Browsing: regulation

China’s authorities are intensifying their crackdown on the use of cryptocurrencies like Tether (USDT) in foreign exchange transactions, marking a significant escalation in regulatory measures more than two years after the country imposed a sweeping ban on crypto activities. The Supreme People’s Procuratorate (SPP), China’s top legal prosecution agency, in collaboration with the State Administration of Foreign Exchange (SAFE), issued a stern warning against the utilization of USDT as an intermediary for trading the Chinese yuan against other fiat currencies. This move underscores Beijing’s growing concern over the use of stablecoins in circumventing capital controls and potentially destabilizing the country’s…

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Singapore’s financial landscape may undergo significant changes if a proposed bill, currently under review by the country’s parliament, passes into law. The Monetary Authority of Singapore (MAS) stands to gain expanded powers, particularly concerning the regulation of cryptocurrency firms. The Financial Institutions (Miscellaneous Amendments) Bill 2024 encompasses various provisions aimed at bolstering MAS authority, notably empowering it to issue directives to capital markets services license holders (CMSL holders) involved in unregulated activities. Such activities, including the trading of Bitcoin futures and other payment token derivatives on foreign exchanges, could potentially pose risks to regulated operations. In response to these perceived…

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