Kyle Davies and Zhu Su lied to Monetary Authority of Singapore, failed to notify the watchdog about changes in directorship, and failed to implement a risk management framework, according to the prohibition order.
Grab adds Web 3.0 with NFT vouchers for its Singapore market as it eyes expansion in Southeast Asia.
Tharman Shanmugaratnam, who won over 70% of the votes to become president, is a former MAS chair and IMF executive and has previously described digital currencies as highly risky.
Singapore's central bank announced a new regulatory framework for stablecoins that seeks to "ensure a high degree of value stability for stablecoins regulated in Singapore."
Singapore’s central bank is allocating SGD 150 million (US$111 million) to develop innovative fintech solutions, under the third iteration of the Financial Sector Technology and Innovation Scheme.
Under the new measures, digital currency firms in Singapore are expected to "segregate customers' assets from its own assets and held in trust" and provide information to clients on any risks.
The latest report is part of the central bank’s broader study under the umbrella of Project Guardian, looking into the use cases of decentralized finance (DeFi) in wholesale funding markets.
The Monetary Authority of Singapore, along with notable financial firms and the BIS, conclude their exploration of blockchain interoperability in three use cases: OTC forex transactions, trade finance, and OTC-structured notes.
Singapore believes digital money would be key in revitalizing the future of the financial and payments sector, laying out standard protocols to help fintech firms with its use and ensure uniformity.
The experiment aims for "a future digital currency landscape" that enables interoperability of wholesale CBDCs to facilitate cross-border payment, according to Monetary Authority of Singapore Deputy Managing Director Leong Sing Chiong.
The MAS is in a working group with banks and authorities to develop standards for banks to onboard VASPs; however, it all lies with the bank’s risk appetite.