Two blockchain firms to be added to MAS’ licensing list | FinanceAsia

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In: Asia, Finance, South-East Asia

Two crypto firms have recently announced that they have obtained in-principle approval (IPA) from the Monetary Authority of Singapore (MAS) to provide digital asset-related offerings compliant with the watchdog’s requirements.

Through the licensing scheme under the city state’s Payment Services Act, MAS regulates seven types of payment services, including account issuance, domestic money transfer, cross-border money transfer, merchant acquisition, e-money issuance, digital payment tokens and money-changing.

Singapore-headquartered StraitsX acquired its licence as a major payment institution (MPI) for digital payment token services, while Taiwan-based XREX’s Singapore entity received approval covering six service categories except for money-changing services.

Upon receiving the licence, StraitsX will focus on issuing two single-currency pegged stablecoins (SCS) that are 1-1 pegged to Singapore dollars (XSGD) and US dollars (XUSD), respectively.

XSGD is currently available for minting and redemption via StraitsX’s platform, while XUSD is under development and will be released to the public in the near future, FinanceAsia has learned..

“The in-principle approval from  the MAS allows us to demonstrate compliance with the regulatory framework for stablecoin issuance,” Kenny Chan, head of StraitsX, said.

“We see potential in single-currency pegged stablecoins as a credible and reliable medium to facilitate innovations in payment transactions both domestically and across borders,” he added.

Citing the purpose bound money (PBM) testing led by MAS as an example, Chan emphasised the programmability and interoperability of stablecoin-powered payment solutions and explored use cases, including programmable rewards and escrow arrangements for online commerce.

“Stablecoins play a significant role in the digital asset ecosystem as they frequently form the bridge to the fiat leg of a transaction,” said Etelka Bogardi, Asia head of fintech and financial services regulatory, partner at Norton Rose Fulbright.

“It was therefore important to safeguard financial stability and consumer protection in this space.”

She added that as one of the frontrunners in stablecoin regulation, Singapore’s licencing regime has introduced important safeguards through reserve management and redemption mechanics requirements.

The MAS is also expected to introduce a regulatory framework under the Payment Services Act, which will be dedicated to stablecoin-related issuance and intermediation activities. The framework is set to be finalised in Augustafter a public consultation which started in October 2022.

“We believe that the regulatory clarity provided in the finalised framework, as well as Singapore’s position as a trusted hub for global business will provide a strong foundation for the issuance of stablecoins pegged to other G10 currencies,” Chan remarked.

Blockchain benefit

XREX’s business focusses on blockchain-based cross-border payment technology. The Taiwan-based team will useXREX Singapore as their Asia Pacific (Apac) headquarters, and look to expand its payment product that supports fiats, stablecoins and cryptocurrencies in the region.

Christopher Chye, chief executive officer (CEO) at XREX Singapore, told FA that the approval process took approximately two years’ , which he referred to as “hard fought” in a company press release. The team is looking to elevate the in-principle approval to a full licence over the next six months, he added.

“Blockchain technology has the potential to decimate transaction fees, facilitate atomic settlement and enable programmable money,” he said.

Moreover, he addted that “stablecoins are particularly well-positioned to bring respite to illiquidity issues, and we look forward to acquiescing our customers and prospects to the use of stablecoins in the imminent future.”

The XREX Group team claims to be the only digital asset player approved by both Singaporean and Taiwanese regulators to provide virtual asset services, according to the note.

Chye said that the compliance team has been studying the licensing regime formalised in the United Arab Emirates (UAE) and closely following regulatory developments in Hong Kong.

“Singapore boasts a progressive and robust regulatory framework, offering our users the clarity and confidence they need to access digital assets and use stablecoins,” said XREX Group and XREX Singapore head of compliance, Nick Chang, in the statement.

Chye added: “We feel optimistic about the regulatory developments across various jurisdictions and the attention central banks have afforded to this. Clear, reasonable, and practical regulations are crucial for the development of the blockchain industry.”

