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Cryptocurrency

Crypto groups shelter in Singapore as global regulators crack down

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Global cryptocurrency groups are expanding their presence in Singapore attracted by the city-state’s friendly regulatory environment while other markets take action against the industry.

Executives moving to the Asian financial hub include Changpeng Zhao, founder of Binance, a crypto exchange that processes trillions of dollars in trades annually. Gemini, a US stock exchange founded by the Winklevoss twins, is also expanding its workforce in Singapore.

The city is not yet required to license cryptocurrency companies, but has granted exemptions to some of the biggest players in the industry, allowing them to serve local retail and institutional investors.

While growth in the crypto industry has accelerated this year, regulators have cracked down on the sector in markets like the US, UK and China. Hong Kong, a rival Asian financial center, will restrict crypto trading to accredited or institutional investors under a new law.

Singapore was much more welcoming. The sovereign wealth fund GIC and state-backed investment company Temasek have invested hundreds of millions of dollars in the sector. The Monetary Authority of Singapore has made it easier for foreign crypto groups to incorporate and serve residents, albeit with restrictions, including restrictions on transactions. Singapore Exchange has launched two cryptocurrency indices.

“The crypto brothers around the world have read the writing on the wall and are realizing that Singapore Inc is adopting the asset class,” said the founder of a crypto start-up based in the city.

Binance received a license exemption in Singapore and posted more than 200 jobs in the city on LinkedIn last month. Vitalik Buterin, the founder of the cryptocurrency Ether, is also based there.

Binance billionaire founder Changpeng Zhao lives in Singapore © Reuters

OSL, a Hong Kong-based exchange, has also received a license exemption and plans to double its workforce by the end of the year.

“The most important factor in deciding where to put your business is regulation. Singapore is clear and precise about its dealings with the cryptocurrency and digital asset markets, ”said Kanny Lee, director of the OSL Singapore office.

Gemini, founded by Cameron and Tyler Winklevoss, chose Singapore as its Asian headquarters and expects to have around 50 employees by the end of 2021, compared to just one when the office opened last June.

“Singapore is a major financial center in Asia with a good pool of customers, especially in the private wealth sector. We have had discussions with wealth management firms as many of them require crypto solutions, ”said Jeremy Ng, Gemini Managing Director for Asia.

Jihan Wu, the billionaire co-founder of the Chinese crypto-mining technology group Bitmain, has founded a crypto start-up in the city.

The MAS said that around 40 percent of applicants wanted to offer digital payment token services under the Singapore Payment Services Act, but there has not been a “significant increase” in applications that are “directly attributable to actions by other countries.”

Chia Hock Lai, chair of the Blockchain Association of Singapore, said a number of Hong Kong-based actors are setting up offices in the city. Hong Kong legislation that would restrict trading to accredited investors “says” about their stance on digital currencies, he said.

Singapore’s economy is now heavily dependent on services such as commodity trading and financial transactions.

“Without a resource industry that can draw on Singapore, there is no risk of becoming too hostile to an industry that could be a big winner in attracting talent and business,” said Daniel Burke, a Singapore-based executive director of the US Cryptocurrency administrator BitGo, adding that if Singapore failed to create the right framework, it could starve the city for much-needed future business.

However, some industry officials said the lack of clarity about when MAS would approve licenses is becoming problematic. “We get some potential customers who say they won’t contact us until we have a proper license,” said one applicant. “Unfortunately, there is no telling when that will happen.”

Additional coverage from Stefania Palma in Singapore

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Cryptocurrency

Amid warnings by authorities, Mexicans are not shy about cryptocurrency

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Cryptocurrencies are not legal tender in Mexico, but many Mexicans have acquired them anyway: According to a recent survey, just over 12% of adults own a digital currency such as Bitcoin or Ethereum.

The comparison website Finder surveyed internet users from 22 countries and found that Mexicans own the ninth most popular cryptocurrency.

