Here are the main crypto developments that took place in the second half of 2021 in S’pore – Wired PR Lifestyle Story

The ever-changing and evolving cryptography and blockchain scene has never failed to keep our fingers crossed. In the second half of the year, Singapore gained more support and protection as it strives to be a global crypto site.

We saw more local cryptocurrencies issuing licenses to operate in Singapore, and the Central Bank of the Republic announced more projects in favor of the “Singapore digital dollar”.

At the same time, we saw the Singapore Monetary Authority (MAS) double Binance and interrupt the local crypto exchange on Bitget over Army Coin. Although cryptocurrency was once seen as an alternative and esoteric, it is fast becoming ubiquitous and commonplace for owning an iPhone.

The cryptocurrency space is full of innovation, and while it’s whimsical, it’s a space to look at. Here are some key developments in the local cryptography scene that may suggest next year’s trends:

Binance debaclea

Binance’s Singapore arm closed in the second half of the year. It was a journey that began with regulatory crackdown on Binance’s worldwide operations.

In September 2021, Binance received an order from the MAS let Singapore provide payment services to its residents.

A MAS representative as reported said U.S.-based cryptocurrency exchange Binance.com offers unlicensed payment services in violation of payment services law.

Then they put the company in MAS Investor alert list To warn Singapore consumers that Binance.sg is not regulated or licensed to provide payment services in Singapore.

Binance.com said in a statement that the company “takes a cooperative approach to navigating this industry where it is working with regulators” and that it takes their duties “very seriously”.

Meanwhile, Binance Asia Services (BAS) – a separate entity in charge of the crypto exchange platform Binance.sg – responded by saying that the MAS move would not directly affect its services, stressing that Binance.com is a separate legal entity.

A couple of days later, on September 5, Binance left the offer such as SGD trading pairs and SGD payment options, along with the removal of the app from the Apple App and Google Play stores in Singapore on September 10th.

It’s been a month and a half, and Binance.com users are no longer able to enter reliable currencies, buy cryptocurrencies or relocate on the platform on October 26th.

Last December 13th BAS withdrew its MAS license application Singapore has announced that it will conduct a cryptocurrency exchange and close Binance.sg on 13 February 2022.

This leads to a departure from Singapore for the world’s largest cryptocurrency exchange in terms of trading volume, and puts an end to years of efforts under the supervision of the Singapore Monetary Authority (MAS).

“Our decision to close Binance.sg was not taken lightly. Our immediate priority is to help our Singapore users transfer their holdings to other portfolios or other third-party services, ”said Richard Teng, Binance Singapore CEO.

Binance.sg users will be notified by email of the next steps in closing the trading platform. Users will be required to close all open positions and withdraw their Singapore dollar and active cryptocurrencies by the closing date.

More local cryptocurrencies get MAS licenses

Despite the crackdown on Binance, many local cryptocurrencies in the last half of the year obtained MAS licenses or approvals.

In August, the Independent Reserve, an Australian-created crypto exchange, took place he gave his approval in principle From the MAS Payment Services Act. Independent Reserve is one of the Virtual Asset Service Providers (VASPs), which is licensed under the Singapore Licensing Authority.

After that, DBS Vickers is second receive the approval of the principle To provide digital payment token (DPT) services from MAS in August.

Later there were more changes in the cryptographic space with the local fintech company FOMO Pay He was given a new MAS license to operate three new activities: the Merchant Acquisition Service, the Home Money Transfer Service, and the Digital Payment Token Service.

With these licenses, the company is gaining a strong foothold to offer its customers, businesses, SMEs and financial institutions a solid range of credible payment-based solutions that will deliver tremendous value.

In October, DBS became Vickers (DBSV) first bank MAS-award-winning Graduate of the General Payment Institution. This approval of the license means that DBSV, as a member of the DBS Digital Exchange (DDeX), will be able to directly assist asset managers and companies in negotiating digital payment tokens through DDeX.

“Following the formal approval of MAS regulations, DBSV is in a better position to leverage the growing potential of digital assets to support institutional and corporate investors as an investment class. , to trade and care, ”said Eng-Kwok Seat Moey, head of DBS Capital Markets and president of DBS. DDeX.

In November, things get even more exciting as Coinha becomes one first which is not a crypto bank Provide MAS approval in principle to provide DPT services in Singapore. Coinha is working hard “next week” to provide Singapore’s DPT services to meet the requirements of the MAS to receive a license from the Central Paying Agency.

Coinhako currently has more than 300,000 registered users in Singapore and an average of 150,000 active users per month.

