SpeedCash(SCS)

Singapore’s central bank has announced the release of a revised regulatory framework to ensure stability for single-currency stablecoins regulated in the city-state. The framework outlines requirements that issuers need to meet to be deemed as regulated by the monetary authority of Singapore. Better Regulatory Clarity The revised framework was announced on the 15th of August and is primarily aimed at non-bank issued stablecoins that are pegged to the value of the Singapore Dollar, or G10 currencies, including the British Pound, Euro, and the United States Dollar, and whose circulation is greater than 5 million Singapore Dollars. The Monetary Authority of Singapore stated, “Stablecoins are digital payment tokens designed to maintain a constant value against one or more specified fiat currencies. When well-regulated to preserve such value stability, stablecoins can serve as a trusted medium of exchange to support innovation, including the “on-chain” purchase and sale of digital assets. MAS’ stablecoin regulatory framework will apply to single-currency stablecoins (SCS) pegged to the Singapore Dollar or any G10 currency that is issued in Singapore.” According to the Singapore central bank’s financial supervision deputy managing director, Ho Hern Shin, the framework helps to establish and facilitate stablecoin use as a credible digital medium of exchange and a bridge between the traditional and digital currency ecosystems. Shin also urged stablecoin issuers to prepare for compliance if they wished for their stablecoin to be labeled as regulated by the Monetary Authority of Singapore. Details Of The Framework The revised regulatory framework lists several requirements for stablecoin issuers. These include redemption timelines, reserve management, disclosures, and capital requirements. According to the MAS, reserve assets will be subject to requirements depending on their valuation, composition, custody, and audit. Stablecoin issuers will also have to maintain a minimum base capital and liquid assets to stave off any risk of insolvency. Stablecoin issuers will also be required to return the par value of the stablecoins to holders within five business days following a redemption request. The Monetary Authority of Singapore also observed that only those issuers who could fulfill the revised requirements could apply to be regulated by the MAS. According to the country’s central bank, this label would help distinguish regulated stablecoins from non-regulated ones in the market. It also warned that those representing a token or stablecoin to be certified by the Monetary Authority of Singapore would also be subject to penalties defined in the new framework. The penalties include prison time, fines, as well as the addition on an alert list. Penny Chai, VP of Business Development for Sumsub in APAC, reiterates the importance of crypto businesses prioritizing AML compliance processes: "Singapore's aim to establish comprehensive regulations for stablecoins is a significant step towards fostering a secure and transparent digital currency environment - the move sets a noteworthy example for other jurisdictions. Stablecoins have surpassed $100 billion in market value, according torecent reports, therefore the need for regulatory clarity is paramount as the market continues to grow.Failing to adhere to this regulation could potentially result in fraudulent activities due to the inability to identify suspicious users, leading to financial penalties and substantial reputational harm for cryptocurrency businesses operating in Singapore and broader markets, APAC and further beyond. Companies must prioritise establishing crypto transaction monitoring tools and comprehensive AML compliance and verification procedures, both during the onboarding process and beyond." Attempts At Regulating Stablecoins The revised framework takes into account feedback from a public consultation held in October 2022. However, the MAS will still need to hold consultations, while parliament would need to pass amendments to enforce the revised framework. The MAS highlighted the risks involved in investing in crypto last year following the collapse of the TerraUSD (UST) and Luna tokens. The United States is also looking to pass regulations regarding stablecoins. The United States House Financial Services Committee had recently proposed a bill that would establish a federal regulatory framework. The bill proposes that the United States Federal Reserve draw up requirements for the issuance of stablecoins while maintaining the authority of state regulators. The bill was modified after several democrats raised concerns that stablecoin issuers could simply bypass stricter federal oversight by opting to be regulated by state regulatory authorities. