MAS

2022 - 10 - 31

MAS reminds cryptocurrency exchanges in Singapore to comply ... (CNA)

Research has found that pro-Russia groups have raised millions of dollars in cryptocurrency donations to support Moscow's war in Ukraine.

Mr Fierman said Chainalysis "can't say for sure" if crypto exchanges in Singapore have been used to donate to these groups. They can carry out customer due diligence meticulously and monitor transactions in real-time," she said. Finally, we block IP addresses in Russia from accessing the Sparrow platform." They will also not be able to use credit cards or any form of borrowing to trade cryptocurrencies. "Financial institutions are required to demonstrate to MAS their compliance with the Financial Measures Notices and are subject to scrutiny and inspection by MAS," the spokesperson said. "That almost U$5 million is making an impact, because we're not talking about really expensive items. "That is why it is important to transact with a licensed and responsible financial institution that operates with high standards of compliance. "Terricon explicitly states on their website that they are using cryptocurrency due to the imposition of sanctions, and have even offered several non-fungible tokens for fundraising," the report said. "And so that US$5 million goes a long way in facilitating the efforts of the militia groups on the Russian side." "For instance, DPTSPs have to perform customer due diligence to identify and verify the identities of their customers and the customers’ beneficial owners, and screen their customers and their transacting counterparties," a spokesperson said. "DPTSPs are also required to have robust ongoing monitoring to detect potential attempts to evade the prohibitions, for example, identifying transactions that have used technologies with anonymity features (such as mixers and tumblers) to obfuscate the identities of counterparties." SINGAPORE: Cryptocurrency exchanges licensed to operate in Singapore must comply with financial sanctions against Russia, the Monetary Authority of Singapore (MAS) said on Monday (Oct 31), after research found that pro-Russia groups have raised millions of dollars in crypto donations to support Moscow's war in Ukraine.

MAS Report on Potential Uses of a Purpose-Bound Digital ... (Monetary Authority of Singapore)

MAS released a report detailing potential uses of a purpose-bound digital Singapore dollar (SGD) and the supporting infrastructure required, ...

The report includes the design considerations for implementing a programmable digital SGD for potential use cases. Through practical experimentation with the industry, we sharpened our understanding of the potential uses of a digital Singapore dollar and the infrastructure required to support it. 8 Mr Sopnendu Mohanty, Chief FinTech Officer, MAS, said, “The introduction of e-money provided the ability to store value electronically and carry it with us. PBM enables senders to specify conditions, such as validity period and types of shops, when making transfers in digital SGD. Ltd (NETS), OCBC and UOB. Project Orchid aims to build the technical capabilities and competencies necessary for MAS to issue a retail CBDC, should the need arise.

MAS to conduct trials for digital Singdollar that supports government ... (The Business Times)

THE Monetary Authority of Singapore (MAS) sees promise for a purpose-bound digital Singapore dollar (Singdollar) to support government payouts and various ...

MAS to start trials on purpose-bound digital dollar this week (Electronic Payments International)

Participants of the trial will be able to use RedeemSG vouchers. Credit: xresch from Pixabay. Monetary Authority of Singapore (MAS), along with ...

Merchants will directly receive payment in digital SGD against the redeemed vouchers. The proposed trials include the use of PBM to make payments to certain individuals. [commence](https://www.mas.gov.sg/news/media-releases/2022/mas-report-on-potential-uses-of-a-purpose-bound-digital-singapore-dollar) a series of trials to examine the concept of purpose-bound digital Singapore dollar (SGD) to support government payouts and vouchers.

MAS to test concept of purpose-bound digital SGD at SFF 2022 and ... (The Edge Singapore)

The Monetary Authority of Singapore (MAS) has issued a report that details the potential uses of a purpose-bound digital Singapore dollar (SGD).

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Singapore to trial use of digital Singdollar for government payouts ... (The Straits Times)

The pilot programmes led by DBS Bank, Grab, OCBC Bank and UOB are in conjunction with government agencies and the Monetary Authority of Singapore (MAS), the ...

