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🌐Singapore wants to bring some adult supervision to crypto🌐
The city-state wants to position itself as a hub for cryptocurrency service providers while holding onto its reputation as an important cog in the global AML, ATF compliance machinery.
October 11, 2022
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Singapore is trying to position itself as a “responsible crypto hub” as it tries to strike a balance between attracting cryptocurrency firms to the city-state but not being seen as lax when it comes to enforcing global anti-money laundering norms.

“The licensing process is stringent, I should say, and it needs to be,” the Monetary Authority of Singapore’s Ravi Menon said. Singapore wants to be a “responsible global crypto hub with innovative players but also with strong risk management capabilities,” the regulator’s managing director said at the Financial Times’ Crypto and Digital Assets Summit on Wednesday.

The development comes as Singapore granted in-principle licenses to fintech companies such as Revolut and Luno even as close to 100 other applicants waited for theirs. 

It’s not us, it’s you

Only three financial institutions have been granted full-fledged licenses so far, according to the MAS website, despite 170 applications to provide Digital Payment Token (DPT) services since the Payment Services Act (PS Act) came into effect in January 2020. 

 

Meanwhile, cryptocurrency firms have been making a beeline to “crypto-friendly” jurisdictions such as Dubai, neighboring Abu Dhabi, and even the Bahamas. 

Kraken won a full license in Abu Dhabi to offer services across the Middle East and North Africa region, and will provide virtual asset trading and custodial services in the local currency.

Cofounders of Binance-backed Indian cryptocurrency exchange WazirX recently moved to Dubai, according to unconfirmed reports. Crypto.com and Bybit have set up bases in the United Arab Emirates. 

FTX won a similar approval in Dubai even as it reportedly invested around US$60 million toward the development of a boutique hotel, commercial center and its new headquarters in the Bahamas. 

That crypto-friendly approach has been acknowledged by influential traditional finance executives.

After months of ambivalence over setting up a base in Singapore, Binance finally won crypto licenses in Dubai and has had talks with Bahrain.  

Menon said MAS only approves applicants with “strong governance structures,” and hopefuls need to familiarize themselves with anti-money laundering (AML) and anti-terrorist financing (ATF) norms.

The regulator is closely monitoring risks related to the two as well as technology and cyber risks, Menon said. The MAS is also cognizant of protecting consumer interests and maintaining financial stability, he added.

In the last two years, MAS granted licenses and in-principle approvals to 11 digital payment token (DPT) service providers, according to Menon. Regulation for these providers has so far been limited to anti-money laundering, technology risks and access to the retail public.

“We have taken quite a tough line against this that we do not want them to have unfettered access to the retail public because we are not sure if it is a good idea for retail investors to be dabbling in cryptocurrencies,” Menon said. 

“And these [concerns] are not unique to MAS. I think many global regulators share similar concerns about retail exposure to cryptocurrencies,” he added.

Striking a conciliatory tone, Menon said the MAS has decided to enforce regulation on the basis of activity rather than adopt an entity-based approach. 

“We are trying to mitigate the specific risks posed by specific activities while allowing latitude for innovation,” he said. The risks depend on the underlying characteristic of the digital asset, he added.

Menon said the regulator is seeking to encourage talent development through grants for innovations, as well as collaborating with industry to explore the potential of blockchain technology through real-value infrastructure experiments.  

MAS has also been working to anchor high quality strategic players at the forefront of digital asset innovation who offer very strong value propositions, he said. 

Adult supervision

A key criteria while granting licenses is applicants’ ability to manage risks.

“Many of them are young players with little experience of banking or regulated activities,” Menon said. “So there is a culture issue to bridge.”

“They are innovative, they are nimble, they think out of the box, which is all great … we want that,” Menon said. “But they do need to have a risk-governance culture,” he added. “So that’s something we pay close attention to.”

The regulator wants applicants to have institutionalized governance structures in place to ensure AML and ATF norms are adhered to.

“The risk assessment should consider whether a product has characteristics that promote anonymity, whether the product is known to be used by criminals for illicit purposes, and whether the volatility and liquidity of the product render it susceptible to market manipulation, fraud and so on,” Menon said. “So they need to do this risk assessment before they launch products.” 

The regulator also wants cryptocurrency service providers to adhere to know-your-customer (KYC) norms, in line with the global regulatory framework.  

If a potential customer is assessed to have higher money laundering risk, then the service provider is expected to take enhanced customer due diligence measures to mitigate and manage these risks, such as establishing the customer’s source of wealth, source of funds, destination, and so on, Menon said. 

“All the stuff that we expect banks to do, we expect them to do on the money laundering front,” he added.

With a spate of hacks befalling even the biggest cryptocurrency service providers, the MAS understandably has concerns.