Recently another player joined the mix. Singapore company TripleA Singapore becomes the fourth platform to be licensed by the MAS in November under the Payment Services Act to provide Singapore DPT services.

TripleA aims to revolutionize how businesses and customers are connected through blockchain technology and cryptocurrency solutions. It allows online and offline businesses to accept cryptocurrency payments at the risk of price volatility, converting them into local currency in real time.

But there were also some cryptocurrency exchanges that were closed in Singapore

Although some were allowed to exploit cryptocurrencies in Singapore, there were also some who saw reductions or closures.

In December, MAS It suspended local cryptocurrency exchange operations After the clashes over Army Coin, BTS bears the name of fans of the Korean idol group.

In October, Bitget threatened South Korea’s largest BTS group agency, Hybe Corporation, with its promotion of digital currency Army Coin, with a lawsuit named in honor of the BTS fan club.

In response to Hyber’s warning, Bitget announced on October 29 that since it is a trading platform and did not create the coin itself, it would not take any responsibility in the Army Coin listed.

Then on November 11, crypto exchange Huobi Global It announced on March 31, 2022 that it would shut down services for Singapore users and close all their accounts.

In a press release sent to Vulcan Post, Huobi Singapore said the strategic move was planned “underlines Huobi Singapore’s commitment to pave the way for its establishment in Singapore and to act as a regulated platform for the exchange of digital assets.”

Huobi Singapore, a subsidiary of Huobi Technology Holdings, is building a global platform for the exchange of digital assets and has already applied for a license from the Central Paying Agency under the MAS Payment Services Act.

Coinhako ensures many partnerships

The world of cryptocurrencies is more than just buying and selling coins. We also saw important collaborations in the world of cryptography that continue to push the point where digital currency remains.

In September, Coinhako announced a partnership with GrabPay for the immediate purchase of digital assets on the platform.

“We believe that the introduction of GrabPay payments is a step in the right direction and is fully in line with our vision to improve access to cryptography,” Coinhako said. media statement.

Users can expect it a hassle-free cryptographic negotiation process when they pay GrabPay. Payment is processed immediately and users must enter a six-digit OTP sent directly to their mobile device to complete the transaction.

Coinhako also launched Privé in October (no, no, a place where you can order a cheese dish and a fun wine).

Privé is a digital asset platform for wealthy individuals and organizations. It is open to accredited individual and institutional investors with an annual trading volume of S $ 100,000 or more.

Another exciting subset of the world of cryptography would be NFTs. The first large-scale NFT exhibition in Singapore, co-organized by Right Click + Save, Coinha and Appetite, was held in November.

The exhibition features the first artistic explorations of cryptocurrencies, from Sarah Meeyhas ”Bitchcoin (2015) and Robert Alice’s Portraits of a Mind (2019) to the iconic NARE RarePepe genesis.

The exhibition was held from November 7 to November 14 at Le Freeport’s Fine Art Storage Services, a high-security storage and showcase in Singapore.

More guarantees from big banks

Perhaps cryptocurrency is one of the most likely signs that our lives will definitely change Launch of partior.

The blockchain-based platform is a joint venture between JP Morgan, Temas and DBS that uses the best parts of the cryptographic philosophy and aligns with the needs of the traditional banking system.

Partior removes the convolutions of the correspondent banking system and extends real-time payments to everyone 24/7, no matter what bank you bank with. This platform allows financial institutions to provide their corporate customers with the ability to facilitate 24/7 payments in real time in any geographic currency.

Mavi’s Ravi Menon announced that he was leaving Project Orchid Build the technological infrastructure and technical capabilities needed to issue the “Singapore digital dollar” if the country so decides in the future.

MAS will continue Project Orchid in close partnership with the private sector, building on the rich findings of the Global CBDC Challenge launched by MAS earlier this year, which received more than 300 proposals from more than 50 countries in response to the concerns raised.

In november Helen Wong, OCBC CEO he also shared that the bank is considering the implementation of a digital cryptocurrency exchange in Singapore.

Given all these developments in just six months, it is not surprising that Singapore ranked No. 1 in the fourth quarter of 2021 in the Global Crypto Ranking of the Irish-based financial technology company Coincub in the Global Crypto Ranking.

The strong economy of the city-state, the positive legislative environment and the high rate of cryptocurrency adoption have all been key factors in the rise. Singapore has made the leap to the United States this year, thanks to its uncertain regulatory environment and a reduction in initial coin offerings (ICOs).

Featured Image Credit: Budrul Chukrut | SOUP Pictures LightRocket via Getty Images / MAS

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