MAS to Develop Framework for Crypto Payment Services

Singapore's watchdog has finalized the country’s new regulatory framework for cryptocurrency payment services
20 November 2018   959

The Monetary Authority of Singapore (MAS), which serves as the country's central bank, on Monday announced the completion of the development of a new regulatory framework for payment services. The new law "will provide a more favorable atmosphere for innovation in payment services, while at the same time ensuring that the risks of various payment channels will be successfully eliminated." This is reported by Bitcoin.com.

Cryptocurrency service providers currently outside the legal field of the country can expect to receive a license in accordance with the new regulations.

It is expected to affect electronic wallets and digital payment tokens such as Grabpay, bitcoin and ethereum. Activities to be regulated by the bill include the issuing of accounts and electronic money, the transfer of money within and out of Singapore, the acquisition of merchants who will use their platform, money changing, and the dealing in and exchange of digital payment tokens such as bitcoin.
 

Original Publication

According to the central bank, the law includes two parallel regulatory frameworks. The first will allow “to regulate systemically important payment systems for financial stability as well as efficiency reasons” the second provides for the licensing of retail payment service providers.

Service providers must apply for a license, either as a currency exchange service or as a payment institution, standard or large. The first two will be regulated in the context of countering money laundering and the financing of terrorism, while more complex rules are envisaged for large payment institutions.

Cobalt & Lithium Supplies to be Tracked With DLT

The platform will be created by the Everledger together with Circulor using Hyperledger Fabric
26 March 2020   912

Everledger, a British startup, has partnered with Circulor to develop a platform based on the Hyperledger Fabric blockchain to track supply chains of cobalt and lithium.

Everledger specializes in using blockchain to combat counterfeiting of precious stones, in particular diamonds. The company’s management said it intends to expand its business using blockchain to control the supply of rare minerals used in the production of batteries.

Well-known carmaker Mercedes Benz is already using Circulor technology to track its supply of cobalt and its carbon footprint. Circulor and Everledger share a similar concept - with the help of the blockchain they control the observance of social and environmental standards in mining. Therefore, startups decided to develop a joint product.

Everledger co-founder Leanne Kemp and Circulor CEO Doug Johnson-Poensgen said their solution will work on the Hyperledger Fabric blockchain. The possibility of interacting with IBM is also being discussed.

Poensgen added that the platform will be used not only to track cobalt production in the Democratic Republic of Congo, but in different regions of the world. For example, lithium mining in the Atacama desert leads to water pollution, so the solution on the blockchain is aimed at preventing environmental disasters.