Of more than 2,400 respondents in Mexico, 12.1% own crypto, Finder found. Bitcoin was the most popular among Mexicans, followed by Ethereum, Binance Coin, Cardano, and Dogecoin.

Finder also found that Mexican women are more likely than men to own cryptocurrencies. Of the identified crypto owners, 53.7% were female and 46.3% were male.

Poll results from Finder.com. Click the little arrow above for the full list. Courtesy Finder.com

The percentage of Mexican respondents who own a cryptocurrency was just above the 22-country poll average of 11.4%.

Mexicans who own cryptocurrencies can use them in about 100 companies across the country, according to the Coinmap website.

One such store is the Bitcoin Embassy Bar in the trendy Roma neighborhood of Mexico City, where customers who pay with Bitcoin can get discounts. A single bitcoin is currently worth more than $ 62,000.

The company, owned by 31-year-old entrepreneur Lorena Ortiz, is “something of a mecca for cryptocurrency enthusiasts,” according to El País newspaper. In addition to its function as a bar and restaurant, it offers seminars on cryptocurrencies and hosts debates on related topics.

Ortiz rejects claims that cryptocurrencies like Bitcoin cannot be considered real currencies because they were not issued by central banks

“That’s not true. History has taught us that money shouldn’t be spent by an institution. [The concept of money] is a consensus among the population, ”she told El País.

Lorena Ortiz’s Bitcoin Embassy Bar in Mexico City is one of around 100 companies in Mexico that accept payments in cryptocurrency. Twitter

“The bankers who criticize [cryptocurrencies] are like taxi drivers complaining about Uber, “said Gustavo Grillasca, a 42-year-old digital artist and customer of the Bitcoin Embassy Bar.” There’s no way to stop Bitcoin now, “he said.

Their views, and those of the vast majority of cryptocurrency supporters, are in sharp contrast to the views of most governments and central banks, including those of Mexico. Shortly after El Salvador introduced Bitcoin as legal tender earlier this year, the Federal Treasury, Bank of México, and National Banking and Securities Commission issued a joint statement reiterating that cryptocurrencies cannot be legally accepted in the Mexican financial system.

Ignacio Flores, a Bitcoin user and director of a company that provides protection for digital currency transactions, told El País that her stance was not surprising.

“It’s like the 90s when the internet came along. There was radio and television, and suddenly there was an alternative channel that carries audio and video. Technology is always ahead of the law, ”he said.

Another opponent of cryptocurrencies is Gabriela Siller, director of economic analysis at Banco BASE.

Although cryptocurrencies are becoming increasingly popular and mainstream, she described them as “a fad” and complained that their primary purpose will eventually be to conduct illegal transactions. She also said that companies that accept cryptocurrencies are taking a risk because of the volatility of their value. “[Businesses] Set prices in official currencies, but value [of a cryptocurrency] can easily change 15% in a day. For a company, the risk is greater than the benefit, ”she said.

BBVA Mexico chief economist Carlos SerranoBBVA México’s chief economist, Carlos Serrano, fears that cryptocurrencies could become a vehicle for tax evasion. BBVA

Carlos Serrano, chief economist at BBVA México, also raised concerns about the use of cryptocurrencies.

“In a country like ours, before you think about it [getting] more companies to accept [cryptocurrency] Payments we have to ensure that … [their use] does not become a vehicle for tax evasion. You can’t pay your taxes with cryptocurrencies right now, ”he said.

However, Mexican companies that accept them are complying with their tax obligations, El País reported. Ortiz, for example, calculates their Bitcoin earnings in pesos and reports them to the tax authorities.

The vast majority of Mexican companies that accept crypto are small and medium-sized businesses far removed from the “image of a virtual pirate” trying to commit a mega-scam, El País said. In fact, some Mexican companies that accept cryptocurrency payments have not yet found a single customer. This is the case with a dental clinic in Mexico City, which announced three years ago that it would accept certain payments in cryptocurrency.

