Impossible to protect Singapore citizens from FTX fallout, central bank says
Critics have taken swipes at the Monetary Authority of Singapore for placing Binance on the Investor Alert List in the past, wondering why FTX was not included in the list.
Critics have taken swipes at the Monetary Authority of Singapore for placing Binance on the Investor Alert List in the past, wondering why FTX was not included in the list.
The Federal Reserve Bank of New York, which also launched another trial with major U.S. lenders, made it clear that the experiment doesn’t indicate the FedCoin is imminent.
Dubbed Project Guardian, MAS is hoping to leverage DeFi to improve the securities sector as it increasingly leans towards distributed ledger technology (DLT).
MAS says it will conduct four more trials to test the viability of retail CBDCs despite the earlier claims that it was in no rush to carry out a full-scale launch.
Digital asset firms decry Singapore's proposal to introduce new regulations and ban credit for retail investors, saying that the move may make the city-state unattractive to global companies.
Singapore's fraud cases involving digital assets ballooned to 631 by the end of 2021, with the majority of victims being migrant workers.
Ravi Menon noted that cross-border payments are blighted by several issues, the most significant being the speed of settling transactions and the high costs associated with remittances.
Coinbase and Google partners for a new platform centered on expanding "crypto" services and building Web3, which comes after the former was granted an in-principle license approval by Singapore.
Following the receipt of the license, SBI Digital Markets plans to create a digital asset securities platform to help operators in traditional finance transition to Web 3.
Despite several warnings against digital assets, surveys show that many retail investors are still "irrationally oblivious" to the risks of digital currency trading, according to the Monetary Authority of Singapore.
Singapore is taking active steps to understand the digital assets market by gaining insights from industry entities as it seeks regulations to curb the risks associated with digital exchanges.
Embattled digital currency lender Hodlnaut laid off 80% of its workforce amid its current financial plight brought about by the so-called crypto winter but assured customers that steps are being taken towards recovery.