Coinbase Report: Staking Becomes Most Popular Activity among Singapore Crypto Users Over the Past Year
According to a new report from cryptocurrency exchange platform Coinbase on February 22nd, a survey of over 2,000 Singaporean adults conducted in the fourth quarter of 2023 showed that more than half of financially savvy Singaporeans own cryptocurrency and see it as the future of finance. The report found that 57% of people currently hold digital assets, with most investing between $1,000 and $25,000. According to the report, "staking" has become the most popular activity among cryptocurrency users in Singapore over the past year. 55% of respondents said they stake their cryptocurrency through centralized exchanges, while 38% use DeFi applications.
The Singapore Police Force and the Cyber Security Agency (CSA) have issued a joint warning against "cryptocurrency hackers" malicious software that steals cryptocurrency from wallets. Authorities warn that as digital assets become increasingly popular, cybercriminals are increasingly targeting cryptocurrency wallet owners who are consumers of cryptocurrency.
Representatives from the government of the People's Republic of China and the government of the Republic of Singapore signed the "Agreement between the Government of the People's Republic of China and the Government of the Republic of Singapore on Mutual Exemption of Visa Requirements for Ordinary Passport Holders." The agreement will officially take effect on February 9, 2024 (Chinese New Year's Eve). At that time, ordinary passport holders from both sides can enter each other's country without a visa for private affairs such as tourism, visiting relatives, and business, with a stay of no more than 30 days. For activities such as work and news reporting in the other country that require prior approval, as well as for stays exceeding 30 days, the corresponding visa must be obtained before entering the other country.
Monetary Authority of Singapore (MAS) has issued an investor alert list. This list provides a list of individuals based on information that MAS has obtained, including:
Singapore has announced new measures to tighten crypto regulations in order to protect retail investors from risky practices. The measures will be rolled out in phases from mid-2024 and will include a ban on the use of locally issued credit cards to purchase cryptocurrencies, as well as a prohibition on offering free tokens, trading credits, and leveraged trading as incentives for new sign-ups and referrals. The Monetary Authority of Singapore (MAS) believes that such promotional bonuses may trigger risky trading behavior among clients, potentially inducing harmful practices among retail investors. However, the MAS also acknowledges that tighter regulations are not enough to fully protect customers from the inherent uncertainties of the crypto market, and urges consumers to exercise caution when dealing with unregulated and overseas entities.
Ashley Alder, CEO of the Hong Kong Securities and Futures Commission, said in an international interview that as the cryptocurrency system gradually develops to "a level we feel comfortable with," Hong Kong is "pleased to open up more channels to a wider range of investors." Meanwhile, Ravi Menon, governor of the Monetary Authority of Singapore, told Bloomberg that by next year, Singapore will become one of the strictest countries in regulating cryptocurrencies in terms of consumer protection, but also one of the most convenient countries in regulating tokenization. Citigroup estimates that by 2030, the tokenization market could expand to $5 trillion, representing digital forms of real-world assets such as bonds, real estate, and private equity.
On November 16th, the Monetary Authority of Singapore (MAS) announced three initiatives to ensure the safe and innovative use of digital currencies in Singapore, including: outlining the blueprint for the necessary infrastructure for the digital Singapore dollar, expanding digital currency trials, and planning to issue a "real-time" central bank digital currency (CBDC) for wholesale settlement.<br>The three forms of digital currencies being promoted by MAS in Singapore are wholesale CBDC, tokenized bank liabilities, and regulated stablecoins.<br>At the same time, MAS today released the Orchid blueprint, which outlines the technological infrastructure needed to promote digital currency transactions in the future, including settlement ledgers, tokenization bridges, programmability protocols, and naming services.
Governor of the Monetary Authority of Singapore: The Monetary Authority of Singapore will work with regional banks to pilot the launch of a wholesale central bank digital currency
On November 16, the head of the Monetary Authority of Singapore stated that the Monetary Authority of Singapore will collaborate with regional banks to pilot the introduction of wholesale central bank digital currency. （BlockBeats）
Monetary Authority of Singapore official: Hope lessons learned from cryptocurrencies about rush to innovate
Chief FinTech Officer of the Monetary Authority of Singapore stated that Singapore hopes to play a long-term role in the field of artificial intelligence. Lessons on the importance of innovation were learned from cryptocurrencies.
On November 7th, Singaporean blockchain tokenization platform Chintai completed a new round of financing, led by investment company B1, with the specific amount of financing not yet disclosed. Chintai is an end-to-end blockchain platform that has been granted the Recognized Market Operator (RMO) and Collective Investment Scheme (CIS) licenses by the Monetary Authority of Singapore to operate the regulated digital asset market, including bonds, real estate, funds, carbon credits, and more. As previously reported by BlockBeats, in October of last year, digital asset platform Chintai was granted the Recognized Market Operator (RMO) and Collective Investment Scheme (CIS) licenses by the Monetary Authority of Singapore to operate the regulated digital asset market.