¬ Haymarket Media Limited. All rights reserved.

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Why North Korea’s satellite launches draw condemnation

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The Chollima-1 seems to be a new design and most likely uses the dual-nozzle liquid-fuelled engines developed for Pyongyang’s Hwasong-15 ICBM, analysts said. South Korea has recovered some of the Chollima-1 wreckage – including, for the first time, parts of a satellite – but has not released detailed findings. SeoulContinue Reading

Indonesia launches US billion renewable energy investment plan

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In: Asia

JAKARTA: Indonesia launched on Tuesday (Nov 21) its investment plan to mobilise US$20 billion in financing pledged by global lenders led by the United States and Japan to accelerate its power sector decarbonisation and called for immediate fund disbursement. Under Indonesia’s Just Energy Transition Partnership (JETP) the country seeks toContinue Reading

Blackpink: Fans speculate as K-pop stars negotiate new contract

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In: Asia
Blackpink perform at Sahara Tent during the 2019 Coachella Valley Music And Arts Festival on April 19, 2019 in Indio, California.Getty Images

Blackpink fans anxiously await the band’s fate as a slow drip of news on their contract renewal gives few clues.

Blackpink’s contract with YG Entertainment expired in August and their followers have been speculating since.

Fresh reports on Korean media regarding the contract negotiations have fuelled a guessing game.

The band’s four members – Jisoo, Lisa, Jennie and Rosé – have been silent about their contract status.

The Munhwa Ilbo newspaper reported on Monday that Blackpink members had agreed to maintain group activities under YG Entertainment. However, the report added that the group would not renew their exclusive contracts.

This means that the four are free to pursue solo endeavours and will reunite as Blackpink only when their schedules call for it, the report said.

News agency Yonhap, quoting anonymous sources, reported that Blackpink was in the final stages of negotiating a group contract.

However, the renewal of their individual management contracts “remains unclear”, Yonhap said.

YG Entertainment, which has managed Blackpink since the group was formed in 2016, said it would make an announcement once negotiations are finished.

On social media, fans pleaded their idols to stay together.

“Blackpink please no disband,” one fan wrote.

“I’m very sad… because Blackpink will disband,” one fan commented under the most recent post on the group’s official Instagram page.

Blackpink has grown to be the biggest K-pop girl group on the planet and its individual members are celebrities in their own right.

Their contract expired as their male counterpart, BTS, are on hiatus as some members are on mandatory military service.

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Marriage equality bill for parliament next month

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PUBLISHED : 21 Nov 2023 at 14:44

Marriage equality bill for parliament next month
The Bangkok Pride 2023 parade in June 2023 promoted gender recognition, same-sex marriage, the rights of sex workers and universal welfare for LGBTQIA2S+ individuals. (Photo: Varuth Hirunyatheb)

The cabinet has approved draft legislation on marriage equality and it will be tabled in parliament in December, Prime Minister and Finance Minister Srettha Thavisin said on Tuesday.

Thailand has one of Asia’s most open and visible lesbian, gay, bisexual and transgender (LGBT) communities, but activists say Thai laws and traditional institutions have yet to reflect changing social attitudes and still discriminate against LGBT people and same-sex couples.

If the bill is approved by parliament and receives royal assent, Thailand will be the third country in Asia to recognise same-sex marriage, after Taiwan and Nepal. 

Parliament last year debated four bills that included civil unions for same-sex couples and marriage equality, but they failled to pass beore the Houase rose and subsequently lapsed with the change of government. 

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What do we know about China’s new financial watchdog?

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Who are the other top offcials at the CFC? Li’s appointment comes after state media revealed earlier this month that Chinese Vice Premier He Lifeng has been appointed head of the office of the CFC, which is responsible for running the day-to-day affairs of the new regulator. The appointments indicateContinue Reading

Two blockchain firms to be added to MAS’s licensing list | FinanceAsia

By:
On:
In: Asia, Finance, South-East Asia

Two crypto firms have recently announced that they have obtained in-principle approval (IPA) from the Monetary Authority of Singapore (MAS) to provide digital asset-related offerings compliant with the watchdog’s requirements.

