The Singaporean authorities have reportedly granted Vauld an extended period of creditor protection. The cryptocurrency lender has until February 28 to introduce a revival plan. Vauld is one of the worst affected cryptocurrency entities by the prolonged bear market. It trimmed the size of its team by 30% last summer, reduced its marketing campaigns, and...Read More
Some creditors of the distressed cryptocurrency lender – Hodlnaut – are reportedly not fond of the proposed restructuring plan that could enable the company’s directors to stay at the helm. Instead, they would rather see it going into liquidation, believing this will grant them access to their frozen assets. According to a Bloomberg coverage, key...Read More
Amber Group – a cryptocurrency platform backed by Singapore’s investment company Temasek – completed a $300 million funding round. The money will be distributed to clients affected by the FTX collapse. The company, which had to cope with severe issues due to the ongoing bear market, recently acquired the Singaporean exchange – Sparrow Holdings. Trying...Read More
Singaporean Prime Minister Lee Hsien Loong and Deputy Prime Minster Lawrence Wong are facing intense scrutiny from the parliament over FTX investor losses and the due diligence undertaken by state-owned investor Temasek Holdings. The opposition – Workers’ Party – has reportedly filed over a dozen of questions about Temasek’s investment while questioning the Singaporean government’s...Read More
Law enforcement agents in Singapore have reportedly opened an investigation against the troubled crypto lender Hodlnaut. The police suspect the company’s executives might have cheated users over the years and committed other crimes. Hodlnaut Takes Another Punch According to a Bloomberg coverage, Singapore’s police force started probing Hodlnaut for its alleged involvement in cheating and fraud...Read More
The Monetary Authority of Singapore stated that there was no reason to caution investors against FTX crypto exchange as it did with Binance because the former did not actively solicit users in Singapore. This comes amid earlier speculations stating that the regulator’s action against Binance caused Singaporean users to shift to FTX thereby causing them...Read More
On Nov. 20, crypto market data portal CoinGecko released a report on the countries most impacted by the FTX collapse. Unsurprisingly, most are in Asia since U.S. investors were using FTX.US, not the international exchange that melted down. The report is slightly misleading, however, as it ranked the top 30 countries by monthly users, not...Read More
As the remains of FTX continue to circle the drain amidst a storm of cryptic tweets from the former CEO, more and more firms have taken the necessary measures to clear the air, announcing their lack of exposure to the company. Meanwhile, certain entities who did have exposure – such as Huobi – are taking...Read More
India’s anti-crypto policy came into sharp focus at the prestigious Singapore Fintech Festival (2-4 November), where Binance CEO flagged high tax rates as undoing the fledgling crypto business in the country. With over 60,000 participants and 850 speakers representing top global financial services, banks, and policymaking bodies, Singapore Fintech Festival (SFF) is one of the...Read More
As part of the Monetary Authority of Singapore (MAS) Project Guardian pilot, JPMorgan completed the first live cross-border transaction using Polygon on November 2. MAS’ Project Guardian initiative aims to explore ways traditional financial institutions can leverage tokenized assets and decentralized finance (DeFi) protocols to execute financial transactions, among other use cases. Milestone for JPMorgan...Read More
The issuer of the stablecoin USDC – Circle – and the blockchain infrastructure platform – Paxos – received licenses from the Monetary Authority of Singapore (MAS) to offer services in the city-state. The country’s top financial regulator has greenlighted numerous digital asset firms over the past several months, including CryptoCom, Genesis, and Sparrow. Circle’s Authorization...Read More
China’s autonomous special administrative region – Hong Kong – reportedly aims to legalize cryptocurrency retail trading and emerge as a digital asset hub. According to the Co-Founder of BitMEX – Arthur Hayes – the state’s vision and crypto adoption could propel a new bull market. What Is on the Agenda? A recent coverage by Bloomberg...Read More
Singapore authorities have proposed a new set of regulatory measures to oversee the use of digital assets in the country and protect consumers. The country’s central bank and financial regulator, the Monetary Authority of Singapore (MAS), recently published two consultation papers containing suggestions to tighten the country’s regulatory stance on digital assets. MAS Proposes Ban...Read More
After reports emerged indicating that South Korean authorities have issued an arrest warrant for Terra’s co-founder, he finally broke the silence, claiming he is cooperating with several global watchdogs. At the same time, Singaporean police said Kwon is not in the city-state despite multi previous suggestions that he was hiding there. CryptoPotato reported earlier this...Read More
The cryptocurrency ranking and evaluation platform – CoinGecko – examined global Google trends to determine which nation is the most excited about Ethereum’s upcoming transition from Proof-of-Work consensus mechanism to Proof-of-Stake. Per the results, Singapore ranks first, while Switzerland and Canada share the second position. Third is the largest economy in the European Union –...Read More
