MAS

Singapore’s MAS is pushing forward with an ambitious asset tokenization plan, creating frameworks and commercial networks to integrate blockchain into traditional finance. With a test network for digital Singapore dollar transactions and global partnerships, Singapore aims to lead the tokenization market by 2030.

Paxos has launched its Global Dollar (USDG), a new stablecoin approved by Singapore's Monetary Authority, which is backed 1:1 by the US dollar and managed by DBS Bank. This initiative aims to enhance compliance and security in the stablecoin market while expanding USDG's global reach through partnerships with various crypto platforms.

Komainu is making its first acquisition by purchasing Singapore-based Propine Holdings, gaining a Singapore Capital Markets Services License and positioning itself for a future Major Payment Institution license. Though financial details were not disclosed, this marks a key step in Komainu’s expansion in Asia.

Experts at TOKEN2049 agreed that Singapore’s progressive initiatives, such as the digital token payment guide, support industry growth. As a leading financial and fintech hub, Singapore prioritises incentives for companies, reinforcing its reputation for stability as a Web3 leader.

OKX's Singapore entity, OKX SG, has secured a MPI license from the MAS, allowing it to offer digital payment token services and spot crypto trading. The company has also appointed former regulator Gracie Lin as CEO.

Singapore is emerging as a key hub for Bitcoin, driven by favourable regulations, rising digital literacy, and growing awareness of DeFi.

Terraform Labs has agreed to a $4.47 billion settlement with the SEC. However, the funds will go to the SEC, not the affected individuals, sparking public outcry from the crypto community and industry leaders.

Commencing in stages from 4 April, these adjustments signify a notable transformation in the environment for crypto industry enterprises.

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.

According to Singapore's regulator, the Monetary Authority of Singapore (MAS), cryptocurrencies like Bitcoin are not classified as eligible assets for ETFs.