{"id":1549590,"date":"2022-07-12T05:34:34","date_gmt":"2022-07-12T09:34:34","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1549590"},"modified":"2022-07-12T05:34:41","modified_gmt":"2022-07-12T09:34:41","slug":"factbox-singapores-rise-and-falter-as-asia-cryptocurrency-hub","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/factbox-singapores-rise-and-falter-as-asia-cryptocurrency-hub\/","title":{"rendered":"Factbox \u2013 Singapore\u2019s rise, and falter, as Asia cryptocurrency hub"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">20<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Ffactbox-singapores-rise-and-falter-as-asia-cryptocurrency-hub%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1549590&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>By Alun John and Chen Lin<\/p>\n<p>HONG KONG\/SINGAPORE (Reuters) \u2013     Singapore\u2019s burgeoning cryptocurrency sector has been shaken by the recent collapse of Three Arrows Capital, a cryptocurrency hedge fund, and signs of tighter scrutiny by regulators at the Monetary Authority of Singapore.<\/p>\n<p>Following are key facts about the rise of Singapore as an Asian cryptocurrency hub, and the fallout from the Three Arrows collapse.<\/p>\n<p>HOW IMPORTANT IS SINGAPORE TO ASIA\u2019S CRYPTO SECTOR?<\/p>\n<p>Investment in Singapore\u2019s crypto and blockchain companies surged to $1.48 billion in 2021, according to KPMG, ten times the previous year and nearly half the Asia Pacific total for 2021.<\/p>\n<p>PwC says 6% of the world\u2019s crypto funds are based in Singapore, ranking it a joint third globally \u2013 along with Switzerland and Hong Kong \u2013 behind the U.S. and UK.  <\/p>\n<p>Singapore, one of Asia\u2019s main investment banking and asset management centres alongside Hong Kong, is keen to establish a leading role in financial technology, including blockchain and crypto.<\/p>\n<p>WHY HAS SINGAPORE ATTRACTED CRYPTO BUSINESS?<\/p>\n<p>The scale and range of Singapore\u2019s crypto companies and service providers attracted digital asset companies fleeing regulatory crackdowns elsewhere.<\/p>\n<p>These include Huobi, a crypto exchange initially focused on China that now has a major presence in Singapore.<\/p>\n<p>U.S. firms like crypto exchange Gemini have set up regional Asia headquarters in Singapore.<\/p>\n<p>The citystate was also a forerunner in developing a licencing regime for crypto companies, which attracted many companies hoping the endorsement of a leading regulator would help them to win business. <\/p>\n<p>Other industry leaders such as crypto exchange Coinbase have applied for licences in Singapore.<\/p>\n<p>DBS, Singapore\u2019s largest bank, has launched its own crypto exchange.<\/p>\n<p>WHY DID 3AC COLLAPSE?<\/p>\n<p>Digital currencies have been on the backfoot for months, with Bitcoin losing roughly half its value since the start of May.<\/p>\n<p>The sell-off was triggered by the collapse of stablecoin TerraUSD and its paired token Luna, resulting in large losses for holders such as 3AC. The company lost about $200 million of its investment in Luna, an executive told the Wall Street Journal last month, adding that the company was still trying to quantify its losses.<\/p>\n<p>According to U.S. court filings, several of 3AC\u2019s lenders have issued it notices of default. <\/p>\n<p>WHAT IS SINGAPORE\u2019S REGULATORY STANCE?<\/p>\n<p>The Monetary Authority of Singapore\u2019s statements have indicated a welcoming approach, encouraging crypto-related services https:\/\/www.mas.gov.sg\/news\/speeches\/2022\/mas-approach-to-the-crypto-ecosystem.<\/p>\n<p>At the same time, some companies say the authorities\u2019 soothing rhetoric belies an occasionally harsh regulatory stance.<\/p>\n<p>Only a handful of approvals have been granted so far among well over 100 applicants for new crypto payments licences.<\/p>\n<p>Chia Hock Lai, co-chairman, Blockchain Association Singapore, said there were currently well over 200 crypto businesses in Singapore, but several had shut down or moved out after the licencing regime came in. <\/p>\n<p>The most high-profile of these is Binance, the world\u2019s largest crypto exchange, which left Singapore last year as it came under close scrutiny around the world.<\/p>\n<p>Like regulators elsewhere, MAS has also indicated that it would take a tough stance on money laundering, consumer protection, and other risks that may be associated with the digital currency sector.<\/p>\n<p>Tharman Shanmugaratnam, Senior Minister and chairman of the MAS, told parliament last week that the regulator was considering additional consumer safeguards for cryptocurrency trading, although he did not mention 3AC.<\/p>\n<p> (Reporting by Alun John and Chen Lin; Editing by Edmund Klamann)<\/p>\n<p><a href=\"https:\/\/www.oann.com\/factbox-singapores-rise\/file-photo-representations-of-the-ripple-bitcoin-etherum-and-litecoin\/\"><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/07\/tagreuters.com2022binary_LYNXMPEI6B08T-VIEWIMAGE.jpg\" alt=\"tagreuters.com2022binary_LYNXMPEI6B08T-VIEWIMAGE\" \/><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Alun John and Chen Lin HONG KONG\/SINGAPORE (Reuters) \u2013 Singapore\u2019s burgeoning cryptocurrency sector has been shaken by the recent collapse of Three Arrows Capital, a cryptocurrency hedge fund, and<\/p>\n","protected":false},"author":66,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1549590","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1549590","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/66"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1549590"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1549590\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1549590"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1549590"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1549590"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}