The Monetary Authority of Singapore, in conjunction with the Central Bank of Singapore, has released a new regulatory framework for stablecoins.
The new framework requires stablecoin issuers to be regulated by the Monetary Authority of Singapore for their assets to be used there.
The Central Bank of Singapore has introduced a new crypto regulatory framework targeting the stablecoin industry. The new framework requires stablecoin issuers to register with the MAS.
Central Bank of Singapore continues to increase oversight of crypto regulation
The Central Bank of Singapore released a revised regulatory framework that aims at ensuring stability for single-currency stablecoins (SCS) regulated in the state.
The MAS announced the new framework on August 15, which aims at streamlining the use of the Singaporean dollar or the G10 pegged currencies like Euro, USD and the British pound. The target assets should also have exceeded 5 million Singaporean dollars in circulation ($3.7 million).
Central Bank of Singapore supervision deputy managing director Ho Hern Shin, said the framework is set to facilitate stablecoin use as a “credible digital medium of exchange” and as a “bridge” between fiat and digital assets. Shin encouraged stablecoin issuers to be ready to comply with the new regulatory framework if they wanted to be branded as MAS-regulated entities.
The MAS has been proactive in regulating and adopting crypto assets for a long time. It recently pulled joint efforts with the UK FCA and has also committed $150 million in fintech markets, aiming to welcome more users in Web 3. While the new stablecoin framework has already been announced, the MAS needs to have the parliament pass it into law to enforce it.
Keep watching Fintech Express for updates on regulations and other fintech-related developments.
July US CPI inflation has come slightly higher than in June but still sending hope across international markets.
July had a lower CPI inflation of 3.2% following the introduction of another interest rate hike to help fight inflation.
Analysts believe Interest rates should be maintained around 5% despite falling inflation.
Following the announcement of lower-than-expected US CPI in July (3.2%), international markets have started rising (both stock and cryptos). However, analysts still feel that interest rates should hold up at the current levels to keep inflation in check.
US CPI sends a wave of hope across global markets
Data from the Bureau of Labor Statistics indicate that the annual US CPI spiked to 3.2% in July, lower than the expected 3.3%. As a result, the crypto and Stock markets have begun rising.
Bitcoin Price has started rising from the 29,457 mark hit at 11:50 E.A.T to the 29,568 mark at the time of writing following the bulling CPI data. At the same time, the STOXX 600 index has risen from 462.35 points to 462.85 points at the time of writing following the news.
The overall US CPI has moved up to 3.2% from June’s 3% ending a streak of 12 consecutive declined YoY but still sending hope across international markets.
The US Core CPI (removing food and energy) came in at 4.7%, a drop YoY (Year-over-Year), the lowest level since October 2021. At the same time, some sectors topped in inflation numbers as follows:
Food away from home inflation: 7.1%
Shelter inflation: 7.7%
Transport inflation: 9%
At the same time, analysts now believe that the US should not deem the fight against inflation as done. A further interest rate hike was done in July, yet the inflation rates did not drop significantly from June. As such, it would be best to hold up the current rates for a little longer.
Federal Reserve Chair Jerome Powell said in a June meeting that they expect two interest rate hikes this year to keep the fight against inflation alive. This decision is expected to bear one more interest rate hike between August and December this year as the central bank targets inflation of just 2% by the end of the year. July’s US CPI spike now adds more possibility of rates hike in August or September to calm the markets down.
Keep watching Fintech Express for more updates on finance and other fintech related developments.
Binance has confirmed that it has become the first regulated crypto exchange in El Salvador.
The development pushes El Salvador’s Bitcoin vision further, as investors will have a chance to trade more cryptocurrencies.
Binance has become the first regulated crypto exchange in El Salvador after securing a license from the country’s regulators in an effort that seeks to propel the country to more crypto adoption. This development pushes El Salvador’s Bitcoin “love story” forwards.
Binance is now the first regulated crypto exchange in El Salvador
An August 8th report from Binance confirms that the exchange is now the first regulated crypto exchange in El Salvador after securing both Bitcoin Services Provider License (BSP) from the Central Reserve Bank and the first non-provisional Digital Assets Services Provider License from the National Commission of Digital Assets.
Binance has secured this win in a series of other wins from countries warming up to the crypto industry. However, it still needs help from other regulators, like in the UK and the US. The UK FCA recently shut down one of its subsidiaries; however, the company said that it did not expect its services to be impacted as it was not serving UK customers in the first place.
In the US, the company’s Binance.US platform is under investigation and a court battle with the US SEC that terms it as a securities broker and alleges it mixes its funds with the international exchange, which puts US citizens’ investments at risk. However, neither of the allegations has been proven though it is expected the case might end up in a settlement between the exchange and the US SEC.
El Salvador, Bitcoin love story continues….
El Salvador has had one of the most interesting love affairs with Bitcoin adoption. It approved using Bitcoin as a legal tender ditching the US dollar in 2021. It then invested heavily in the coin and issued handouts to its citizens to incentivize its adoption.
The nation’s citizens cried foul when the systems did not function optimally. President Nayib Bukele was also criticized as his Bitcoin investments were losing value in the face of the 2022 crypto bear market. The World Bank and the IMF even criticized the decision to use Bitcoin as a legal tender, saying it would cut loans and other fundings, citing risky monetary policies.
However, El Salvador did not get shaken; it has managed to release its volcano bitcoin bonds which have had a massive market impact and stabilized its usage of Bitcoin as legal tender. The country also profits from its Bitcoin holdings.
As such Bitcoins’ “hottest romantic affair yet” continues via the approval of the first regulated crypto exchange in El Salvador. Keep watching Fintech Express for updates on this and other Fintech-related developments.
Ilya Lichstein and Heather Morgan have pleaded guilty to being original hackers of the bitcoin exchange Bitfinex in 2016, which resulted in a loss of $4.5 billion.
The guilty plea by Ilya Lichstein and Heather Morgan came in Washington DC, which also included ties to money laundering and fraud charges.
Ilya Lichstein and Heather Morgan pleaded guilty to hacking the Bitfinex bitcoin exchange in 2016, shedding light on who was involved in the heist after years of investigations. Now, the couple faces other charges like money laundering and conspiring to defraud the united states government.
Ilya Lichstein and Heather Morgan plead guilty in a multibillion hack case
Ilya Lichstein and Heather Morgan have been under investigation in the U.S. concerning Bitfinex hacking for years. Now, Ilya Lichstein has pleaded guilty in a Washington DC federal court to being the original hacker of the exchange leading to a theft that saw the exchange suffer a $4.5 billion loss.
At the same time, his wife, Heather Rhiannon Morgan, stepped up from the audience to enter her guilty plea on two charges, money laundering and conspiring to defraud the U.S. government. Now, Lichstein faces a maximum jail term of 20 years for money laundering though it is yet to be determined if he will face more charges.
His wife, Heather Morgan, has been freed on a $3 million bond since her arrest, which marks over one year since the two last saw each other. The two had been arrested in February 2022 in a process that resulted in the DOJ seizing more than 94,000 bitcoin worth over $3.6 billion. The seizure was the largest ever done by the US DOJ.
Now, the DoJ has also made another seizure worth approximately $ 475 million, per a statement from the authorities. Bitfinex also followed suit and released a statement saying it has engaged in unprecedented efforts since the hack to refund its customers fully.
“Bitfinex also diligently worked with the U.S. Department of Justice to identify the perpetrators of the hack, recover the stolen bitcoin, and bring the hackers to justice,” the company said. “After seven years, those efforts have come to fruition.”
Keep watching Fintech Express for more updates on this and other fintech-related developments.
