Tag Archives: digital

Singapore scales digital currency regulations as MAS gets additional power

Singapore scales digital currency regulations as MAS gets additional power

Singapore is stepping up its efforts to regulate the domestic digital currency industry, this time targeting firms that are based in the country but offering their services outside the city-state.

Last week, lawmakers in Singapore approved the Financial Services and Markets Bill 2022, which further expanded the jurisdiction of the Monetary Authority of Singapore (MAS), the country’s de facto central bank and digital currency regulator. The law covers virtual asset service providers (VASPs) who in digital currencies, exchanges, and firms that offer financial advice on the sale of such currencies and tokens.

Under the previous regulatory regime, the MAS only had authority over VASPs, which were based in the country and offered their services locally. This led to some regulatory loopholes in which a firm could claim to be regulated by the MAS, which is a reputable watchdog globally, but not be directly supervised by the regulator.

Alvin Tan, a board member of the MAS who spoke on behalf of Senior Minister Tharman Shanmugaratnam, said that the regulator was worried about the reputational risk that the loophole presented.

“Digital token service providers could easily structure their businesses to evade regulation in any one jurisdiction, as they operate mainly online. We could be exposed to reputational risks brought by DT service providers created in Singapore, and which provide services relating to virtual assets such as Bitcoin outside Singapore,” Tan said.

The new law was well received by some who believe that it will make the industry more reputable and further increase protections for investors. Legitimate firms operating within the confines of the law have nothing to fear, the law’s supporters say.

One of them is Anndy Lian, the chairman of Dutch exchange BigONE, who deems the new regulations reasonable.

“If you walk the ground hard enough, you will see many bad actors and dubious crypto companies using Singapore as a base of their operations. We need to properly regulate things so that the bad actors won’t affect this industry’s image,” Lian said, speaking to Nikkei Asia.

There are others who don’t support the new law, which they claim is just another burden being piled on by regulators on a nascent industry that could prove fatal to its growth.

“Sad, disappointed—we went 10 steps backwards. So MAS is making the assumption that the license is like gold—that everyone will want to get it?” One member of a digital currency group in the city-state stated.

There are also concerns related to the MAS’ processing of licensing applications. As CoinGeek reported in December, the MAS received about 180 applications for licenses by VASPs. Of these, 103 were either rejected or the applicants had withdrawn them after realizing they had not met the standards. At the time, only three firms had been granted operating licenses, with 70 applications being in consideration.

This long queue of applications was just with local firms that target the Singaporean market. VASPS will take longer to get licensed in the city-state with the new law. This will require some firms to move out of Singapore or dig deeper into their pockets to get through the scrutiny.

“For companies that are unable to fulfill the AML/CFT requirement, they will need to move out to other countries. But with more governments regulating cryptocurrency in different jurisdictions, these companies will soon find it hard to operate,” Desmond Yong, the chief strategy officer at Digital Treasures Center, commented.

This new MAS crackdown piles onto others, such as a ban on digital currency ads in public places, which kicked off in January, and the shutdown of digital currency ATMs.

 

Original Source: https://coingeek.com/singapore-scales-digital-currency-regulations-as-mas-gets-additional-power/

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

www.anndy.com
j j j

Here’s How Shibetoshi Sees Dogecoin Succeeding as a Digital Currency

Here’s How Shibetoshi Sees Dogecoin Succeeding as a Digital Currency
IN BRIEF
  • Billy Markus, the co-creator of Dogecoin, believes that the meme coin needs to market itself as a digital currency.
  • In the past, Markus had agreed that DOGE is “fast, scalable, and inexpensive.”
  • Dogecoin’s creator argues against it being a “shit token.”
Billy Markus, the co-creator of Dogecoin, took to Twitter today to suggest that Dogecoin needs to promote itself as a digital currency.

The American programmer argued that “if you want dogecoin to succeed, continue to be relevant, and have a reason and need to exist, utility comes from using it, accepting it, and showing others the benefits to do so.”

With that, Markus urged the community to contribute to the core development of the project instead of creating unnecessary hype. He commented, “speculation has brought attention. work brings utility.”

In the past as well, Markus had stated that “hype doesn’t last,” but only “attracts get rich quick people.” Instead, projects need to focus on “lasting value,” the creator had reiterated.

Dogecoin, which was a bitcoin spin-off and arguably the first real ‘meme coin,’ had garnered attention after DogeFather Elon Musk fuelled its social media following. But along with that, Musk and Markus have often agreed over Twitter exchanges that DOGE is “people’s crypto.” However, the original meme coin continues to attract critics, especially as it stands as the twelfth-largest crypto.

Arguing against DOGE being just another useless meme token, Markus also commented that “it’s a satirical cryptocurrency made for sillies that randomly caught on.” And, in his opinion, the meme tokens of today “[have] no use case.”

As we recall, Markus considers that DOGE is “fast, scalable, and inexpensive,” in contrast to his definition of ‘shit tokens.’

DOGE recovers

When it comes to Dogecoin’s price action, it has recently enjoyed some recovery along with the broader crypto market. The coin’s major hike also came this week when Elon Musk asked his followers if a new social media platform is needed.

In response, Musk seemed to like the idea of Boardroom Capital chairman, who suggested buying Twitter and replacing the blue bird with DOGE. With that, Anndy Lian, Chairman, BigONE Exchange highlighted the impact of the Twitter exchange on Dogecoin’s value:

In the past week, DOGE prices have gone up by over 17% and were trading at $0.1447 at the time of press. Despite that, it remains around 80% below its all-time-high valuation of $0.731578 reached last year in May.

