Coinbase, the largest cryptocurrency exchange in the United States, has claimed that Singapore’s central bank has given its approval to offer payment services in the city-state, Reuters reported.
Individuals and institutions can now use digital payment token services due to the in-principle approval the central bank started giving to cryptocurrency companies last year. The companies are also subject to the central bank’s regulation under the Payment Services Act, the report states.
Says Hassan Ahmed, Coinbase’s regional director for Southeast Asia: “We see Singapore as a strategic market and a global hub for Web 3.0 innovation.”
EU lawmakers pass landmark law regulating cryptoassets
EU legislators on Monday approved a new bill on the regulation of crypto assets, called Markets in Crypto Assets Regulation (MiCA). This major law aims to introduce rules for the use of digital assets within the Decrypt block. co reported.
According to the MiCA Bill, people creating cryptocurrency are required to make their project details available via a “crypto-asset white paper”.
In addition, it requires Stablecoin businesses to meet the capital criteria. If their tokens are not pegged to the Euro or another currency accepted by EU member states, there will be a limit to the number of tokens they can issue.
OECD announces new global tax reporting framework for cryptoassets
The Crypto-Asset Reporting Methodology (CARF), a new tax reporting framework established by the Organization for Economic Co-operation and Development (OECD), was announced in a press release on Monday.
The framework, which was approved in August, ensures “the collection and automatic exchange of information about transactions for relevant crypto,” the report noted.
The definition of cryptoassets “includes assets that can be held and transferred in a decentralized manner, without the intervention of traditional financial intermediaries, including Stablecoins, derivatives issued in the form of cryptoassets and certain non-fungible tokens,” the report added.
CARF was created in light of the rapid expansion of the crypto industry. The industry’s market value last year rose from $715 billion in January to nearly $3 trillion before falling this year. In addition, these changes are consistent with the recent changes to the Financial Action Task Force’s (FATF’s) International Anti-Money Laundering Guidelines.