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Singapore’s central bank has announced the release of a revised regulatory framework to ensure stability for single-currency stablecoins regulated in the city-state. The framework outlines requirements that issuers need to meet to be deemed as regulated by the monetary authority of Singapore. Better Regulatory Clarity The revised framework was announced on the 15th of August and is primarily aimed at non-bank issued stablecoins that are pegged to the value of the Singapore Dollar, or G10 currencies, including the British Pound, Euro, and the United States Dollar, and whose circulation is greater than 5 million Singapore Dollars. The Monetary Authority of Singapore stated, “Stablecoins are digital payment tokens designed to maintain a constant value against one or more specified fiat currencies. When well-regulated to preserve such value stability, stablecoins can serve as a trusted medium of exchange to support innovation, including the “on-chain” purchase and sale of digital assets. MAS’ stablecoin regulatory framework will apply to single-currency stablecoins (SCS) pegged to the Singapore Dollar or any G10 currency that is issued in Singapore.” According to the Singapore central bank’s financial supervision deputy managing director, Ho Hern Shin, the framework helps to establish and facilitate stablecoin use as a credible digital medium of exchange and a bridge between the traditional and digital currency ecosystems. Shin also urged stablecoin issuers to prepare for compliance if they wished for their stablecoin to be labeled as regulated by the Monetary Authority of Singapore. Details Of The Framework The revised regulatory framework lists several requirements for stablecoin issuers. These include redemption timelines, reserve management, disclosures, and capital requirements. According to the MAS, reserve assets will be subject to requirements depending on their valuation, composition, custody, and audit. Stablecoin issuers will also have to maintain a minimum base capital and liquid assets to stave off any risk of insolvency. Stablecoin issuers will also be required to return the par value of the stablecoins to holders within five business days following a redemption request. The Monetary Authority of Singapore also observed that only those issuers who could fulfill the revised requirements could apply to be regulated by the MAS. According to the country’s central bank, this label would help distinguish regulated stablecoins from non-regulated ones in the market. It also warned that those representing a token or stablecoin to be certified by the Monetary Authority of Singapore would also be subject to penalties defined in the new framework. The penalties include prison time, fines, as well as the addition on an alert list. Attempts At Regulating Stablecoins The revised framework takes into account feedback from a public consultation held in October 2022. However, the MAS will still need to hold consultations, while parliament would need to pass amendments to enforce the revised framework. The MAS highlighted the risks involved in investing in crypto last year following the collapse of the TerraUSD (UST) and Luna tokens. The United States is also looking to pass regulations regarding stablecoins. The United States House Financial Services Committee had recently proposed a bill that would establish a federal regulatory framework. The bill proposes that the United States Federal Reserve draw up requirements for the issuance of stablecoins while maintaining the authority of state regulators. The bill was modified after several democrats raised concerns that stablecoin issuers could simply bypass stricter federal oversight by opting to be regulated by state regulatory authorities. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

The Financial Stability Board (FSB) published its finalized global regulatory framework for crypto assets. On Monday, the Financial Stability Board (FSB) published its recommendations for a global regulatory framework for crypto-assets to “promote the comprehensiveness and international consistency of regulatory and supervisory approaches.” FSB Bases Framework on Principle of “Same Activity, Same Risk, Same Regulation” The FSB is an international organization that monitors the global financial system. The organization published guidelines for a global approach to crypto-related activities. The board was tasked by the Group of 20 Nations (G20) to coordinate the delivery of an effective regulatory, supervisory and oversight framework for crypto-assets in light of recent events that took place in the digital asset industry. The G20 previously said in a document summarizing the outcomes of meetings held with finance ministers and central bank governors that the FSB, IMF (International Monetary Fund), and BIS (Bank for International Settlements) are to deliver papers and recommendations establishing standards for a global crypto regulatory framework. The FSB’s document consists of two sets of recommendations: high-level recommendations for crypto regulation in general and “revised high-level recommendations” for a “global stablecoin.” FSB Maintains Respect for Privacy According to the FSB’s recommendations, crypto platforms must segregate clients’ digital assets from their own funds and must clearly separate their functions to avoid conflicts of interest. Regulators are responsible for ensuring tight cross-border cooperation and oversight. Despite