The Singapore authorities have announced today that their blockchain payment project, Project Ubin, is complete and ready for commercial launch. Project Ubin was initially undertaken in 2017 by the Monetary Authority of Singapore or MAS. With plans to first create a digitized Singapore dollar (SGD). The next steps involved exploring blockchain and distributed ledger technology […]
Some countries have been late to the party when it comes to recognizing and regulating digital assets. The first time that Singapore’s central bank issued a framework for the regulation of payment-related activities was on Jan. 28 with the Payment Services Act. However, the Monetary Authority of Singapore (MAS) still saw the potential risks that […]
Despite the ongoing global crisis fueled by intensifying coronavirus fears, Singapore-based cryptocurrency exchange KuCoin takes action to expand its services and restructure the business. Backed by major venture capital firm IDG Capital, KuCoin exchange has established KuGroup, a core division of the company that will manage all KuCoin products. KuCoin announces two new appointments alongside […]
The Monetary Authority of Singapore recently opened its doors to crypto by introducing the Payment Services Act. This policy is intended to regulate cryptocurrency payments and trading using regulations that currently govern traditional fiat payment services as a guideline. Any interested parties must apply for the appropriate licenses in Singapore, including a standard payment institution […]
New Singapore law has come into force today. It requires all crypto firms and businesses operating in the country to get registered and licensed. Singapore Payment Service Act was first passed in early January 2020 and is enacted now. The Monetary Authority of Singapore (MAS) announces the news on Tuesday. According to the act, it […]
Blockchain forensics firm Elliptic has just closed a $23 million Series B to step up growth for a crypto risk-management play. The financial services and asset management firm SBI Group was leading the round…
The Singapore Crypto Association (ACCESS) has developed a ‘Code of Practice’ which targets all cryptocurrency participants in Singapore. ACCESS has the support of the Monetary Authority of Singapore(MAS)…
The Singaporean tax agency is initiating to remove Goods and Services Tax from cryptocurrencies that work as a medium of exchange. In case the proposal gets accepted then it will come into action on January 1st, 2020. It will bring some certain changes in the current status of digital payment tokens.
IBM has successfully completed the shipping of 108,000 mandarin oranges from China to Singapore using blockchain technology. The trial was conducted with an aim to reduce paperwork formalities and shipping costs involved. Pacific International Lines handled the transit using an e-BL, an electronic version of the Bill of Landing developed by IBM Research Singapore, which was processed on blockchain.