 

Original Source: https://beincrypto.com/shibetoshi-dogecoin-succeeding-digital-currency/

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

www.anndy.com
j j j

India’s Digital Rupee Plan Draws Mixed Response from Investors

India’s Digital Rupee Plan Draws Mixed Response from Investors

India has joined a growing group of countries introducing central bank digital currencies (CBDCs).

In the Union Budget 2022-2023, the Finance Minister has announced that the country will have its digital rupee backed by the blockchain and it will begin a phased rollout of the currency this financial year.

Blockchain Assets Review spoke to industry insiders and here is what they had to say about the digital rupee and it drew a mixed response.

While industry insiders see a lot of potential in the concept, some are still doubtful of the timely implementation of such a digital currency.

Aliasgar Merchant, a developer relations engineer at blockchain firm Tendermint, said, “The introduction of ‘Digital Rupee’ or CBDC is definitely a positive move” however, it also raises “some concerns and questions.”

Merchant noted that given the Reserve Bank of India’s (RBI) past record on technological implementation, the timely rollout of CBDC is a “matter of concern.”

Furthermore, he said that the RBI’s centralized hold over the currency defies the purpose and applications of a decentralized currency.

Another negative impact, Merchant said, is that “we do not know what kind of data the banks will gather from the people who use them, whether there would be a limit to how much one person can withdraw or deposit if there will be different transaction limit for individuals and businesses.”

“In addition, if a fraud is uncovered after the launch of CBDC, any wrongdoings will be attributed to the RBI,” he said, adding that having such a centralized authority is always risky.

Jay Hao, chief executive of global exchange OKX, appreciated that India is joining a growing list of countries in introducing CBDCs. However, he said that the country is slightly lagging behind in the digital currency race mainly due to the regulatory hurdles and reluctance in accepting the growing popularity of digital assets around the world.

“I hope the announcement made by Finance Minister regarding CBDC is implemented without any further delay as it will give a much-needed push to the blockchain industry in India,” Hao added.

Anndy Lian, chairman of BigONE Exchange, said, “The digital rupee is not an easy task for India. India is a big economy and may need to exercise more control over its currency before adopting it to its fullest scale.”

Potential security issues can be a problem at the start and experts should look deeper into the direct and indirect costs potentially linked to the implementation, he added.

While the announcement has made experts raise questions, many still trust the future of CBDCs in the country.

Charles Tan, head of marketing at Coinstore, said: “The digital rupee launch by RBI is a very interesting development as it makes the RBI’s stance on digital assets crystal clear,” he said.

India is moving from an unregulated space to a government-monitored crypto market, which will benefit all the stakeholders of the industry, he said.

Shivam Thakral, CEO of BuyUcoin, a homegrown cryptocurrency exchange said, “RBI has always been ambitious with its CBDC launch. The launch of CBDC by RBI will catalyze the growth of blockchain infrastructure in India and will encourage more entrepreneurs to join the blockchain revolution.”

Interestingly, Thakral noted if RBI allows the trading of CBDC on private exchanges, it will add a new dimension to public-private partnership in the country’s fintech space.

“The launch of RBI’s CBDC will prove to be a momentous occasion for the digital asset industry as it will create a government-approved market for the launch of new/existing digital assets,” he added.

Nischal Shetty, founder and chief executive of crypto exchange, WazirX, is bullish and called the news a ‘phenomenal’ one and said that the country is on the path to legitimizing the crypto sector.

“India launching a blockchain-powered Digital Rupee is phenomenal news. This move will pave the way for crypto adoption and put India in the front seat of innovation,” he told Blockchain Asset Review.

Sumit Gupta, co-founder & chief executive of crypto exchange, CoinDCX, said: “Introduction of CBDC sends a clear signal of India being a digital-first, efficiency-driven, and transparency-led system. CBDC with the backbone of blockchain will help us hold a powerful position in the global economy.

“We welcome the move and congratulate the govt for this visionary move,” he added.

Pratik Gauri, founder and chief executive of the blockchain firm 5ire noted that digital currency will open up great opportunities for innovation and foreign investment.

Raj Kapoor, founder of India Blockchain Alliance and chief growth officer at Chainsense Ltd, said: “The introduction of a digital currency in the next financial year using blockchain and other supporting technology validates not just the technology but also the intent to give a big shot in the arm for the digital economy. Digital currency will also lead to a more efficient and cheaper currency management system.”

In the budget announcement, Finance Minister Nirmala Sitharaman said that the introduction of a central bank digital currency will give “a boost, a big boost to the digital economy,”

“Digital currency will also lead to a more efficient and cheaper currency management system,” she said.

Countries all over the world are increasingly introducing digital currencies. Jamaica has also recently announced that it will roll out its national digital token in the first quarter of the year to reduce transaction costs and offer financial services to citizens who do not otherwise use banks.

Eastern Caribbean nations including Grenada, Saint Lucia, Antigua, and others launched a digital currency in 2021 called DCash while Japan, China, and the United States are also reportedly exploring the possibility of launching CBDCs.

 

Original source: https://blockchainassetreview.com/indias-digital-rupee-plan-draws-mixed-response-from-investors/

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

www.anndy.com
j j j