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 “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”.

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Anndy Lian Witnessed Heritage DAO Securing National Treasure “Power of Decentralisation”

Anndy Lian Witnessed Heritage DAO Securing National Treasure “Power of Decentralisation”

HeritageDAO is a decentralized autonomous organization for our cultural heritage. Powered by web3 technologies, we revolutionize the way we collect, protect, share and enjoy cultural heritage.

It all started with this unfortunate story – Due to Covid-19, the very first private art museum in Korea was forced to put two National Treasures out for an auction out of devastation. This is the very first time in the history of Korea to see such treasures out for a transaction. We heard about this incident 4 days before the auction day and decided to address this in a Web 3.0 way. So, HeritageDAO was initiated just 4 Days before the Auction, ended up raising 900+ ETH and securing a National Treasure in 8 days while raising awareness about this incident across millions of people worldwide.

Basically, National Treasure #73 that we secured is a portable temple that people used to carry around 1,000 years ago. Back then, Buddhism was the main religion of Korea – and people carried this to practice their religion anywhere. With growing members, the need for a place that our members can call home grows bigger. Therefore, we wanted to secure this portable temple to symbolize a place our HSS members can call home. This temple will be featured on Sandbox too.

“I was in South Korea and when I heard Heritage DAO’s calling. I have decided to help and also joined the DAO’s governing council. All of us want to help and using the power of decentralisation, we have managed to secure the National Treasure and kept it in the gallery. On top of that, in good gesture, we have sent 51% of the ownership back to the original owners. This is our way to preserve the National Treasure in good hands. This is also a way to showcase how crypto is used to do help in times of need.” Anndy Lian, thought leader and Chairman of BigONE explained.

The DAO seeks to reach out and connect with the nonmaterial individuals, advocates, philanthropists, and innovators that hone the cultural values of the heritages. To do that, HDAO is introducing the High Sloth Society – The First NFT project by HDAO; a prestigious and secretive society of 10,000 elite sloths that pursue greater goods with missions to preserve and hone the essence of human heritage.

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 “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”.

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Anndy Lian is Appointed as an Investor and Independent Advisor to Light Defi “Automatically Finances the construction of Photovoltaic Solar Power Plants in the World.”

Anndy Lian is Appointed as an Investor and Independent Advisor to Light Defi “Automatically Finances the construction of Photovoltaic Solar Power Plants in the World.”

— Anndy Lian, a thought leader in the blockchain space has joined Light Defi as the independent Advisor to lead their ESG and blockchain efforts.

Light DeFi is a crypto asset created on the Binance Smart Chain to revolutionize the renewable energy sector building photovoltaic plants, gathering the concepts of sustainability and Decentralized Finances (DeFi).

Light DeFi’s community was crucial to bringing the new investor to the sustainable project in blockchain technology. It started with a tweet and active engagement from a loyal community willing to conquer the best they can make to a revolutionary project, which connects blockchain and sustainability. Through a tweet in which Blockchain expert Anndy Lian wrote that to save the planet, the first step would be to join in the clean energy space, Light DeFi’s committed community took action. Many euphoric community participants replied by writing about Light DeFi’s revolutionary project in the expert’s tweet.

On Twitter itself, Light DeFi CEO Germano Sales replied directly to Anndy, and it was there that an exchange of messages took place. The CEO of Light DeFi and Anndy Lian scheduled a call right away. Germano Sales explained Light DeFi and the photovoltaic plant project that started in the second half of November after purchasing the land, which was announced during the first Light Day event in São Paulo, which brought developers and the ecosystem participants.

The highly positive conversation ended with Anndy Lian as an investor and independent advisor of Light Defi. The subject of sustainability has already gained a special time of the pioneer in Blockchain technology, whether in-depth in the area or personal attitudes related to the environment. Anndy is also linked to the ESG concept. This acronym defines investments that prioritize sustainability, with values that include an environmental, social, and governance approach, factors that help balance companies. Lian has already put into practice in companies and projects that he is an advisor.

“Emerging distributed ledger technologies (DLT), such as blockchain can help to drive more favourable enterprise environmental, social and governance outcomes. In my humble opinion, blockchain is the digital enabler for sustainable efforts. I think Light Defi has it all. I am looking forward to their photovoltaic plant project.” Anndy Lian said.

“Thank you Anndy for the faith in investing into us. We only want the best for our project and Anndy fits nicely to equation. With increasing demand from professional and institutional investors for ESG-friendly crypto products, Light Defi would be their preferred choice.” CEO Germano Sales added.

Light DeFi’s project, which is already building its first photovoltaic plant, was crucial to Anndy’s decision to become an investor and independent advisor. The author of the best-seller “Blockchain Revolution 2030” and a former member of Hyundai DAC got fascinated by the Light Group project. And after a busy day full of tweets, meetings, and negotiations, Anndy ended its day questioning on his Twitter what else Light DeFi could do to call billionaire Elon Musk’s attention, concluding his tweet with an “anything is possible.”

 

Original Source: https://www.asiaone.com/business/anndy-lian-appointed-investor-and-independent-advisor-light-defi-automatically-finances

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 “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”.

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