“Now these players are pretty good with their technology,” Menon said. “But that doesn’t mean that they are adept in all areas of technology risk management.” 

DeFi not a panacea

Menon said he personally thinks decentralized finance will be part of the future, but not necessarily “The Future.”

There will be a need for having direct peer-to-peer financial services being provided through decentralized protocols like the blockchain in a Web 3.0 world, he opined.

“Smart contracts that are self-executing, you don’t need an intermediary,” Menon said. “I can imagine a range of simple financial services that could be provided in that way and that would disintermediate the banks to some extent.” 

“But I think there will be a large category of financial services which will still require customization, still require a degree of trust and direct connection between a financial institution and a financial customer,” Menon said. “So I think the two will coexist, but it will be a very interesting dynamic to watch in the coming years.”

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Musk Turns On Starlink to Save Iranians from Regime’s Internet Crackdown

Elon Musk, the world’s richest man and a visionary behind SpaceX, has flipped the switch on Starlink, delivering internet to Iranians amid a brutal regime crackdown.

This move comes on the heels of Israeli strikes targeting Iran’s nuclear facilities, as the Islamic Republic cuts off online access.

The former Department of Government Efficiency chief activated Starlink satellite internet service for Iranians on Saturday following the Islamic Republic's decision to impose nationwide internet restrictions.

As the Jerusalem Post reports, that the Islamic Republic’s Communications Ministry announced the move, stating, "In view of the special conditions of the country, temporary restrictions have been imposed on the country’s internet."

This action followed a series of Israeli attacks on Iranian targets.

Starlink, a SpaceX-developed satellite constellation, provides high-speed internet to regions with limited connectivity, such as remote areas or conflict zones.

Elizabeth MacDonald, a Fox News contributor, highlighted its impact, noting, "Elon Musk turning on Starlink for Iran in 2022 was a game changer. Starlink connects directly to SpaceX satellites, bypassing Iran’s ground infrastructure. That means even during government-imposed shutdowns or censorship, users can still get online, and reportedly more than 100,000 inside Iran are doing that."

During the 2022 "Woman, Life, Freedom" protests, Starlink enabled Iranians to communicate and share footage globally despite network blackouts," she added.

MacDonald also mentioned ongoing tests of "direct-to-cell" capabilities, which could allow smartphone connections without a dish, potentially expanding access and supporting free expression and protest coordination.

Musk confirmed the activation, noting on Saturday, "The beams are on."

This follows the regime’s internet shutdowns, which were triggered by Israeli military actions.

Adding to the tension, Israeli Prime Minister Benjamin Netanyahu addressed the Iranian people on Friday, urging resistance against the regime.

"Israel's fight is not against the Iranian people. Our fight is against the murderous Islamic regime that oppresses and impoverishes you,” he said.

Meanwhile, Reza Pahlavi, the exiled son of Iran’s last monarch, called on military and security forces to abandon the regime, accusing Supreme Leader Ayatollah Ali Khamenei in a Persian-language social media post of forcing Iranians into an unwanted war.

Starlink has been a beacon in other crises. Beyond Iran, Musk has leveraged Starlink to assist people during natural disasters and conflicts.

In the wake of hurricanes and earthquakes, Starlink has provided critical internet access to affected communities, enabling emergency communications and coordination.

Similarly, during the Ukraine-Russia conflict, Musk activated Starlink to support Ukrainian forces and civilians, ensuring they could maintain contact and access vital information under dire circumstances.

The genius entrepreneur, is throwing a lifeline to the oppressed in Iran, and the libs can’t stand it.

Conservative talk show host Mark Levin praised Musk’s action, reposting a message stating that Starlink would "reconnect the Iranian people with the internet and put the final nail in the coffin of the Iranian regime."

"God bless you, Elon. The Starlink beams are on in Iran!" Levin wrote.

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GENIUS Act lets State banks conduct some business nationwide. Regulators object

The Senate passed the GENIUS Act for stablecoins last week, but significant work remains before it becomes law. The House has a different bill, the STABLE Act, with notable differences that must be reconciled. State banking regulators have raised strong objections to a provision in the GENIUS Act that would allow state banks to operate nationwide without authorization from host states or a federal regulator.

The controversial clause permits a state bank with a regulated stablecoin subsidiary to provide money transmitter and custodial services in any other state. While host states can impose consumer protection laws, they cannot require the usual authorization and oversight typically needed for out-of-state banking operations.

The Conference of State Bank Supervisors welcomed some changes in the GENIUS Act but remains adamantly opposed to this particular provision. In a statement, CSBS said:

“Critical changes must be made during House consideration of the legislation to prevent unintended consequences and further mitigate financial stability risks. CSBS remains concerned with the dramatic and unsupported expansion of the authority of uninsured banks to conduct money transmission or custody activities nationwide without the approval or oversight of host state supervisors (Sec. 16(d)).”

