Crypto Round-up: India Nudges Crypto Regulation Talks at FMCBG Meet; Coinbase Expands Its Reach in Singapore
India Pushes Crypto Regulation Talks at Final FMCBG Meet in Morocco
India is leading discussions at the final meeting of the Financial Market and Central Bank Governors (FMCBG) held in Morocco in a bid to address the regulatory concerns around crypto assets.
Finance ministers and central bank governors are expected to discuss the roadmap intended to lay the foundation for an all-encompassing policy and regulatory framework specifically tailored for crypto assets.
The G20 nations also called for the swift implementation of the Crypto-Asset Reporting Framework (CARF) and amendments to the ‘Common Reporting Standard’ (CRS).
Coinbase Secures Payment Licence in Singapore
Coinbase, one of the world’s leading crypto exchanges, has secured a payment licence in Singapore, signalling its commitment to expanding services in Asia.
Coinbase has obtained a Major Payment Institution (MPI) licence from the Monetary Authority of Singapore (MAS), enabling the company to expand its digital payment token services to individuals and institutions in the country.
This will enable Coinbase to offer a broader range of financial products and services to customers in Singapore, bolstering the city-state’s position as a burgeoning crypto hub.
Hong Kong Stock Exchange Launches Settlement Platform Powered by Smart Contracts
The Hong Kong Stock Exchange (HKEX) and London Metal Exchange are launching a novel equities settlement acceleration platform dubbed ‘Synapse’.
This innovative move aims to streamline and secure the settlement process for market participants, reducing inefficiencies and risks associated with traditional settlement systems.
Synapse will be deployed on Stock Connect, an HKEX channel that enables international investors to access more than 1,000 mainland Chinese stocks through routing in Hong Kong. HKEX will also be linked to Hong Kong’s Depository Trust and Clearing Corporation through its Institutional Trade Processing service, allowing for the central matching of cross-border transactions.
Taiwan’s Crypto Law Expected Soon
Taiwan is set to introduce comprehensive crypto regulations in November, addressing issues related to consumer protection, anti-money laundering, and investor safety.
This regulatory framework aims to provide clarity and oversight to the rapidly growing crypto industry in Taiwan, promoting responsible growth while mitigating risks. The law is expected to define legal standards for crypto activities and exchanges operating within the country.
Art gallery in Dubai to educate artists on NFTs, Web3
Dubai continues to embrace innovation as it welcomes NFTs into its vibrant art scene with the launch of 37xDubai, an NFT art gallery.
The gallery aims to educate artists on nonfungible tokens (NFTs) and the broader Web3 ecosystem through workshops held in the gallery after its official launch. It will also support events and various workshops around the adoption of Web3 technology.
37xDubai promises to provide a unique platform for artists and collectors, offering a glimpse into the future of art ownership and exhibition in the digital age.
That’s all for this edition of our crypto newsletter. Stay tuned for more exciting news and updates from the world of blockchain and crypto!