stricter oversight measures, the FSB respects the principle of privacy. The international organization demands local regulators to ensure that there is no activity that “may frustrate the identification of the responsible entity or affiliated entities.” the regulator points to DeFi protocols in its recommendation of privacy and states: Authorities should have access to the data as necessary and appropriate to fulfil their regulatory, supervisory and oversight mandates. FSB Requires Stablecoin Issuers to Have At least One “Governance Body” In its guidelines, the FSB addressed global stablecoin arrangements (GSCs) across jurisdictions to address their potential risks at a domestic and international level while supporting responsible innovation and providing adequate flexibility for jurisdictions to implement domestic approaches. The board mandates any stablecoin issuer to have one or more identifiable and responsible individuals or legal entities it calls a “governance body.” It further requires issuers to maintain minimum reserve assets at a 1:1 ratio unless the issuer “is subject to adequate prudential requirements” equivalent to commercial bank standards. The FSB also introduced a potential obligation for “global stablecoin” issuers to obtain a permit to operate in each jurisdiction. Guidelines state: Authorities should not permit the operation of a GSC arrangement in their jurisdiction unless the GSC arrangement meets all of their jurisdiction’s regulatory, supervisory, and oversight requirements, including affirmative approval. Implementation of Recommendations To Be Reviewed by End 2025 The guidelines published by the FSB make up the first part of a global crypto framework, with further guidance from the IMF and BIS to come. The FSB and the IMF will jointly submit “a synthesis paper integrating the macroeconomic and regulatory perspectives of crypto assets” in September 2023. The IMF will also independently report on the “potential macro-financial implications of the widespread adoption” of CBDCs. At the same time, the BIS will provide a report on analytical and conceptual issues and possible risk mitigation strategies related to crypto assets. The FSB said it will review the state of implementing its recommendations worldwide by the end of 2025. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Zug, Switzerland, July 12th, 2023, ChainwireThe node infrastructure provider also consistently ranks #1 regionally in North America, Europe, and Asia on CompareNodesValidation Cloud, the leading Web3 infrastructure platform, celebrates its third month as the fastest RPC node provider in the world. According to third-party ranking CompareNodes, Validation Cloud has maintained its #1 position as a global RPC node provider, reaffirming its commitment to delivering superior blockchain connectivity. This groundbreaking achievement solidifies Validation Cloud's status as the go-to provider of Web3 infrastructureto enterprises and developers seeking unparalleled speed, scale, and resilience.In addition to its global dominance, Validation Cloud also consistently ranks #1 regionally in North America, Europe, and Asia. This widespread recognition further showcases the platform's commitment to excellence and delivering exceptional performance at a global scale.Validation Cloud's dedication to performance is evident in its ability to provide the fastest way to connect to a blockchain, as validated by CompareNodes. With an impressive low global latency, Validation Cloud's node API enables developers to seamlessly access blockchain networks from anywhere in the world. By eliminating latency and delivering unmatched speed, Validation Cloud empowers developers to create reliable and innovative applications on the blockchain without any restraints.“This accomplishment reflects our relentless dedication to providing enterprises and developers with the most efficient and reliable infrastructure for building transformative blockchain applications,” says Alex Nwaka, Chief Strategy Officer. "We are proud to set a new standard for Web3 infrastructure and contribute to the innovative future of the Web3 ecosystem."Validation Cloud’s next-generation technology stack was purpose-built for the needs of commercial applications, with global low latency, high throughput, and compliance in mind. Validation Cloud's infrastructure is built to withstand and adapt to the most demanding conditions, providing developers with unmatched reliability and resilience. With elastic infrastructure, self-healing and global smart-routing will maintain your connectivity to Web3. Validation Cloud is on track to achieve SOC2 Type 1 and Type 2 compliance to ensure the highest standards of data security, prioritizing three TSCs (Trust Service Criteria): availability, confidentiality, and security.To explore Validation Cloud's unmatched performance and to experience the fastest way to connect to a blockchain, users can visit: app.validationcloud.io. Users can sign up for free to get started and enjoy limitless scalability with the Scale Plan.With our Free Tier, developers can get started with up to 50 million compute