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"Leaders from the Crypto / Token area (Binance,, Ripple and others) are fully committed to building new secure and sustainable solutions to real problems, and identifying real economic opportunities," said Mohanty of the Singapore Monetary Authority. “It is gratifying to see the clarity among CEOs on the need to create an honest and compliant industry. The future is on the right track. ”

Mohanty's praise comes as the digital currency market continues to decline following widespread sales of digital assets and the collapse of TerraUSD and Luna tokens. Major lenders Celsius Network and Babel Finance have blocked withdrawals, while Three Arrows Capital, a major crypto hedge fund funder, faces liquidity problems that plague investors.

The total market capitalization of cryptocurrencies, which exceeded 3 trillion in November, has dropped to $ 991 billion, according to data from CoinGecko. Bitcoin quickly dropped from close to $ 69,000 in November, trading on Saturday at about $ 21,000.

Singapore became the first developer of blockchain technology and officials have voiced their desire to become a global crypto hub, but relations with the industry have been strained amid problems that include a slow licensing regulatory process and crypto advertising bans that have shocked the industry.

Binance, the largest crypto exchange, existed in Singapore and Chief Executive Officer Changpeng "CZ" Zhao was living on the island before the company stopped much of it in recent months to move to Dubai. The company is currently investigating almost every major US financial regulator - the Department of Justice, the Commodity Futures Trading Commission, the Internal Revenue Service, and the Securities and Exchange Commission - and others around the world.

MAS could accelerate licensing, at least, with the approval of three recently released regulations including digital currency exchange

Ripple - has clashed with US regulators over the XRP token but with a strong international history - and Binance said they plan to expand as other organizations in the sector downgrade., headquartered in Singapore, announced the retrenchment of about 260 employees, or 5% of its employees earlier this month. Chief executive Kris Marszalek said the company had made "difficult and necessary decisions" to prepare for profit and sustainable growth during the market downturn.

"While some may have hit the brakes on rent, we are doubling," Brooks Entwistle, Ripple's managing director of APAC and MENA, said in a recent email interview. “Over the next 12 months, we are relying on our first profit and taking the opportunity to be aggressive in our hiring, growth, investment and strategic opportunities. In this year alone, we aim to employ 300 employees, about half of whom will be based outside the US. ”

However, Mohanty's post did not fully work, giving one of the warnings also a signature for Singapore's crypto approach.

"Web 3.0 / Crypto is a relatively new industry, but promises have gone before technology has matured, the industry is full of monitors and scammers, and magical soundbites with clickbait themes fill the void," Mohanty said. "So let's not make a forced mistake and throw the baby in the shower."

Source: yahoo

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