The National Conference of State Legislatures expressed similar concerns in early June, stating:

“We urge you to oppose Section 16(d) and support state authority to regulate financial services in a manner that reflects local conditions, priorities and risk tolerances. Preserving the dual banking system and respecting state autonomy is essential to the safety, soundness and diversity of our nation’s financial sector.”

Evolution of nationwide authorization

Section 16 addresses several issues beyond stablecoins, including preventing a recurrence of the SEC’s SAB 121, which forced crypto assets held in custody onto balance sheets. However, the nationwide authorization subsection was added after the legislation cleared the Senate Banking Committee, with two significant modifications since then.

Originally, the provision applied only to special bank charters like Wyoming’s Special Purpose Depository Institutions or Connecticut’s Innovation Banks. Examples include crypto-focused Custodia Bank and crypto exchange Kraken in Wyoming, plus traditional finance player Fnality US in Connecticut. Recently the scope was expanded to cover most state chartered banks with stablecoin subsidiaries, possibly due to concerns about competitive advantages.

Simultaneously, the clause was substantially tightened. The initial version allowed state chartered banks to provide money transmission and custody services nationwide for any type of asset, which would include cryptocurrencies. Now these activities can only be conducted by the stablecoin subsidiary, and while Section 16(d) doesn’t explicitly limit services to stablecoins, the GENIUS Act currently restricts issuers to stablecoin related activities.

However, the House STABLE Act takes a more permissive approach, allowing regulators to decide which non-stablecoin activities are permitted. If the House version prevails in reconciliation, it could result in a significant expansion of allowed nationwide banking activities beyond stablecoins.

Is it that bad?

As originally drafted, the clause seemed overly permissive.

The amended clause makes sense for stablecoin issuers. They want to have a single regulator and be able to provide the stablecoin services throughout the United States. But it also leans into the perception outside of crypto that this is just another form of regulatory arbitrage.

The controversy over Section 16(d) reflects concerns about creating a regulatory gap that allows banks to operate interstate without the oversight typically required from either federal or state authorities. As the two Congressional chambers work toward reconciliation, lawmakers must decide whether stablecoin legislation should include provisions that effectively reduce traditional banking oversight requirements.

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If you find value in my content, consider showing your support via:

💳 PayPal: 
1) Simply scan the QR code below 📲
2) or visit https://www.paypal.me/thedinarian

🔗 Crypto – Support via Coinbase Wallet to: [email protected]

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Dubai regulator VARA classifies RWA issuance as licensed activity
Virtual Asset Regulatory Authority (VARA) leads global regulatory framework - makes RWA issuance licensed activity in Dubai.

Real-world assets (RWAs) issuance is now licensed activity in Dubai.

~ Actual law.
~ Not a legal gray zone.
~ Not a whitepaper fantasy.

RWA issuance and listing on secondary markets is defined under binding crypto regulation.

It’s execution by Dubai.

Irina Heaver explained:

“RWA issuance is no longer theoretical. It’s now a regulatory reality.”

VARA defined:

- RWAs are classified as Asset-Referenced Virtual Assets (ARVAs)

- Secondary market trading is permitted under VARA license

- Issuers need capital, audits, and legal disclosures

- Regulated broker-dealers and exchanges can now onboard and trade them

This closes the gap that killed STOs in 2018.

No more tokenization without venues.
No more assets without liquidity.

UAE is doing what Switzerland, Singapore, and Europe still haven’t:

Creating enforceable frameworks for RWA tokenization that actually work.

Matthew White, CEO of VARA, said it perfectly:

“Tokenization will redefine global finance in 2025.”

He’s not exaggerating.

$500B+ market predicted next year.

And the UAE just gave it legal rails.

~Real estate.
~Private credit.
~Shariah-compliant products.

Everything is in play.

This is how you turn hype into infrastructure.

What Dubai is doing now is 3 years ahead of everyone else.

Founders, investors, ecosystem builders:

You want to build real-world assets onchain.

Don’t waste another year waiting for clarity.

Come to Dubai.

It’s already here.

 

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🙏 Donations Accepted 🙏

If you find value in my content, consider showing your support via:

💳 PayPal: 
1) Simply scan the QR code below 📲
2) or visit https://www.paypal.me/thedinarian

🔗 Crypto – Support via Coinbase Wallet to: [email protected]

Or Buy me a coffee: https://buymeacoffee.com/thedinarian

Your generosity keeps this mission alive, for all! Namasté 🙏 Crypto Michael ⚡  The Dinarian

 

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