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Singapore crypto regulation MAS financial institution

Singapore as a Leading Crypto Hub

Singapore has a supportive cryptocurrency climate as a global leading financial hub. In the realm of fintech, Singapore has supported new businesses. Singapore does so by setting aside funds to grow the sector, under government initiatives to support local firms with a $8.9 million fund for blockchain innovation. Singapore cultivates a balanced environment of government […]

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compliance cost

A Deep Dive into the Cost of Compliance

What Is Compliance Cost? The term “compliance cost” refers to all of the expenses incurred by a company in order to comply with industry regulations. Compliance costs include salaries for compliance personnel, time and money spent on reporting, new systems required to meet retention requirements, and so on.   The repercussions to the cost of […]

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HK Crypto Regulation and AML

Game-up of Crypto Regulations in Hong Kong

Hong Kong’s New VASP Regime sets high standards The Anti-Money Laundering and Counter-Terrorist Financing (“AML/CTF”) (Amendment) Bill 2022 (“Amendment Bill”) was gazetted by the Hong Kong (HK) Government on June 24, 2022. The Amendment Bill modifies the AML/CTF Ordinance (Cap. 615) (“AMLO”), introducing a licensing regime for virtual asset service providers (“VASPs”) and imposing statutory […]

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Enhanced Regulatory Scrutiny

End-of-Year Review 2022: Anti-Money Laundering & Regtank

2022 has been a year filled with volatility for the compliance landscape. The slow recovery of the COVID-19 pandemic, rise in financial fraud and the financial turmoil and fragilities in the global economy after Russia’s invasion of Ukraine has contributed to the volatility. On top of that, the happenings of the year had wide-reaching implications […]

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Does Decentralised Finance Need Something More?

In 2019, the infamous Canadian cryptocurrency exchange – QuadrigaCX swindled more than USD 190 million from investors. This should have barred its co-founder, Michael Patryn, from being involved in the finance and crypto industry for the security of investors. Yet the decentralised finance (DeFi) platform has provided Michael Patryn with new opportunities, as it was […]

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The Crypto Challenges that Lie Ahead

In 2021, the global crypto population rose from 106 million in January to 295 million in December, showing a vast increase of 178%. It is further predicted that the number of global crypto owners will reach 1 billion by the end of 2022. These large numbers denote the unprecedented growth of the crypto industry, which […]

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Money Laundering through Cryptocurrency Businesses

As cryptocurrency businesses continue to thrive, they also begin to show some form of susceptibility to crime and make headlines for the wrong reasons. To emphasize, they are a vehicle for money laundering activities. In 2018, several hackers stole $560 million US dollars worth of XEM and other major cryptocurrencies off Coincheck, a Tokyo-based exchange. […]

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DAE DAC VASP MSB Crypto Compliance

The Differences Between DAE, DAC, VASP and MSB and How It Impacts Compliance

For businesses that deal with cryptocurrencies, there are many terms, such as Digital Asset Entity (DAE), Digital Asset Customer (DAC), Money Service Business (MSB) and Virtual Asset Service Provider (VASP) that are thrown around and used interchangeably. Combined with the fact that they are often used to describe very similar things, one might think that […]

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MAS_updated regulations on cryptocurrency advertising

MAS’ Updated Regulations on Cryptocurrency Product Advertisements

The Monetary Authority of Singapore (MAS) published new guidelines on the provision of digital payment token (DPT) services to the general public on January 17, 2021. MAS considers DPTs, which include cryptocurrencies, to be risky and unsuitable for the general population’s consumption. As a result, the citizens should not be encouraged to trade DPTs, and […]

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End of Year 2021 Review Financial Regulations

End-of-Year Review – Financial Crimes & Regulations in 2021

2021 has been another year filled with volatility for the compliance landscape. From the rise in financial frauds and cyber crimes fueled by COVID-19, to the spotlight on environmental crimes at COP26, as well as one of the biggest data leaks in the Pandora Papers saga, financial crimes are rapidly evolving, and so are regulations. […]

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