Financial institutions participating in Project Orchid include DBS, Fazz Financial, Grab, Nets, OCBC and UOB. For instance, DBS and the Government Technology Agency’s Open Government Products (OGP) division will test the use of a digital currency that can be used to redeem government-issued vouchers. SINGAPORE - Four trial projects will be undertaken this year to assess the use of a digital Singapore dollar by individuals, businesses and the Government to make or receive specific payments.

Explainer: Why MAS is trialling a digital Singapore dollar and how ... (TODAY)

SINGAPORE — A new form of digital Singapore dollar which can be programmed and used for specific purposes only will be tested at the Singapore Fintech ...

The whole process usually takes one to two days of processing time. Among the trials that will be rolled out is by the United Overseas Bank and SkillsFuture Singapore, which is looking into using PBM to improve the current credit disbursement process. Essentially, consumers will still use PBM the same way they use electronic money now. “Participating merchants would have to train their retail staff to be able to handle and accept different vouchers. PBM allows senders to embed rules when making transfers in digital dollars. SINGAPORE — A new form of digital Singapore dollar which can be programmed and used for specific purposes will be tested at the Singapore Fintech Festival (SFF) this week.

MAS Concludes Phase One of Retail CBDC Project (Regulation Asia)

Phase 1 of Project Orchid explored the concept of purpose-bound digital SGD, bearer instruments that enable senders to specify conditions when making ...

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Singapore's MAS says no urgent case for retail CBDC, but launches ... (Cointelegraph)

The Monetary Authority of Singapore has published a white paper on a retail central bank digital currency that it says is not urgently needed, but would ...

[…] The case for a retail CBDC in Singapore could strengthen over time, especially if innovative uses emerge or there are signs that digital currencies not denominated in SGD are gaining traction as a medium of exchange locally.” Singaporean consumers do not need a retail digital dollar at present because of the high quality of services already available, the authors wrote. [central bank digital currency (CBDC)](https://cointelegraph.com/cryptocurrency-regulation-for-beginners/what-are-cbdcs-a-beginners-guide-to-central-bank-digital-currencies).

MAS to test purpose-bound digital SGD (Singapore Business Review)

The Monetary Authority of Singapore (MAS) will be conducting a few trials to explore the concept of purpose-bound money (PBM) which can be potentially used ...

We look forward to collaborating further with industry participants and policymakers in subsequent phases of Project Orchid,” he added. Digital currencies, go beyond that, allowing money to be programmed and used for specific purposes only,” said MAS Chief FinTech Officer Sopnendu Mohanty. The Monetary Authority of Singapore (MAS) will be conducting a few trials to explore the concept of purpose-bound money (PBM) which can be potentially used commercially and in government transactions.

Explainer: Why MAS is trialling a digital Singapore dollar and how ... (TODAY)

Purpose-bound money (PBM) in the form of commercial digital vouchers will be distributed to 5,000 selected participants at the Singapore Fintech Festival.

MAS Initiates Digital Singapore Dollar Trials - Fintech Singapore (Fintech News Singapore)

The Monetary Authority of Singapore (MAS) has initiated trials for a purpose-bound digital Singapore dollar (SGD).

Digital currencies go beyond that, allowing money to be programmed and used for specific purposes only. Trial participants can utilise these vouchers through their preferred wallet applications to make purchases at participating merchants at the festival. Trial participants can use RedeemSG vouchers at participating food and beverage outlets, and merchants will directly receive the underlying digital SGD for the vouchers redeemed. [Temasek](https://fintechnews.sg/tag/temasek/), [FAZZ](https://fintechnews.sg/tag/fazz-financial-group/) and [Grab](https://fintechnews.sg/tag/grab/) testing the issuance of PBM as commercial digital vouchers at SFF 2022. [OCBC](https://fintechnews.sg/tag/ocbc-bank/) and the Central Provident Fund Board ( [CPFB](https://fintechnews.sg/tag/central-provident-fund-board/)) using PBM for funds disbursement from government agencies, without requiring recipients to have a bank account. [DBS](https://fintechnews.sg/tag/dbs/) and [GovTech’s](https://fintechnews.sg/tag/govtech/) Open Government Products Division (OGP) using PBM for disbursements to selected individuals.

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