Another Lawsuit, Another Singapore Crypto License
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It might not be the crypto spring we were all promised in the U.S., but things seem to be blossoming in Singapore. In an encouraging move for the city-state's Web3 scene, Blockchain solutions provider Sygnum has just received in-principle approval for its Major Payment Institution License (MPIL) application.
The expansion will see Sygnum expand its regulated operations in the Little Red Dot with the introduction of a regulated crypto brokerage service.
Sygnum's license comes in the wake of full licenses granted to Crypto.com and Circle earlier this month, in a new wave of regulatory acceptance for digital asset companies in Singapore.
Binance and Coinbase have repeatedly vocalised their frustration with US regulators after being lumped with lawsuits. Even Crypto.com is terminating its institutional clients in the U.S. as of 21 June.
Singapore, which has been notoriously firm on its conservative crypto stance, might just be capitalizing on the industry fallout in the U.S.
Your turn, Hong Kong.
Elsewhere:
- Binance has claimed the SEC's restraining order would "effectively end" Binance.US. On Monday, the exchange urged the court to deny the SEC's motion, which would be irreversibly damaging to its business. Simultaneously, Binance has hired a prominent legal team to defend itself against the allegations. Binance.US has even enlisted George Canellos, a former SEC lawyer who served as co-director of the SEC's Division of Enforcement as well as federal prosecutor Adam Fee and bankruptcy expert Andrew M. Leblanc.
- Bank of China's investment bank subsidiary BOCI has announced the issuance of digital structured notes worth 200 million Chinese yuan ($28 million) on the Ethereum blockchain. The move marks the first Chinese financial institution to issue a tokenized security in Hong Kong. UBS, which is expanding tokenization across various financial products, helped to create the product for placement in the Asia-Pacific region. BOCI aims to simplify digital asset markets and products through blockchain-based digital structured products specifically designed for customers in Asia Pacific.
- Crypto industry cheerleaders a16z is planning to open its first international office in London later this year due to greater regulatory clarity in the U.K. Chris Dixon, the founder and managing partner of a16z, said the firm held positive discussions with U.K. policymakers including the Prime Minister, HM Treasury and the Financial Conduct Authority. a16z also plans to launch a Crypto Startup School (CSS) accelerator program in London in Spring 2024 to foster Web3 entrepreneurs.
- Chainalysis has announced a new integration with Coinbase Commerce, which allows its customers to settle invoices using various digital assets. The deal is part of Chainalysis' commitment to meeting the needs of its diverse customer base in the DeFi sector.