Singapore Updates Payment Services Act To Include Token Custody And Transfers

Here are some of the major developments from the world of crypto over the past few days.
some of the major developments from the world of crypto
some of the major developments from the world of crypto

Singapore amends Payment Services Act to streamline administration and transfer. The Financial Services Authority of Singapore (MAS) has announced that it will implement an amendment to the country's Payment Services Act (PS Act) to expand the range of services it provides. token (DPT) service providers. On April 2, Singapore's central bank said it would take further action under the PS Act. This includes providing services for the management of SPOs, facilitating the transfer and exchange of money and facilitating cross-border payments. The investigator also explained that the law also covers situations where the service provider does not have the money, or the money is not accepted or received in Singapore.

MAS also said that the new reforms will allow the central bank to impose additional requirements on SPO service providers.This reform will be implemented in different stages starting from April 4. According to MAS, a transition plan will be prepared for companies affected by the expansion. The regulator asked these institutions to notify the central bank within 30 days. if they wish to continue their activities during the reporting period and seek approval within six months from April 4. MAS also announced that companies that do not comply with the law will be banned. “Organizations that do not meet the above criteria will be required to cease operations once the change goes into effect,” they wrote.

In addition, the controller protects the customer's assets held by the payment service providers through the transaction. This includes segregating client assets and placing them in escrow accounts, maintaining books and records, and safeguarding client assets. The change, which aims to further protect consumer goods, will be implemented six months after April 4. Many crypto companies are licensed to serve the Singapore market. organizations such as Coinbase and Ripple received full payment licenses in the country. Meeting the requirements, received the Major Payment Institution (MPI) license in June 2023. Ripple was officially approved on October 4, while Coinbase received its full MPI license on October 2, 2023.

Binance Appoints Board of Directors for the First Time

Barbados Ambassador to the United States Gabriel Abed is the chairman of the cryptocurrency board. Binance Holdings, which operates the exchange under the same name, appointed a seven-member board of directors consisting of company executives and independent members. According to Binance's website, the company's board of directors is now chaired by Gabriel Abed, former Ambassador of Barbados to the United Arab Emirates (UAE). Other members include Binance CEO Richard Teng, Binance co-founder, Bayview Acquisition Corp CEO Heina Chen, Gojo & Company partner Xin Wang, Arnaud Ventura, Roger Wang and Rock He.

The Board of Directors consists of seven members, three of whom are independent.The board appointment will likely be one of the biggest changes in Binance's leadership since Teng leaves his position as regional market leader to become CEO in November 2023. Former Binance CEO Changpeng "CZ" Zhao also resigned from senior management around the same time. To resolve dispute with US authorities. As part of the settlement with the U.S. Department of Justice, the Treasury Department, and the Securities and Exchange Commission, Binance agreed to pay $4.He was fined $3 billion, and CZ pleaded guilty to a charge of failing to maintain an effective anti-money laundering program.

Zhao is expected to be sentenced on April 30, and Binance remains subject to sanctions from the US Securities and Exchange Commission. Founded in China in 2017, Binance has grown into one of the world's largest exchanges under Zhao's leadership, largely maintaining the company's operations and decentralized workforce.The company misses the UAE for its operations in the Middle East and North Africa and France for its European operations. Binance's agreement with US authorities required the company to establish a board of directors composed of independent members and compliance and oversight committees. Teng said he wants to report to the board in December 2023.

DeFi Platform Chainage Seeks to Secure $13 Million for Investment Rights Holders

Decentralized financial service Chainage aims to raise $13 million to expand its protocol based on the decision of stakeholders in a decentralized independent organization (DAO), with a total valuation of $100 million). According to the April 1 solicitation, the $13 million raising, led by an anonymous venture capital firm, will result in the issuance of an additional 50 million XCHNG protocol tokens, equal to 10% of the chain. .

The bid price of $0.26 is the same as the price of the XCHNG token at the time of publication. Users can vote on proposals by entering their local XCHNG into the “vXCHNG” exchange, which represents a token of voting rights.Global expansion and visibility are the two main goals of raising $13 million. The project also aims to “hire top talent to combine AI with cutting-edge technology” to make Chainge “a leader in new AI tools that leverage innovation.”

If approved, the new capital will also be used to strengthen the Chainage Network and support new partnerships, marketing projects and reward token holders. The proposal received 186 million XCHNG votes, supported by 7.2 million XCHNG votes at the time of publication, thanks to 474 million. XCHNG distributions. This move is in stark contrast to venture capital and crypto startups, which typically require new investments based on approval from shareholders, the company's founders. Lately, as cryptocurrency enters new markets and investors look to cash in on the craze, many Web3 startups are rapidly turning to the program.

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