Skip to main content


Cryptocurrency trading is "not suited for the general public", according to Singapore's central bank.

Cryptocurrency investors in Singapore may have to go through a risk awareness assessment before being allowed to trade. They will also not be able to use credit cards or any form of borrowing to trade cryptocurrencies. These are among the measures proposed by the Monetary Authority of Singapore (MAS) to protect retail consumers. A risk awareness assessment is also being proposed to ensure that retail customers have sufficient knowledge of the risks involved. DPT service providers will not be allowed to offer any monetary or non-monetary incentives to retail customers upon sign-up, or to any person to encourage referrals of its service.  
Recent posts

The Singapore Central Bank suggests steps for stablecoin and cryptocurrency trading

Singapore's central bank has proposed additional regulatory restrictions on stable coins and cryptocurrency trading. Among the restrictions outlined are a prohibition on firms lending out cryptocurrency held by retail consumers and a requirement that client assets be kept separate from their own holdings. Businesses engaged in cryptocurrency trading would also not be permitted to give incentives to draw in retail consumers, accept credit card payments, or provide loans. The Monetary Authority of Singapore (MAS) has recommended that stable coins issued in Singapore may only be tied to the Singapore dollar or any other Group of Ten (G10) currency. Issuers of stable coins are required to hold reserve assets in cash, cash equivalents, or short-dated sovereign debt securities equal to 100% of the par value of the SCS in circulation. It is unclear when the proposed measures might be brought in, but the public has beeninvited to give feedback by Dec.21.  

Mastercard will help banks for Cryptocurrency Trading

Mastercard wants to make it easier for banks to provide bitcoin trading to its customers. The payments company aims to introduce a scheme that will assist financial institutions with offering the asset. It will serve as a "bridge" between Paxos, a cryptocurrency trading platform utilized by PayPal, and banks. 60% of respondents stated they'd rather test the waters with their current banks.  

Hackers have stolen a staggering $3 billion worth of cryptocurrencies.

  Blockchain analytics firm Chainalysis estimates that hackers have stolen over $3 billion in cryptocurrencies this year. Around $718 million has been stolen this month alone, in 11 separate attacks. "Cross-chain bridges," which enable traders to move digital assets and data between blockchains, are a new target for thieves. Since cryptocurrency accounts are not insured, the government cannot intervene to help customers recover stolen funds.

NYDIG laid off a third of its employees last month, according to sources.

Corporate leaders reportedly told 110 affected employees on September 22. The company intended to decrease costs and focus on promising firms, according to interviewees. 1.5 weeks before NYDIG's top two leadership changes, staff was reduced. On October 3, Robert Gutmann and Yan Zhao quit NYDIG. Tejas Shah and Nate Conrad have taken over for NYDIG's parent firm, Stone Ridge Holdings Group. Both posts stay. NYDIG's statement didn't discuss layoffs or why it replaced leaders. First-half sales jumped 130%, according to a report. NYDIG's founder said, "We're spending aggressively in a capital-starved market." NYDIG offers bitcoin trading, brokerage, custody, and asset management. The December funding valued the company at $7 billion. NYDIG backed Massachusetts Mutual Life Insurance's $100 million bitcoin acquisition a year ago, indicating mainstream finance's interest in cryptocurrency. MassMutual invested $5M in NYDIG. Stevens, Gutmann, and Zhao es

Visa partnered with FTX

Visa has partnered with the international exchange FTX to roll out debit card services in 40 countries. The cards will provide instant access to a user's FTX bitcoin trading account. This is Visa's most recent crypto cooperation, joining a growing list that already numbers more than 70. American Express is considering integrating its cards and network with stablecoins. The ability to use credit cards is crucial to the expansion of the market for cryptocurrencies, according to Visa CEO Ramakrishnan Bankman-Fried. Merchants may now accept cryptocurrency payments with less hassle thanks to Visa's agreement with FTX, which eliminates the need for them to develop their proprietary infrastructure. The most promising market is in developing nations, where currency fluctuations and inflation make holding digital assets more appealing.  

The SEC has penalized Kim Kardashian $1 million for her cryptocurrency advertising.

Kim Kardashian must refrain from promoting any cryptocurrency-related products for three years. The reality TV actress misled her Instagram followers about her financial interest in promoting cryptocurrency security, there will be a fine of $1 million. In 2020, actor Steven Seagal agreed to pay more than $300,000 as part of a similar deal with the SEC. Matt Damon, Tom Brady, Reese Witherspoon, and Gwyneth Paltrow are among those who have leveraged their status to promote cryptocurrencies. The value of numerous cryptocurrencies skyrocketed during a surge in highly speculative investing.  Lately, as the market as a whole has fallen, the value of various cryptocurrencies has plummeted. Bitcoin has lost more than half its value in 2022, plummeting to about $19,000 Monday.