The Singaporean Parliament has green-lighted on Tuesday a law that will reportedly tighten rules for domestic cryptocurrency providers. According to Bloomberg, the new legislation will require service providers in Singapore that only do business overseas to be licensed. This is because they are currently not regulated under anti-money laundering or counter-terrorism rulings.
The law empowers the Monetary Authority of Singapore to prohibit individuals who are deemed unfit from performing vital roles, activities and functions in the financial sector. Such individuals will now include payment processors and risk managers. In addition, financial institutions can be fined up to S$1 million ($737,050) if they experience cyberattacks or their services are disrupted.
While other countries such as China have banned cryptocurrency outright, the city-state is welcoming cryptocurrency technology and has created a framework for regulating the industry. Additionally, it doesn’t want citizens to be burned by speculation, so it is picky about who gets in.
Recent Licenses Granted
Last month, the digital asset services provider, Sygnum Singapore announced that it has gained in-principle approval from the Monetary Authority of Singapore to conduct additional activities under its Capital Markets Services (CMS) license.
Upon receiving full approval, the company will be able to facilitate asset managers and Web3 players in the region through capital raising solutions under a regulated environment. Sygnum aims to expand its tokenization
Tokenization
Tokenization represents the process of substituting a sensitive data element with a non-sensitive equivalent, i.e. token, which bears no extrinsic or exploitable meaning or value. In essence, the rights to the ownership of an asset are converted into a digital token. Tokenization can be used to own an entire unit of an asset. For example, one token that represents the ownership of a piece of real estate or to split ownership of a single unity of an asset such as 200,000 tokens, each one representing 0.05% of a piece of real estate.Tokenization has been described as the future of ownership. Some analysts believe that one day, tokenized systems will completely replace paper certification-based ownership systems. However, blockchain-based ownership records are not currently recognized as legally valid in most places in the world. Tokenization combined with blockchain is quite powerful, while also being useful in terms of PCI data security. When a token is issued on a blockchain, the blockchain records the issuance and maintains a ledger of every single movement of that token.A notable feature of blockchain with regards to tokens is that it controls for the double-spend issue. Prior to the innovation of blockchain, any digital asset such as an image, or document, could be copied an infinite number of times by anyone with access to it. Exploring Possibilities of Asset TokenizationBy overcoming the double-spend problem, blockchain can now facilitate the use of tokens that can be used in a similar way to casino chips or banknotes. This has opened up tokens as a vehicle for investment in multiple projects.Asset tokenization reflects the next evolution in tokenization. Tokenizing an asset involves issuing a digital token on a blockchain. As such, the token represents an underlying tangible or intangible asset. In this way, the economic value of the asset is conferred to the token. The ownership of the asset is represented by ownership of the token on the blockchain.
Tokenization represents the process of substituting a sensitive data element with a non-sensitive equivalent, i.e. token, which bears no extrinsic or exploitable meaning or value. In essence, the rights to the ownership of an asset are converted into a digital token. Tokenization can be used to own an entire unit of an asset. For example, one token that represents the ownership of a piece of real estate or to split ownership of a single unity of an asset such as 200,000 tokens, each one representing 0.05% of a piece of real estate.Tokenization has been described as the future of ownership. Some analysts believe that one day, tokenized systems will completely replace paper certification-based ownership systems. However, blockchain-based ownership records are not currently recognized as legally valid in most places in the world. Tokenization combined with blockchain is quite powerful, while also being useful in terms of PCI data security. When a token is issued on a blockchain, the blockchain records the issuance and maintains a ledger of every single movement of that token.A notable feature of blockchain with regards to tokens is that it controls for the double-spend issue. Prior to the innovation of blockchain, any digital asset such as an image, or document, could be copied an infinite number of times by anyone with access to it. Exploring Possibilities of Asset TokenizationBy overcoming the double-spend problem, blockchain can now facilitate the use of tokens that can be used in a similar way to casino chips or banknotes. This has opened up tokens as a vehicle for investment in multiple projects.Asset tokenization reflects the next evolution in tokenization. Tokenizing an asset involves issuing a digital token on a blockchain. As such, the token represents an underlying tangible or intangible asset. In this way, the economic value of the asset is conferred to the token. The ownership of the asset is represented by ownership of the token on the blockchain.
Read this Term solution in Singapore.
Moreover, Paxos, a cryptocurrency trading and custody platform, announced that it had received in-principal approval from the Monetary Authority of Singapore for a license under the Payment Services Act 2019.