units (CUs) per month. The Scale Plan offers unlimited CUs for even more scalability.As usage increases, the marginal cost per CU decreases, providing economies of scale for your project. Validation Cloud’s platform encourages and incentivizes users to interact more with leading networks such as Ethereum, Aptos, and Polygon.About Validation CloudValidation Cloud is a Web3 data streaming and infrastructure company that connects organizations into Web3 through a fast, scalable, and intelligent platform. Headquartered in Zug, Switzerland, Validation Cloud offers highly performant and customizable products in staking, node, and data-as-a-service. Learn more at validationcloud.io| LinkedIn | Twitter | MediumContactDirector of CommunicationsKelly ClarkValidation [email protected]

Road Town, BVI, June 27th, 2023, ChainwireLBank Exchange, a global digital asset trading platform, listed Disney (DIS) on June 27, 2023. For all users of LBank Exchange, the DIS/USDT trading pair is now officially available for trading.Disney (DIS) is a meme token issued by the relevant communities of blockchain, cryptocurrency, and mining.Introducing DisneyLBank Exchange is thrilled to announce the upcoming listing of Disney (DIS), a meme token that was initiated by Miningtw Technology Co., Ltd., a collaborative team based in Hong Kong and Taiwan. This token was issued by various communities involved in blockchain, cryptocurrency, and mining. The token is intended for use in various capacities such as interactive activities, event rewards, gifts, charitable endeavors, and aspirational purposes. With an economic model in which 50% of its circulating supply is committed to pledge mining for a period exceeding 5 years, users are rewarded proportionately per second based on the total amount of their pledges. The goal is to create a value that is worth holding and collecting over the long term. However, it's worth noting that DIS has no association with Walt Disney and their similar names are purely coincidental. Despite sharing a similar name, they operate in distinct domains and scopes, with the meme tokens existing purely for the sake of amusement and enjoyment.DIS token is a meme cryptocurrency, created with the intention of fostering fun and innovation. It is committed to building a democratic, transparent, and equitable community grounded on blockchain technology. The token was conceived by DaddyPig, a Hong Kong native who immigrated to Taiwan in search of democratic freedoms. In collaboration with Taiwan, DaddyPig established Miningtw Technology Co., Ltd. Starting off as a cryptocurrency miner, the company branched out to construct large mining facilities, dedicating itself to the development of several blockchain projects. These projects include the creation of a decentralized exchange (DEX) and several other blockchain ecosystem initiatives. DaddyPig has actively participated in blockchain development endeavors, such as Ethereum's PoS fork, the maintenance of EthereumFair (ETHF) under a PoW consensus mechanism, and the fork of DogeCoin from the Scrypt algorithm to the ETHASH algorithm, resulting in DogeW. Upholding the principle of decentralization, DaddyPig has invested significant resources in anticipation of the potential and future prospects of Web3.About DIS TokenBased on BEP-20, DIS has a total supply of 100 million (i.e. 100,000,000). In a move to incentivize DIS token holders, a five-year liquidity mining program has been launched, dedicating 50 million tokens, or half of the total issuance, to the staking mining reward pool. Approximately 27,397 DIS tokens will be distributed daily, or around 0.317 DIS per second, based on the total number of staked tokens. Additionally, 10% of the total DIS issuance, which equates to 10 million DIS tokens, will be locked for staking over a five-year span, with economic model and deflation mechanism, please refer to the white paper for details. It was listed on LBank Exchange at 9:00 UTC on June 27, 2023, investors who are interested in DIS can easily buy and sell it on LBank Exchange now. The listing of DIS token on LBank Exchange will undoubtedly help it further expand its business and draw more attention in the market.Learn More about DIS Token:Official Website: https://distoken.xyz/Twitter: https://twitter.com/distoken_xyzTelegram: https://t.me/miningtwxyzContract: https://bscscan.com/token/0xe2ecc66e14efa96e9c55945f79564f468882d24cAbout LBankLBank is one of the top crypto exchanges, established in 2015. It offers specialized financial derivatives, expert asset management services, and safe crypto trading to its users. The platform holds over 9 million users from more than 210 regions across the world. LBank is a cutting-edge growing platform that ensures the integrity of users' funds and aims to contribute to the global adoption of cryptocurrencies.Start Trading Now: lbank.comCommunity & Social Media:Telegram lTwitter lFacebook lLinkedIn lInstagram lYouTubePress contact:[email protected] Contact:LBK Blockchain Co. [email protected] Blockchain Co. [email protected]

The reported attacker is a known exploiter, labeled ‘Fake_Phishing750’ by BscScan.