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Paxos to issue USD stablecoin in Singapore, wins initial approval

November 16, 2023 Coin Telegraph

Coin Telegraph

The USD-backed token will comply with Singapore’s upcoming stablecoin laws and be issued through a new local Paxos entity that’s received initial approval.

Crypto infrastructure firm Paxos has secured in-principle approval from Singapore’s regulator for a new entity that’s planning the launch of a U.S. dollar-backed stablecoin.

In a Nov. 15 statement, Paxos said it received an initial nod from the Monetary Authority of Singapore (MAS) for its new entity Paxos Digital Singapore Pte. Ltd. The new firm can offer digital payment token services and plans to issue a USD stablecoin cleared under the MAS’ proposed stablecoin regulations.

Upon receiving full approval, Paxos said it will be able to partner with enterprise clients to issue the stablecoin in Singapore.

“Global demand for the U.S. dollar has never been stronger, yet it remains difficult for consumers outside the U.S. to get dollars safely, reliably and under regulatory protections,” said Paxos head of strategy Walter Hessert. “This in-principle approval from the MAS will allow Paxos to bring its regulated platform to more users around the world.”

On Aug .15, MAS announced its final framework for regulating stablecoins aimed at non-bank issued tokens pegged to the value of the Singapore dollar or G10 currencies such as the euro, British pound and U.S. dollar and whose circulation exceeds 5 million Singapore dollars ($3.7 million).

@MAS_sg has announced the features of a new regulatory framework that seeks to ensure a high degree of value stability for #stablecoins regulated in #Singapore. https://t.co/j12QambGIJ pic.twitter.com/LBUoOGY16P
— MAS (@MAS_sg) August 15, 2023

On Aug. 7, PayPal launched its USD-backed stablecoin — PYUSD — issued by Paxos.

Paxos formerly minted Binance’s now-defunct BUSD stablecoin but was ordered by the New York Department of Financial Services to cease issuance of the token after the agency declared the stablecoin an unregistered security.

Paxos clarified that all of its stablecoins are fully backed by the U.S. dollar and cash equivalents, adding that it issues monthly attestations and reserve reports to ensure compliance.

Magazine: Unstablecoins: Depegging, bank runs and other risks loom

Ex-FTX execs team up to build new crypto exchange 12 months after FTX collapse: Report

November 12, 2023 Coin Telegraph

Armani Ferrante

The cryptocurrency exchanges offers a self-custody solution that integrates a multiparty computation technique to secure funds.

Several former FTX executives have teamed up to help build a new cryptocurrency exchange in Dubai with a specific focus on what FTX failed to do — secure customer funds.

Ex-FTX lawyer Can Sun is leading the way with Trek Labs, a Dubai-based startup that received a license to offer cryptocurrency services in the region in late October. Backpack Exchange is the name under which Trek Labs will offer those services.

Sun will receive support from ex-FTX employee, Armani Ferrante, who serves as CEO of Trek’s holding company in the British Virgin Islands, according to a Nov. 11 report by the Wall Street Journal. Ferrante also runs Backpack, a cryptocurrency wallet which is integrated in Backpack Exchange.

Sun’s former legal deputy at FTX, Claire Zhang, who is also Ferrante’s wife, is also on Trek’s executive team. However, once Trek raises an investment round, Zhang plans to transition out of the company as she has been working without pay to “help bootstrap the exchange," WSJ said.

Sun and Ferrante iterated they wanted to use the lessons learned from FTX’s failure to protect customer funds. Backpack’s technology offers a self-custody solution which integrates a multiparty computation (MPC) technique to ensure funds remain secure. MPC typically involves several parties approving a transaction before funds are moved.

With things heating up, please be aware of phishing attacks on the rise.

Backpack will NEVER ask you for your private keys.

The only valid website URLs are in our bio. Assume anything else is a scam.

Stay safe.
— Backpack (@xNFT_Backpack) November 11, 2023

It will also enable Backpack customers to verify funds whenever they want, Sun told WSJ:

“In a post-FTX world, you need trust and transparency to create a true alternative to the other players.”

Backpack Exchange is currently in beta and a wider launch will come later this month, the firm said.

Sun was a witness at Bankman-Fried’s recent fraud trial where he revealed that the former FTX CEO turned to him seeking a legal justification as to why FTX’s funds were at Alameda Research. Bankman-Fried was convicted on all seven fraud-related charges.

Sun said he quit as FTX’s general counsel the day after Bankman-Fried told him about the use of customer money.

“This went against everything that I stood for and was represented to me by Sam.”

Bankman-Fried’s former empire commingled billions of dollars of customer funds through Alameda Research for investment purposes. About $9 billion in customer funds went missing.

Magazine: Deposit risk: What do crypto exchanges really do with your money?

South Korean exchange Upbit gets initial license nod from Singapore

October 16, 2023 Coin Telegraph

Central Bank

Upbit Singapore scored initial approval from the country’s central bank and financial regulator for a local crypto license.

The Singapore entity for Upbit, South Korea’s largest exchange by volume, has been given in-principal approval for a Major Payment Institution (MPI) license in Singapore.

On Oct. 16, Upbit Singapore said the Monetary Authority of Singapore (MAS) gave the in-principle license nod, allowing it to continue with digital payment token services to institutional investors while awaiting its full license.

Upbit Singapore founder and CEO Alex Kim said in a statement that the firm was founded in 2018 but called the recent approval a strategic milestone for it to deepen its local presence.

*The Upbit Singapore team, pictured in the city’s downtown area. Source: Upbit Singapore*

Azman Hamid, the firm’s compliance chief, said the approval reflects its commitment to building its businesses in Singapore. “We will contribute to further establish Singapore as the leading hub for the next generation of financial businesses,” he added.

A potential full approval for Upbit would see the exchange join a total of 15 crypto firms with full MPI digital payment token serve licenses from MAS.

In October alone, the Singaporean entities for Coinbase, Ripple and Sygnum Bank all received license approvals from MAS — pushing the number of MAS-licensed digital payment token service firms to 15.

On Oct. 2, Coinbase received full approval for its MPI license, with crypto trading firm GSR scoring in-principal approval for its MPI the same day. Swiss crypto bank subsidiary Sygnum Singapore scored its full MPI license a day later and Ripple received its full MPI on Oct. 4.

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Ripple gets formal approval for Singapore payments license

October 4, 2023 Coin Telegraph

Central Bank

Ripple said it received its fully-fledged digital payment tokens license from the Monetary Authority of Singapore.

Ripple says it received a license to operate as a major payments institution from Singapore's central bank allowing it to continue operations in the country after receiving in-principle approval in June.

In an Oct. 4 blog post, the company said its local entity, Ripple Markets APAC Pte Ltd, was granted the full license by the Monetary Authority of Singapore (MAS).

It’s official: Ripple is now fully licensed to provide digital payment token services in Singapore by @MAS_sg! Ripple is committed to delivering real-world crypto solutions for businesses in APAC.

Learn more: https://t.co/jD8xSc2pdd
— Ripple (@Ripple) October 4, 2023

Ripple chief Brad Garlinghouse said in a statement that "Singapore has developed into one of the leading fintech and digital asset hubs striking the balance between innovation, consumer protection and responsible growth.”

Garlinghouse said Singapore was home to the firms Asia Pacific headquarters since 2017 and the country "has been pivotal to Ripple’s global business."

The license allows Ripple to provide digital payment token services. It joins a list of 14 others given the same license by MAS including the local arms of crypto exchanges Coinbase, Independent Reserve and Blockchain.com.

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