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The lion roars, as the city state warns unregulated crypto platforms bluntly: Singapore Now Requires Crypto Exchanges That Only Serve Offshore Clients To Get A License (Fortune) / Crypto Exchanges Face Ban Under New Singapore Rules (CoinPedia). The legislation came in on June 30 with MAS enforcing new rules that require all DTSPs – even those working only with foreign clients – to hold a licence or shut down. Given Singapore has suffered the implosions of Three Arrows Capital and Terraform Labs, both based in Singapore, I can’t say I blame the MAS at all.
(Previously: EI 3286: Singapore Orders Local Crypto Firms To Cease Overseas Activity By June 30).
…And let’s not forget the “light touch” fines Singapore is intending to deploy, as discussed a few days back in this very newsletter, $200,000 fines and a significant risk of incarceration.
North of the city state, Securities Commission Malaysia Seeks Public Feedback On Proposed Enhancements To The Framework For Digital Asset Exchange (SC Malaysia) while in the Middle East, Hacked Iranian Crypto Exchange Nobitex Slowly Restores Services (Cointelegraph).
Way up there in the Himalayas, Bhutan Highlights Broader Crypto Vision Than Just Bitcoin Mining (The Crypto Times) while I think we mentioned this last week but it’s grim news for UK folks wanting to trade any crypto as Barclays Joins List Of UK Banks Restricting Credit Card Crypto Buys (Decrypt).
Argo Blockchain is a Struggling Crypto Firm Seeks Restructuring To Avoid ‘Liquidation’ (UKTN) probably delisting soon from the London Stock Exchange junior market AIM and doubtless not the first such dubious crypto play to suffer such a date either.
As Crypto Custodian Anchorage Phasing Out USDC Use (PYMNTS), US regulated crypto platform Prometheum Capital Cleared To Offer Correspondent Clearing For Blockchain-Based Securities (BusinessWire).
In Bangkok, KuCoin Thailand Announces Strategic Partnership With Finansia Syrus Securities To Advance Thailand's Digital Asset Market (PR Newswire) as Kazakhstan Plans To Establish National Crypto Reserve (Cointelegraph) and a lot of talk revolves around tokenised stocks right now e.g. from the Winkelvii with their EU offering: Gemini Rolls Out Tokenized Stocks In EU, Starting With Strategy Shares (CoinDesk).
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From our sister publication, EI Weekend:
PLY: Market Movers On Fintech TV
Catch me on Market Movers On Fintech TV every Monday at 0920 AM for the latest insights in finance, technology, impact investing, and market trends. Fintech TV is on the web (Fintech.TV), in a multitude of airports across the USA and other channels.
EXCHANGE INVEST WEEKLY PODCAST
ASX Clearing House Split!?
As ASX marks a staggering new benchmark for corporate tone deafness,
EU Consolidated Tape Bidding Opens,
No perceived hurdles to NSE IPO,
NYSE Texas finds a spacious new home.
And then there’s the best bourse marketing idea in ages — ‘The Gong Show’ rolls in Hong Kong.
Books worth reading:
Finance Book Of The Week
“Fooled by Randomness: The Hidden Role of Chance in Life and in the Markets (Incerto)” by Nassim Nicholas Taleb is about luck–or more precisely, about how we perceive and deal with luck in life and business. In particular, Nassim skewers the underestimation of the influence of happenstance on our lives.
Get the book here.
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Suggestions welcome if you would like to nominate a book for us to cover!
Our next Book of the week will be unveiled Saturday in the EI Weekend Edition.
& don’t forget if you want all the news on the bourse business sent daily to your Inbox subscribe to Exchange Invest — via Exchange Invest.com — it’s only $499 per annum to join “The Exchange of Information.
Capital Market Revolution
First published in 1999, “Capital Market Revolution!” offered a clear, concise roadmap for navigating the financial revolution fueled by technology. And 25 years later, as the world of fintech continues to evolve, the core principles laid out in the book remain surprisingly sharp
This new edition was produced to celebrate PLY ringing the NYSE Closing Bell July 5th, 2024. There are several new sections of PLY pith to add 10,000 more words of context and the original book which is remarkably prescient and elegantly dated all at once! It’s only $9.99 on Kindle, a fraction of the original price in 1999 to encourage revolutionaries with any budget!
Get the book here.
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