This new MAS license will allow Paxos to offer its digital asset and blockchain
Blockchain
Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamper with. The Evolution of BlockchainBlockchain was originally invented by an individual or group of people under the name of Satoshi Nakamoto in 2008. The purpose of blockchain was originally to serve as the public transaction ledger of Bitcoin, the world’s first cryptocurrency.In particular, bundles of transaction data, called “blocks”, are added to the ledger in a chronological fashion, forming a “chain.” These blocks include things like date, time, dollar amount, and (in some cases) the public addresses of the sender and the receiver.The computers responsible for upholding a blockchain network are called “nodes.” These nodes carry out the duties necessary to confirm the transactions and add them to the ledger. In exchange for their work, the nodes receive rewards in the form of crypto tokens.By storing data via a peer-to-peer network (P2P), blockchain controls for a wide range of risks that are traditionally inherent with data being held centrally.Of note, P2P blockchain networks lack centralized points of vulnerability. Consequently, hackers cannot exploit these networks via normalized means nor does the network possess a central failure point.In order to hack or alter a blockchain’s ledger, more than half of the nodes must be compromised. Looking ahead, blockchain technology is an area of extensive research across multiple industries, including financial services and payments, among others.
Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamper with. The Evolution of BlockchainBlockchain was originally invented by an individual or group of people under the name of Satoshi Nakamoto in 2008. The purpose of blockchain was originally to serve as the public transaction ledger of Bitcoin, the world’s first cryptocurrency.In particular, bundles of transaction data, called “blocks”, are added to the ledger in a chronological fashion, forming a “chain.” These blocks include things like date, time, dollar amount, and (in some cases) the public addresses of the sender and the receiver.The computers responsible for upholding a blockchain network are called “nodes.” These nodes carry out the duties necessary to confirm the transactions and add them to the ledger. In exchange for their work, the nodes receive rewards in the form of crypto tokens.By storing data via a peer-to-peer network (P2P), blockchain controls for a wide range of risks that are traditionally inherent with data being held centrally.Of note, P2P blockchain networks lack centralized points of vulnerability. Consequently, hackers cannot exploit these networks via normalized means nor does the network possess a central failure point.In order to hack or alter a blockchain’s ledger, more than half of the nodes must be compromised. Looking ahead, blockchain technology is an area of extensive research across multiple industries, including financial services and payments, among others.
Read this Term products and services to customers based in Singapore. In addition, it will help the blockchain company to support its partners in expanding services in the Asian markets. Based in New York, Paxos has had a Singapore presence since 2012. The company is following a strategy of seeking a regulatory license in strategic jurisdictions to strengthen its services.
The Singaporean Parliament has green-lighted on Tuesday a law that will reportedly tighten rules for domestic cryptocurrency providers. According to Bloomberg, the new legislation will require service providers in Singapore that only do business overseas to be licensed. This is because they are currently not regulated under anti-money laundering or counter-terrorism rulings.
The law empowers the Monetary Authority of Singapore to prohibit individuals who are deemed unfit from performing vital roles, activities and functions in the financial sector. Such individuals will now include payment processors and risk managers. In addition, financial institutions can be fined up to S$1 million ($737,050) if they experience cyberattacks or their services are disrupted.
While other countries such as China have banned cryptocurrency outright, the city-state is welcoming cryptocurrency technology and has created a framework for regulating the industry. Additionally, it doesn’t want citizens to be burned by speculation, so it is picky about who gets in.
Recent Licenses Granted
Last month, the digital asset services provider, Sygnum Singapore announced that it has gained in-principle approval from the Monetary Authority of Singapore to conduct additional activities under its Capital Markets Services (CMS) license.
Upon receiving full approval, the company will be able to facilitate asset managers and Web3 players in the region through capital raising solutions under a regulated environment. Sygnum aims to expand its tokenization
Tokenization
Tokenization represents the process of substituting a sensitive data element with a non-sensitive equivalent, i.e. token, which bears no extrinsic or exploitable meaning or value. In essence, the rights to the ownership of an asset are converted into a digital token. Tokenization can be used to own an entire unit of an asset. For example, one token that represents the ownership of a piece of real estate or to split ownership of a single unity of an asset such as 200,000 tokens, each one representing 0.05% of a piece of real estate.Tokenization has been described as the future of ownership. Some analysts believe that one day, tokenized systems will completely replace paper certification-based ownership systems. However, blockchain-based ownership records are not currently recognized as legally valid in most places in the world. Tokenization combined with blockchain is quite powerful, while also being useful in terms of PCI data security. When a token is issued on a blockchain, the blockchain records the issuance and maintains a ledger of every single movement of that token.A notable feature of blockchain with regards to tokens is that it controls for the double-spend issue. Prior to the innovation of blockchain, any digital asset such as an image, or document, could be copied an infinite number of times by anyone with access to it. Exploring Possibilities of Asset TokenizationBy overcoming the double-spend problem, blockchain can now facilitate the use of tokens that can be used in a similar way to casino chips or banknotes. This has opened up tokens as a vehicle for investment in multiple projects.Asset tokenization reflects the next evolution in tokenization. Tokenizing an asset involves issuing a digital token on a blockchain. As such, the token represents an underlying tangible or intangible asset. In this way, the economic value of the asset is conferred to the token. The ownership of the asset is represented by ownership of the token on the blockchain.