Although her patients have not yet taken advantage of the option to pay their dental bills with Bitcoin or Ethereum, 28-year-old dentist Carmen Salgado is convinced that one day they will. “I think … [cryptocurrencies are] the future, ”she told El País.

Despite admitting that there are risks associated with using cryptocurrencies, Serrano believes central banks should stop dragging their heels and use blockchain technology to develop their own.

“The central banks urgently need to discuss alternatives. The benefit of getting rid of physical money is undeniable, ”he said.

With reports from El Economista and El País

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U.S. regulators exploring how banks could hold crypto assets – FDIC chairman

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LAS VEGAS, Oct. 26 (Reuters) – A leading U.S. banking regulator said U.S. officials want to provide a clearer way for banks and their customers who wish to hold cryptocurrencies to maintain control over the fast-moving asset.

Jelena McWilliams, chairwoman of the Federal Deposit Insurance Corporation, told Reuters on Monday in an interview that a team of U.S. banking regulators were trying to provide banks with a roadmap for dealing with crypto assets.

This could include clearer rules for cryptocurrency custody to facilitate customer trading, use them as collateral for loans, or even keep them on their balance sheets like more traditional assets.

“I think we have to allow banks in this area and at the same time manage and mitigate risks appropriately,” she said in an interview on the sidelines of a fintech conference.

“If we don’t get this activity into the banks, it will develop outside of the banks. … Federal regulators will not be able to regulate it.”

McWilliams’ comments provide the most complete picture yet of what regulators are investigating as part of a cryptocurrency “sprint” team first announced in May. The team’s goal was to ensure the coordination of cryptocurrency policy between the three major US banking regulators – FDIC, Federal Reserve and Office of the Comptroller of the Currency.

The rapid emergence of cryptocurrency has created a bleak regulatory picture in the United States. Under previous leadership, the OCC has taken an aggressive approach to introducing cryptocurrency into banks, including blessing bank custodial services for cryptocurrency, while other agencies have been slower to respond.

These decisions are currently under review, said Acting Auditor Michael Hsu.

Some banks have already begun to try their hand at these areas without regulatory clarity. Earlier this month, US Bancorp (USB.N) announced that it was launching a cryptocurrency custody service for institutional investment managers.

However, comments from McWilliams, a Republican holdover from the Trump administration, suggest regulators are still looking for a way to incorporate cryptocurrency into traditional banking supervision.

“My goal in this multi-agency group is basically to provide banks with a way to act as custodians of those assets, using crypto and digital assets as some form of collateral,” McWilliams said at a conference panel.

“At some point we will tackle how and under what circumstances banks can keep them on their balance sheets.”

McWilliams recognized the challenges.

The simplest problem would be getting regulators to create a roadmap for crypto-asset safekeeping, she said. However, it is difficult to figure out how to admit the volatile asset as collateral and put it on bank balance sheets, she added.

“The problem there is … the valuation of these assets and the fluctuations in their value that can occur on an almost daily basis,” said McWilliams. “You have to decide what kind of capital and liquidity treatment you want to assign to such balance sheets.”

Reporting by Echo Wang; Letter from Pete Schroeder; Editing by Megan Davies and Richard Chang

Our Standards: The Thomson Reuters Trust Principles.

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Cryptocurrency

Next-generation Cryptocurrency Bitcoin Latinum (LTNM) Announces the 7th Exchange to List LTNM – HitBTC #5 Ranked Exchange by Volume

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Bitcoin Latinum continues its momentum with world class global stock market listings

/ EIN News / – PALO ALTO, Calif., Oct.26, 2021 (GLOBE NEWSWIRE) – Bitcoin Latinum (LTNM), the next-generation insured asset-backed cryptocurrency, continues to gain momentum and expand its global adoption as announced its scheduled listing on HitBTC Exchange, a top crypto exchange in terms of 24-hour volume, today. LTNM will be available for trading in BTC and USDT pairs, and official trading is expected to begin in late December 2021. HitBTC will be the seventh exchange to list LTNM.

