On 25 October 2023, the Monetary Authority of Singapore (MAS) and the Infocomm Media Development Authority (IMDA) jointly published a consultation paper on a proposed Shared Responsibility Framework (SRF) in relation to...more
In the recent decision of ByBit Fintech Ltd v Ho Kai Xin and others [2023] SGHC 199, the Singapore High Court held that cryptocurrency is property capable of being held on trust. This decision marks the first time that the...more
The Singapore High Court recently rejected Algorand Foundation’s application to liquidate Three Arrows Capital based on a claim of 53.5 million USD Coin (USDC)—a form of cryptocurrency also known as a stablecoin, designed to...more
Singapore has become a popular destination for new and existing cryptocurrency funds, just in time for the perceived oncoming “crypto winter.” This LawFlash spotlights trends and legal issues that companies should be aware of...more
The Monetary Authority of Singapore (MAS) has issued new guidelines discouraging service providers of digital payment tokens (DPT), commonly known as cryptocurrencies, from promoting their services to the general public or...more
The Monetary Authority of Singapore (MAS) announced on 29 August 2019 that it will begin accepting applications for new digital bank licences. This follows from its earlier announcement on 28 June 2019 of its intention to...more
The Monetary Authority of Singapore (MAS) recently stopped an initial coin offering (ICO) from proceeding in Singapore on grounds that the issuer failed to comply with the non-advertisement condition associated with the...more
A report has been published summarising the findings from research by ICAEW (The Institute of Chartered Accountants in England and Wales) and ISCA (Institute of Singapore Chartered Accountants) into FinTech in London and...more
Week of October 15-19, 2018 - SEC Launches FinHub to Facilitate Public Engagement on FinTech Issues - On October 18, the SEC launched FinHub, a new “Strategic Hub for Innovation and Financial Technology.” The SEC...more
The Commodity Futures Trading Commission and the Australian Securities and Investments Commission have signed an arrangement designed to support cross-border FinTech innovation through their respective FinTech initiatives,...more
The U.S. Commodity Futures Trading Commission and the Monetary Authority of Singapore today signed a cooperation arrangement on FinTech innovation, which is to be supported by the agencies' respective FinTech initiatives,...more
• The rapid proliferation of technological advancements in global financial markets has caused regulators in several countries to increase their scrutiny of investments in, and implications of, cryptocurrencies. • This...more
Initial Coin Offerings (ICOs) involve issuers offering virtual coins or tokens that are created and disseminated using distributed ledger or blockchain technology. The capital raised from the offer will fund the development...more
Below is a summary of some of the significant legal and regulatory actions that occurred over the past week. This alert is not intended to be a comprehensive list of all such developments, but rather a selection of...more
MAS Amends the Requirements for Related Party Transactions for Banks - On 21 November 2016, the MAS issued an amended Notice 643 to Banks on Transactions with Related Parties. It will take effect in two years, on 18...more
Deputy Prime Minister and Monetary Authority of Singapore (MAS) Chairman Tharman Shanmugaratnam announces review of the regulatory regime for venture capital managers....more
The MAS now seeks public comment on its proposal to further innovations in Fintech solutions. On 6 June, the Monetary Authority of Singapore (MAS) released a consultation paper that invites comments on its proposal for a...more