The consultation papers dealt solely with proposals designed to protect investors from the risks associated with dabbling in digital currencies in the wake of several collapses.
Hodlnaut founders Simon Lee and Zhu Juntao say they have been reaching out to potential investors in search of a buyer as they attempt to avoid liquidation.
The UPI-PayNow integration will provide a seamless cross-border transaction between India and Singapore, with citizens of both nations being able to make payments using phone numbers or VPA.
Singapore's fintech industry is booming, registering a 75% increase in funding from 2020, with deals that cut across mergers and acquisitions, private equity, and VCs, among others.
Shanmugaratnam warned regulators about legitimizing "speculative" digital assets but stressed that he wouldn't hinder consumers from participating in activities tied to virtual currencies.
Clients of Hodlnaut are being urged by Singaporean authorities to file complaints if they have suffered losses from the company's alleged fraud and misrepresentation as the firm undergoes probe.
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.
Scammers are taking advantage of the FTX collapse, with Singaporean police saying a false website has been found claiming to be in touch with the U.S. DOJ to help recover victims' lost funds.
The current creditor protection, granted in August, runs out on December 2, and each of the five Zipmex subsidiaries has filed in Singapore for an extension.
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.
Ravi Menon says Singapore is not entirely closing its doors to adopting virtual assets so long as they are used for use cases such as reducing financial transaction risks.
Dubbed Project Guardian, MAS is hoping to leverage DeFi to improve the securities sector as it increasingly leans towards distributed ledger technology (DLT).
