medium of exchange from Goods and Services Tax (GST) — the local equivalent of Value-Added Tax (VAT). The news was revealed in a draft e-tax guide published by the Inland Revenue Authority of Singapore (IRAS) on July 5. The proposed exemption, if accepted, is set to take effect on January 1, 2020, and will overhaul the current system wherein the supply of digital payment tokens is treated as a taxable supply of services. IRAS outlines that until now, cryptocurrencies that function — or are intended to do so — as a medium of exchange have been treated as a barter trade that results in two separate supplies: namely a taxable token supply and a supply of the relevant goods and services. The document sets out the two proposed core changes to taxation r..

Blockchain-Based Used Car Data Marketplace to Launch in Singapore

Car site and decentralized data protocol Ocean Protocol are launching the blockchain-based “Know-Your-Vehicle” data marketplace in Singapore. Singapore-based online car marketplace sgCarMart and decentralized data exchange protocol Ocean Protocol are launching a blockchain-powered “Know-Your-Vehicle” data marketplace. The development was announced in a press release on July 5. The so called Know-Your-Vehicle used car data marketplace will purportedly provide a secure way of sharing and accessing of information about used cars in Singapore, where almost 9,000 cars reportedly changed ownership per month in 2018. The product is set to provide customers with the capability of tracking data origin on a vehicle and then trace its history. Subsequently, the parties are looking to use this data in helping other industries and the government to improve products and services. Daryl Arnold, founder of Ocean Protocol, said: “Ocean Protocol provides companies with a platform to share..

Singapore Central Bank: Concerns Over Facebook’s Libra ‘Not Trivial’

Singapore’s central bank has said libra could help make payments cheaper, but warned Facebook needs to provide more information about how it will work. Singapore’s central bank has held discussions with Facebook about its upcoming libra cryptocurrency, Bloomberg reported on June 27. Ravi Menon, the managing director of the Monetary Authority of Singapore, reportedly acknowledged libra’s potential benefits — such as making payments cheaper or supporting the unbanked — but said the regulator needs to understand exactly how the tech giant’s system will work. As well as warning that it isn’t clear whether libra would offer a superior alternative to other electronic payment mechanisms, Menon said Singapore would be seeking assurances on security and privacy issues before making a regulatory decision. At a news conference, he added: “The key challenge is to figure out the nature of the beast. What is it more like and which box we can put it into. At this point we are not sure yet.” Menon al..

Singapore’s iSTOX to Launch a Regulated Digitized Securities Platform in 2020

A capital markets platform in Singapore will be ready to fully launch regulated trading of digitized securities in early 2020. Capital markets platform iSTOX has joined Singapore’s regulatory sandbox to launch digitized securities trading in late 2019, the firm announced in a tweet on May 24. Following its addition to the Monetary Authority of Singapore (MAS)’s FinTech Regulatory Sandbox on May 1, the Singapore-based company will start providing service for the trading of digitized securities starting from Q4 2019, according to an iSTOX official press release. Operated by ICHX Tech, a blockchain infrastructure firm incubated by major Singapore investment firm ICH Group, iSTOX expects to graduate from the sandbox and be fully operational by early 2020, the press release notes. The firm claims to be the first “fully-regulated platform in a major global financial center to offer issuance, settlement, custody and secondary trading of digitized securities.” The MAS represents both Singapor..
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