Singapore’s asset manager Whampoa Group plans to set up a venture capital fund and a crypto hedge fund for investments in digital assets. Upon early estimations, the company intends to allocate $100 million. $100 Million Venture Capital Fund The group has earmarked $100 million for the venture fund while it plans to raise $50 million...Read More
Citing legal issues it’s facing in some European countries, Singapore-headquartered CryptoCom has backed out of a $495-million sponsorship deal with Union of European Football Association (UEFA) Champions League. Regulatory Issues Behind Scrapping of Deal The cryptocurrency company that offers trading, DeFi, and wallet services, among others, was set to replace Russian oil major Gazprom as...Read More
The top financial watchdog of the Asian city-state – the Monetary Authority of Singapore (MAS) – reportedly intends to implement additional regulatory steps in the cryptocurrency industry to create maximum protection for investors. The agency might launch consumer suitability tests and cut the use of leverage and credit facilities by retail investors for trading digital...Read More
Su Zhu – one of the Founders of the distressed crypto hedge fund Three Arrows Capital (3AC) – is reportedly worried about fronting severe law punishment. Specifically, the Singaporean said he, Kyle Davies, and other executives could face “fines and imprisonment” for being in charge of the troubled company. At the end of June, a...Read More
In a new win for the Three Arrows Capital Ltd.’s liquidators, the Singapore High Court granted their request to access any financial records that were previously kept locally. The petition was filed by advisory firm Teneo, appointed by a British Virgin Islands court in June to liquidate 3AC. The decision by the court is expected...Read More
A week after suspending its services, the crypto lending platform Hodlnaut filed for an application to be placed under judicial management with the Singapore High Court. Under judicial management, the financially distressed crypto lender will be able to “rehabilitate its business.” As such, an independent officer of the Court will be appointed in place of...Read More
The Singapore High Court on Monday granted crypto exchange Zipmex protection from creditors until December 2. Zipmex had asked the court for bankruptcy protection on July 22 and more time for debt restructuring on August 4. Court Order Affects Thai Investors Zipmex operates in Singapore, Thailand, Indonesia, and Australia. After it halted withdrawals last month,...Read More
The cryptocurrency price tracker CoinGecko estimated that this year’s decline in the digital asset market had changed the trends in the industry. According to the company’s research, Nigeria has emerged as the most crypto-curious nation across the globe. Other recent reports revealed that Nigerians’ interest in digital currencies is prompted by their limited access to...Read More
The crypto lender, backed by Peter Thiel and Coinbase, was given a moratorium by Justice Aedit Abdullah that will last until November 7. The move will help provide some respite to Vauld, whose 147,000 creditors will be prohibited from taking legal action against it. As per the court hearing on Monday, the company had asked...Read More
Southeast Asian cryptocurrency exchange Zipmex submitted several moratorium applications under Section 64 of Singapore’s Insolvency, Restructuring and Dissolution Act 2018 last Friday on behalf of five of its entities, the company announced today. Zipmex Files for Moratorium Relief Moratorium relief protects debtors from legal action by creditors for a certain period. The time-out period gives...Read More
The blockchain company – Ripple – teamed up with the Singaporean fintech firm – FOMO Pay, aiming to boost its cross-border treasury flows. Ripple’s Latest Partnership As a digital payment system for monetary transactions, one of Ripple’s goals is to leverage crypto and provide cross-border settlements. Its On-Demand Liquidity (ODL) is meant to enable quick...Read More
Singapore-based fintech platform Cake DeFi has partnered with Razer Silver, a loyalty rewards program for gamers, to provide them with easy access to various crypto assets, including bitcoin (BTC) and ether (ETH). Cake DeFi Partners Razer Silver According to a press release shared with CryptoPotato, the multi-faceted deal will allow Razer Silver gamers to convert...Read More
One of the worst affected crypto companies by the unpleasant macroeconomic conditions – Vauld – reportedly filed for protection against creditors in Singapore. The process should grant the entity the “breathing space” it needs to reconstruct its distressed operations. Looking for a Way Out It is safe to say that the crypto winter has harmed...Read More
The Three Arrows Capital (3AC) liquidators are reportedly looking to investigate and preserve the Singapore assets of the crypto hedge fund. According to a recent report by Straits Times, the Singapore lawyers for Teneo have asked the High Court to recognize the British Virgin Islands (BVI) liquidation order in chambers hearing on July 15th. It...Read More
Tharman Shanmugaratnam – leading Minister of the Monetary Authority of Singapore (MAS) – says the regulator may restrict retail investment in the crypto sector through new consumer protection safeguards. These could include limits on leverage trading – a trading strategy that’s caused numerous crypto traders and firms to go bust in recent weeks. Crypto: Unsuitable...Read More