Tokenization represents the process of substituting a sensitive data element with a non-sensitive equivalent, i.e. token, which bears no extrinsic or exploitable meaning or value. In essence, the rights to the ownership of an asset are converted into a digital token. Tokenization can be used to own an entire unit of an asset. For example, one token that represents the ownership of a piece of real estate or to split ownership of a single unity of an asset such as 200,000 tokens, each one representing 0.05% of a piece of real estate.Tokenization has been described as the future of ownership. Some analysts believe that one day, tokenized systems will completely replace paper certification-based ownership systems. However, blockchain-based ownership records are not currently recognized as legally valid in most places in the world. Tokenization combined with blockchain is quite powerful, while also being useful in terms of PCI data security. When a token is issued on a blockchain, the blockchain records the issuance and maintains a ledger of every single movement of that token.A notable feature of blockchain with regards to tokens is that it controls for the double-spend issue. Prior to the innovation of blockchain, any digital asset such as an image, or document, could be copied an infinite number of times by anyone with access to it. Exploring Possibilities of Asset TokenizationBy overcoming the double-spend problem, blockchain can now facilitate the use of tokens that can be used in a similar way to casino chips or banknotes. This has opened up tokens as a vehicle for investment in multiple projects.Asset tokenization reflects the next evolution in tokenization. Tokenizing an asset involves issuing a digital token on a blockchain. As such, the token represents an underlying tangible or intangible asset. In this way, the economic value of the asset is conferred to the token. The ownership of the asset is represented by ownership of the token on the blockchain.
Read this Term solution in Singapore.
Moreover, Paxos, a cryptocurrency trading and custody platform, announced that it had received in-principal approval from the Monetary Authority of Singapore for a license under the Payment Services Act 2019.
This new MAS license will allow Paxos to offer its digital asset and blockchain
Blockchain
Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamper with. The Evolution of BlockchainBlockchain was originally invented by an individual or group of people under the name of Satoshi Nakamoto in 2008. The purpose of blockchain was originally to serve as the public transaction ledger of Bitcoin, the world’s first cryptocurrency.In particular, bundles of transaction data, called “blocks”, are added to the ledger in a chronological fashion, forming a “chain.” These blocks include things like date, time, dollar amount, and (in some cases) the public addresses of the sender and the receiver.The computers responsible for upholding a blockchain network are called “nodes.” These nodes carry out the duties necessary to confirm the transactions and add them to the ledger. In exchange for their work, the nodes receive rewards in the form of crypto tokens.By storing data via a peer-to-peer network (P2P), blockchain controls for a wide range of risks that are traditionally inherent with data being held centrally.Of note, P2P blockchain networks lack centralized points of vulnerability. Consequently, hackers cannot exploit these networks via normalized means nor does the network possess a central failure point.In order to hack or alter a blockchain’s ledger, more than half of the nodes must be compromised. Looking ahead, blockchain technology is an area of extensive research across multiple industries, including financial services and payments, among others.
Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamper with. The Evolution of BlockchainBlockchain was originally invented by an individual or group of people under the name of Satoshi Nakamoto in 2008. The purpose of blockchain was originally to serve as the public transaction ledger of Bitcoin, the world’s first cryptocurrency.In particular, bundles of transaction data, called “blocks”, are added to the ledger in a chronological fashion, forming a “chain.” These blocks include things like date, time, dollar amount, and (in some cases) the public addresses of the sender and the receiver.The computers responsible for upholding a blockchain network are called “nodes.” These nodes carry out the duties necessary to confirm the transactions and add them to the ledger. In exchange for their work, the nodes receive rewards in the form of crypto tokens.By storing data via a peer-to-peer network (P2P), blockchain controls for a wide range of risks that are traditionally inherent with data being held centrally.Of note, P2P blockchain networks lack centralized points of vulnerability. Consequently, hackers cannot exploit these networks via normalized means nor does the network possess a central failure point.In order to hack or alter a blockchain’s ledger, more than half of the nodes must be compromised. Looking ahead, blockchain technology is an area of extensive research across multiple industries, including financial services and payments, among others.
Read this Term products and services to customers based in Singapore. In addition, it will help the blockchain company to support its partners in expanding services in the Asian markets. Based in New York, Paxos has had a Singapore presence since 2012. The company is following a strategy of seeking a regulatory license in strategic jurisdictions to strengthen its services.
Source: https://www.financemagnates.com/cryptocurrency/singapore-parliament-passes-law-to-tighten-crypto-rules/