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Kang Wan Chern, Assistant Business Editor, The Straits Times Coinhako, a Singapore cryptocurrency platform, received official approval from the Monetary Authority of Singapore (MAS) on Friday (May 6) to formally operate as a regulated provider of digital payment token services under the Singapore Payment Services Act. The Singapore startup was granted a major payment institution (MPI) licence, allowing it to provide payment services without being subject to specific thresholds. Coinhako provides investors, including retail investors, an exchange on which to buy and sell multiple cryptocurrencies using various payment methods including bank transfers and credit cards. It also offers a wallet which is designed to facilitate the storage, transaction and trading of a wide variety of cryptocurrencies for all Coinhako users. Last year, Coinhako reported a total trading volume of approximately $7 billion, representing an increase of 1,200 per cent from the previous year. It also reported a 52

Bloomberg Binance Asia Services, which recently withdrew an application to offer cryptocurrency services in Singapore, didn't meet the central bank's criteria for safeguarding against money laundering and terrorism financing, a person with knowledge of the matter said. The Monetary Authority of Singapore allows applicants to withdraw rather than face an outright regulatory rejection, the person said, asking not to be identified because the deliberations are confidential. No reason was given when Binance Asia, an affiliate of the world's largest cryptocurrency exchange, said on Dec 13 it was pulling the application. MAS managing director Ravi Menon said in October that it would apply "very high standards" in issuing the coveted crypto licences. Of the roughly 100 firms that have dropped out of the running so far, most did so after failing to meet Singapore's strict criteria on countering potential illicit flows, according to the person. In all, some 1

Kalpana Rashiwala, Claudia Chong, Sharanya Pillai, The Business Times, 17 December 2021 Zhu and wife recently granted option to buy Yarwood property as trustee for child; all 3 are Singapore citizens SINGAPOREAN crypto billionaire Zhu Su is understood to be in the early stage of buying a bungalow in Yarwood Avenue on 31,862 square feet of land for S$48.8 million. The price works out to S$1,532 per square foot (psf) on the land area. On the 999-year leasehold site is an old 2-storey bungalow with 6 bedrooms that is understood to be leased currently. It is ripe for redevelopment. Zhu and his wife, Tao Yaqiong Evelyn, who has a PhD in biology from the National University of Singapore, were recently granted an option to buy the Yarwood property, in the Kilburn Estate Good Class Bungalow (GCB) Area - as trustee for a nearly 3-year-old child . All 3 are Singapore citizens. Bungalows in the 39 gazetted GCB Areas are the most prestigious form of landed housing in Singapore , with str

Claudia Chong, The Business Times, 13 December 2021 BINANCE, the world's largest cryptocurrency exchange, will soon sign a memorandum of understanding with the government of Dubai for crypto-related activities, sources with knowledge of the matter said. Dubai is regarded as one of the potential locations for Binance's global headquarters, along with France. Changpeng "CZ" Zhao, Binance's chief executive and co-founder, bought his first home in Dubai in October. Zhao told Bloomberg last month that he bought the apartment to show Binance's commitment to the city, which he described as "very pro-crypto". "The government there is very progressive, and it's a very good business environment," he said. Singapore was reportedly also considered for Binance's global hub but the exchange's local arm has withdrawn its crypto licence application in the city-state. The Singapore unit on Monday (Dec 13) said it will shut down its ope

Abigail Ng, CNBC, 13 December 2021 CNBC interviewed 10 current and former employees of Chinese tech firms to ask what work life is like in those companies’ Singapore offices. The hours may sometimes go long, but most people who spoke to CNBC said the “996” work culture common among tech firms in China hasn’t been adopted in Singapore. English-speaking workers described Mandarin being common in the workplace, as well as working on contract. Singaporeans who have worked at Chinese tech firms said job-seekers should be prepared to work long hours, especially when interacting with colleagues based in China. “ There is no sacred day or time ,” said the former employee who found the use of Mandarin at a Tencent subsidiary overwhelming. She said her bosses, who are based in China, sent her questions at night, during the weekend and on public holidays . “You could just ignore it, but would you really be able to relax knowing your boss is waiting for your reply ?” she asked. “There’s no real re

Binance’s Singapore entity plans to withdraw its application for a crypto license in the city-state, and will expel local users by Feb. 13, 2022, the exchange said on Monday . Binance Asia Services, the exchange’s local affiliate, is one of approximately 170 crypto firms that had applied for a Digital Payment Token License in Singapore, which would allow them to offer digital assets services to local users. Firms are allowed to offer crypto services as long as their license application is under review. Binance will stop offering services through its local site, Binance.sg, by Feb. 13, 2022, closing all existing accounts. Users have to close their positions by that date. Effective immediately, Binance Singapore will not accept any new users, and will not allow existing users to deposit assets on the exchange. Users can continue trading in crypto until Jan. 12, 2022. After that, they will only be able to withdraw crypto and fiat assets to third-party platforms, until Feb.