Singapore Developing Guidelines for Banks on Crypto Clients: Bloomberg
The Monetary Authority of Singapore (MAS) is reportedly working on guidelines to assist local banks in vetting and providing banking services to cryptocurrency clients.
Cointime News Afternoon Wrapup: Meta Says New Focus on Generative AI Could Boost Metaverse Development
Meta Platforms, the parent company of Facebook and Instagram, is heavily investing in artificial intelligence (AI) to benefit its metaverse businesses, which fell short of expectations last year.
Singapore Working With Banks to Provide Guidance on Crypto Businesses: Bloomberg
Singapore's central bank and police authorities have been working with banks to set uniform standards for vetting approaches when opening crypto accounts. The project has been ongoing for about six months, and a separate industry report outlining best practices in areas like due diligence and risk management could be published in the next two months. The report would cover stablecoins, NFTs, and gaming credits. The Monetary Authority of Singapore (MAS) stated that there are no rules stopping banks operating in the country from doing business with firms handling cryptocurrencies or other forms of digital assets. However, the banks will decide whether to accept these clients based on their risk appetites. This comes as US authorities have been cracking down on banks that serve crypto customers, leading to crypto companies scrambling to find banking partners and jurisdictions to conduct business.
Singapore Regulator Says Latest DBS Digital Outage Unacceptable
Singapore’s financial regulator will take action against DBS Group Holdings Ltd. after a second digital banking outage in less than two years, calling the disruption “unacceptable.”
Singapore’s DBS Suffers Digital Banking Disruption
DBS Group Holdings Ltd. suffered an outage of online services Wednesday morning, leaving customers unable to access its web and mobile banking platforms.
Wassies NFT Prices Surge as Crypto Twitter Lore-Themed Hotel Opens in Singapore
The Hotel by Wassies, a boutique hotel themed after the popular 'Wassie by Wassies' NFT collection, has opened in Singapore. The pop-up hotel, which runs from March 2023 to September 2023, features 55 rooms, with 49 rooms furnished in shades of Wassie-themed purple and six "Wassies & Friends"-themed rooms that will feature art made in collaboration with other projects. Floor prices of the Wassie NFT collection have jumped 20% over the past two days, surging to 0.5 ether from Saturday's 0.33 ether at writing time. The Ethereum-based collection has over 12,000 individual NFTs with 2,300 unique holders, according to data from OpenSea. The hotel is a way to popularize the Wassie brand among the general populace and bring crypto culture into the real world, according to the creators.
Singapore Fintech Wins Asia’s Largest Fundraise Since SVB’s Fall
Fintech company Kredivo Holdings raised about $270 million in equity financing, defying a market correction that’s made it difficult for many startups to obtain fresh capital.
Singapore To Publish Crypto, Stablecoin Consultation Feedback by Mid-2023
The Monetary Authority of Singapore (MAS) aims to publish cryptocurrency and stablecoin consultations feedback by the middle of this year, it said Monday.
Coinbase Partners Top Bank To Introduce Free Transfers Amid Banking Woes
Crypto exchange Coinbase has introduced free bank transfers and Singpass integration to make it easier for customers in Singapore to join the platform. The exchange has also upgraded its Help Centre and Coinbase Learning to solve queries and educate about cryptoeconomy, which will help users access more than 200 crypto assets for trading.
Coinbase Opens Local Bank Transfers for Singapore Users at No Cost
Cryptocurrency exchange Coinbase (COIN.O) will let customers in Singapore move funds to and from accounts via local banks, smoothing one path to investing in digital assets at a time when markets are on edge over financial stability and crypto banking.
