MAS

Singapore's regulatory enhancements aim to fortify oversight of digital payment token services, promoting compliance and user protection. The amendments signal a proactive stance towards financial security and regulatory alignment.

BitGo's Singapore arm secures in-principle approval from MAS for a major payment institution licence, paving the way for non-retail investor trading. The firm plans to expand its cryptocurrency services in Singapore, targeting institutional clients with its innovative cold storage custody solution.

South Korean cryptocurrency exchange Upbit secures full licensing from Singapore's regulatory authority, expanding its crypto services in the region. This milestone marks Upbit's leap towards enhanced offerings and market growth in Singapore's dynamic crypto landscape.

Hong Kong-based digital asset group HashKey's Singapore subsidiary, HashKey Capital Singapore, has secured a significant regulatory milestone, obtaining a full Capital Markets Services (CMS) licence from the Monetary Authority of Singapore (MAS). This licence empowers the firm to deliver regulated fund management services primarily concerning capital markets products within Singapore.

Singapore's central bank head forecasts the decline of private cryptocurrencies for their unreliability. He envisions a future with regulated coins and central bank digital currencies, echoed by Rao, from India's Reserve Bank. The FSB flags risks from complex crypto firms, emphasising the need for robust regulations. The shift towards regulated digital currencies is clear, yet strong oversight remains crucial.