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The new MPI license comes one year after Coinbase’s initial in-principle approval in Singapore, enabling it to expand digital payment token services. The United States-based crypto currency exchange Coinbase is expanding operations in Singapore by securing major regulatory approval from the country’s central bank. Coinbase has obtained a Major Payment Institution (MPI) license from the Monetary Authority of Singapore, the firm announced on Oct. 1. The new license, coming one year after Coinbase’s initial in-principle approval in Singapore, enables the company to expand its digital payment token services to individuals and institutions in the country. According to MAS, MPI-licensed firms are authorized to conduct payment services without being subjected to transaction limits of 3 million Singapore dollars ($2.2 million) for any payment service. The approved companies are also free from the 6 million SGD ($4.4 million) limit of monthly transactions for two or more payment services, oth...

Singapore authorities arrested ten foreigners in a major money laundering bust, confiscating assets worth roughly $735 million. On Aug. 16, Singaporean police arrested ten foreign nationals with Chinese passports, accused of laundering approximately S$1 billion ($735 million) in Singapore. During their investigations, officials seized assets, including 94 properties, 50 vehicles valued at over S$815 million, and 35 bank accounts totaling nearly S$110 million. Additionally, 11 documents linked to various cryptocurrency accounts were also confiscated. You might also like: Singapore introduces regulations for single-currency stablecoins The Monetary Authority of Singapore is currently working with the police to identify contaminated funds and assets in the country’s financial system. “The case has highlighted that as a global financial hub, Singapore remains vulnerable to transnational ( money laundering and terrorism financing) risks” and that the regulator needs to...

The Monetary Authority of Singapore (MAS) announced on Monday new rules for Crypto service providers which will require them to hold customer funds in a separate trust before the end of the year, as well as restrict lending and staking of retail customers’ tokens. In a press release, MAS said that the proposed crypto rules follow a public consultation from October 2022 that showed “broad support” for these regulations. Under the draft legislation, crypto firms will be required to reconcile customer assets daily, maintain proper records, and ensure constant access and operational controls to customers’ tokens. While crypto firms won’t be allowed to offer lending and staking of customer tokens, the practice will still be allowed for institutional and accredited investors. These new rules are intended to minimize the risk of misuse or loss of customer funds and make recovery easier in case of insolvency — problems that have become top of mind in Singapore following the collap...