Circle takes Singapore’s Fintech Industry by Storm with New Major Payment Institution License
Circle, a fintech firm, has achieved a major milestone in its Asian expansion efforts. The Monetary Authority of Singapore (MAS) has granted Circle Singapore a Major Payment Institution (MPI) license, which empowers the company to offer invaluable digital payment token services, cross-border money transfer services, and domestic money transfer services. Circle Singapore has obtained a Major Payment Institution (MPI) license …
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Dubai’s Crypto Adoption Goes Full Throttle with Bybit Partnership
Bybit, a well-known global cryptocurrency exchange, has partnered with Dubai Multi Commodities Centre (DMCC) to boost the growth and adoption of cryptocurrency and Web3 in Dubai. This collaboration marks a significant milestone in Dubai’s journey towards embracing digital currencies. On April 17, Bybit made an announcement about establishing its global headquarters in Dubai and hinted at upcoming localization initiatives in …
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UAE Central Bank Released Guidelines for Virtual Assets to Deter Money Laundering
Recently, new guidelines to prevent terrorism financing (AML/CFT) and money laundering have been released by the UAE Central Bank for LFIs or “licensed financial institutions”. The focus of the guidelines is on the risks associated with dealing with virtual assets. Breaking🚨: UAE🇦🇪 Central Bank has issued new guidelines for financial institutions regarding anti-money laundering (AML) & counter-terrorism financing(CTF) in relation …
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Reports from FDCI Say that US Depositors Withdraw Record $472 Billion
According to the FDIC or “Federal Deposit Insurance Corporation”, depositors in the United States pulled out a record-breaking $472 billion during the first quarter of 2023. This marks the highest amount of outflows ever recorded by the agency. The decrease in deposits can be attributed primarily to uninsured funds, while insured deposits actually rose by 2.5%, reaching a total of …
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Patamali Aims to Reshape Real Estate Financing in Kenya through DeFi
With ambitions to revolutionise the traditionally illiquid real estate market, Kenya’s Patamali is harnessing the power of Decentralized Finance (DeFi). Founded in November 2021 by visionaries Laura Omanga and Allan Musomba Mulei, the company has made significant strides by building its platform on the Celo blockchain. “🚨Big News Alert!🚨 Kenyas Patamali is taking over the real estate financing world with …
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Tether Takes on Bitcoin Mining with Renewable Energy in Uruguay
Tether, a renowned issuer of a stablecoin, plans to invest in sustainable Bitcoin mining in Uruguay, citing the country’s renewable energy capabilities as the ideal spot for Bitcoin mining production. Tether has purchased a facility for energy production and sustainable Bitcoin mining in Uruguay, broadening its revenue mix to back its USDT stablecoin. This action aligns with Tether’s goal to …
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Korea Urged Binance to Implement New System to Freeze Assets
The South Korea Financial Services Commission (FSC) has instructed Binance, the world’s biggest cryptocurrency exchange, to adopt a fresh wallet identification and asset-freezing mechanism. This step is part of FSC’s crackdown on cryptocurrency exchanges that are functioning in the country, with Binance being the most recent target of the investigation. Korean Crypto Crackdown Furthermore, some of the leading Korean exchanges …
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Bali’s Crypto Crackdown Targets Tourists as Bitcoin Payments Banned on the Island
As per the reports, the utilization of Bitcoin and other cryptocurrencies for transactions is now prohibited in Bali, Indonesia. Bank Indonesia, the central bank of the nation, had already restricted the use of cryptocurrencies as a payment mechanism in 2021. The objective of the prohibition on Bitcoin payments in Bali is to discourage tourists from utilizing virtual currency to buy …
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Temasek Employees Get Salary Cut After Failed FTX Investment
Temasek, a wealth management firm based in Singapore has cut the salary of the staff who were involved in its FTX investment. Temasek had invested $275 million in FTX which they wrote off. After an internal review was conducted by the team at Temasek, they found out that the employees were not involved in any kind of misconduct. Temasek said …
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Ubisoft Launches Rabbids NFTs into Reddit
Ubisoft, a renowned name in the gaming world has launched Rabbids theme NFTs into Reddit to offer personalization of profils to users. These alien looking rabbit creatures were first launched in the mid 2000s and have also been featured in Nintendo’s Mario franchise. Now they are available to Reddit users which are acquirable as Polygon NFTs. These collectibles on Polygon …
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