Through the licensing scheme under the city state’s Payment Services Act, MAS regulates seven types of payment services, including account issuance, domestic money transfer, cross-border money transfer, merchant acquisition, e-money issuance, digital payment tokens and money-changing.

Singapore-headquartered StraitsX acquired its licence as a major payment institution (MPI) for digital payment token services, while Taiwan-based XREX’s Singapore entity received approval covering six service categories except for money-changing services.

Upon receiving the licence, StraitsX will focus on issuing two single-currency pegged stablecoins (SCS) that are 1-1 pegged to Singapore dollars (XSGD) and US dollars (XUSD), respectively.

XSGD is currently available for minting and redemption via StraitsX’s platform, while XUSD is under development and will be released to the public in the near future, FinanceAsia has learned..

“The in-principle approval from  the MAS allows us to demonstrate compliance with the regulatory framework for stablecoin issuance,” Kenny Chan, head of StraitsX, said.

“We see potential in single-currency pegged stablecoins as a credible and reliable medium to facilitate innovations in payment transactions both domestically and across borders,” he added.

Citing the purpose bound money (PBM) testing led by MAS as an example, Chan emphasised the programmability and interoperability of stablecoin-powered payment solutions and explored use cases, including programmable rewards and escrow arrangements for online commerce.

“Stablecoins play a significant role in the digital asset ecosystem as they frequently form the bridge to the fiat leg of a transaction,” said Etelka Bogardi, Asia head of fintech and financial services regulatory, partner at Norton Rose Fulbright.

“It was therefore important to safeguard financial stability and consumer protection in this space.”

She added that as one of the frontrunners in stablecoin regulation, Singapore’s licencing regime has introduced important safeguards through reserve management and redemption mechanics requirements.

The MAS is also expected to introduce a regulatory framework under the Payment Services Act, which will be dedicated to stablecoin-related issuance and intermediation activities. The framework is set to be finalised in Augustafter a public consultation which started in October 2022.

“We believe that the regulatory clarity provided in the finalised framework, as well as Singapore’s position as a trusted hub for global business will provide a strong foundation for the issuance of stablecoins pegged to other G10 currencies,” Chan remarked.

Blockchain benefit

XREX’s business focusses on blockchain-based cross-border payment technology. The Taiwan-based team will useXREX Singapore as their Asia Pacific (Apac) headquarters, and look to expand its payment product that supports fiats, stablecoins and cryptocurrencies in the region.

Christopher Chye, chief executive officer (CEO) at XREX Singapore, told FA that the approval process took approximately two years’ , which he referred to as “hard fought” in a company press release. The team is looking to elevate the in-principle approval to a full licence over the next six months, he added.

“Blockchain technology has the potential to decimate transaction fees, facilitate atomic settlement and enable programmable money,” he said.

Moreover, he addted that “stablecoins are particularly well-positioned to bring respite to illiquidity issues, and we look forward to acquiescing our customers and prospects to the use of stablecoins in the imminent future.”

The XREX Group team claims to be the only digital asset player approved by both Singaporean and Taiwanese regulators to provide virtual asset services, according to the note.

Chye said that the compliance team has been studying the licensing regime formalised in the United Arab Emirates (UAE) and closely following regulatory developments in Hong Kong.

“Singapore boasts a progressive and robust regulatory framework, offering our users the clarity and confidence they need to access digital assets and use stablecoins,” said XREX Group and XREX Singapore head of compliance, Nick Chang, in the statement.

Chye added: “We feel optimistic about the regulatory developments across various jurisdictions and the attention central banks have afforded to this. Clear, reasonable, and practical regulations are crucial for the development of the blockchain industry.”

¬ Haymarket Media Limited. All rights reserved.

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