NFT News by Thebittimes.Com

The Monetary Authority of Singapore (MAS) is set to launch a live pilot of a CBDC for wholesale interbank settlements , marking a significant step in the integration of digital currencies into mainstream banking operations. The Monetary Authority of Singapore (MAS) has announced plans to implement a live central bank digital currency (CBDC) for wholesale interbank settlement in 2024. This initiative marks a departure from theoretical situations, because it involves using a real CBDC for transactions between commercial banks. This project is part of the Orchid Blueprint, a framework developed by the MAS for this purpose. The Orchid Blueprint outlines the creation of a settlement ledger for recording digital money transfers, which will include Features for programmability and instantaneous settlement of digital tokens. You might also like: Singapore’s Central Bank explores asset tokenization with major financial firms Additionally, it proposes the development of a ...

Crypto company representatives have been calling out U.S. regulators for not being able to provide regulatory clarity for years now. Ripple executive Chris Larsen recently highlighted how San Francisco lost “the blockchain capital of the world” title owing to regulatory crackdowns and the stern policies of the government. In fact, he went on to assert that SEC Chair Gensler ‘likes’ lack of clarity. Now, in a recent post on X [formerly Twitter], Coinbase highlighted how the U.S. was an ‘outlier’ and has not been making any progress on the regulatory front. Contrarily, 83% of the G20 members and top financial hubs have made progress, the post revealed. Specifically pointing towards the countries that are the torchbearers at the moment, Coinbase’s post noted, “ Globally, countries are vying to become crypto hubs. Regulatory clarity has emerged in the EU, UAE, China (HK), Singapore, Australia, and Canada, to name a few. “ T...

3AC founders Zhu Su and Kyle Davies have been ordered to provide all documents in their possession or control, regardless of whether the information is held by them directly, or is in control of a third-party. Three Arrows Capital (3AC) founders Zhu Su and Kyle Davies were subpoena ed on Twitter on Jan. 5, after the liquidators granted permission from Singapore authorities following a United States Bankruptcy court order, according to information given to Cointelegraph by advisory firm Teneo. As reported by Cointelegraph, liquidators' lawyers have repeatedly failed to engage with the founders in recent months. “A communication protocol was agreed between the liquidators and founders but has not yielded satisfactory cooperation,” according to a hearing presentation on Dec 2. @KyleLDavies jpg copies of the subpoena are attached to this tweet by way of service. An unredacted copy of the subpoena was served via email and can be provided upon request. pic.twitter.com/XAYzQ4Oveo — 3AC...

The state of affairs in the crypto space is worsening with every passing day. On one hand, the FTX saga shows no signs of a conclusion. Regulators, on the other hand, have been opening new investigations against companies from the space. More legal trouble for Hodlnaut In what is the latest development, Singapore ’s police force said that it was investigating Hodlnaut and its directors for potential cheating and fraud offenses. Per Bloomberg, “The probe began Wednesday following multiple reports alleging “false representations relating to the company’s exposure to a certain digital token,” the police said in a statement. “ NEW: Crypto lender Hodlnaut's legal woes intensify after Singapore police begin a probe into possible fraud https://t.co/NjKFcgwlWL — Bloomberg Crypto (@crypto) November 24, 2022 It is worth recalling that Hodlnaut revealed back in August that there were “pending proceedings” betw...