Bitcoin Latinum is an insured asset-backed cryptocurrency based on the Bitcoin ecosystem. Developed by Monsoon Blockchain Corporation on behalf of the Bitcoin Latinum Foundation, LTNM is a greener, faster, and more secure version of Bitcoin that is capable of managing massive crypto transactions while being highly efficient in terms of cost and scalability. Its listing on HitBTC shows how quickly LTNM is gaining reputation in the global crypto community as one of the revolutionary blockchain-based tokens of Bitcoin that will empower industries like media, gaming, telecommunications and cloud computing in the near future. The listing on HitBTC underscores the commitment of the Bitcoin Latinum community to support the growth of a sustainable decentralized crypto ecosystem, provide wider access to the network, and further support the distributed ledger that underlies Bitcoin Latinum.

The HitBTC team commented: “We are very excited to see how Bitcoin Latinum will further strengthen their vision and further reach our large and diverse community.”

According to Coinmarketcap’s stock market ranking, HitBTC ranks in the top 5 (around $ 5.1 billion) for 24-hour volume on over 300 crypto exchanges. Listing on HitBTC will further enhance LTNM’s ability to reach a wider audience seeking exposure to cryptocurrencies and decentralized funding (DeFi). The partnership comes after Bitcoin Latinum secured its listing on six other exchanges, including DigiFinex, FMFW.io (formerly known as Bitcoin.com Exchange), XT.com, BitMart, Changelly, and Changelly Pro. By adding renowned exchanges to its portfolio, the Bitcoin Latinum team continues to demonstrate its strong intention to make the crypto space better, more diverse and more efficient.

Dr. Donald Basile, Founder of Bitcoin Latinum and CEO of Monsoon Blockchain Corporation, expressed excitement about the upcoming listing on LTNM on the HitBTC exchange and said, “We are very excited to have HitBTC as our next exchange in our plan to be listed on many from to select the most important stock exchanges worldwide. This marks a milestone in the history of Bitcoin Latinum and the continuation of an exciting journey to revolutionize digital transactions. In the next few months we will be announcing more exchanges to reach a wider audience and improve adoption of digital assets around the world. “

About Bitcoin Latinum

Bitcoin Latinum is the next generation of insured asset-backed cryptocurrency. Based on the Bitcoin ecosystem, Bitcoin Latinum is greener, faster, more secure and ready to revolutionize digital transactions. Using an energy-efficient proof-of-stake consensus algorithm, Bitcoin Latinum plans to bring higher transaction speeds, lower fees, and more security to high-growth markets such as media, gaming, telecommunications, and cloud computing.

Further information can be found at https://bitcoinlatinum.com

Twitter: https://twitter.com/bitcoinlatinum

About HitBTC:

HitBTC is a crypto exchange with over 800 trading pairs. The platform was created in 2013 and offers exchange, custody and other related services. Despite its long history in the crypto space, HitBTC has remained one of the few exchanges whose security has never been compromised. HitBTC offers a number of APIs such as REST, WebSocket and FIX API. The exchange’s user interface is designed to meet the needs of the most demanding and demanding traders.

Further information can be found at https://hitbtc.com/

FOR EDUCATIONAL AND INFORMATIONAL PURPOSES ONLY; NO INVESTMENT ADVICE. All information provided is for educational and informational purposes only and should NOT be construed as securities-related offers or requests or used as personalized investment advice. Bitcoin Latinum strongly recommends that you consult a licensed or registered professional before making any investment decision.

Media contact

Company: Bitcoin Latinum

Contact: Kai Okada, Director of Communication

Email: kai.okada@bitcoinlatinum.com

Website: https://bitcoinlatinum.com/

Address: 2100 Geng Road, Palo Alto, California 94303, USA

Phone: +1 800-528-0985

SOURCE: Bitcoin Latinum


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October 26, 2021, 4:52 pm GMT


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