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   727

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.

Robinhood to Raise $323M During Financial Round

So, the company's capitalization reached $ 7.6 billion
23 July 2019   76

The operator of the mobile application for trading stocks and cryptocurrency Robinhood company Robinhood Markets Inc. announced the closure of a round of financing for the E-Series, which resulted in an impressive $ 323 million. The company's capitalization reached $ 7.6 billion.

The financing round was led by investment company DST Global, and Ribbit Capital, NEA, Sequoia and Thrive Capital also contributed.

The company intends to direct the raised funds to business expansion and the creation of new financial services, calling this process "democratization of finance for all."

Recall that the ability to trade cryptocurrencies through the Robinhood app was first implemented in February 2018. Today, the company supports leading assets such as Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Dogecoin and Ethereum Classic.

In January of this year, Robinhood received BitLicense - a license to work with virtual currencies from the Financial Services Authority of New York (NYDFS), and the official launch of the application in the state took place on May 23.

It is noteworthy that in 2017 Robinhood was estimated at only $ 1.3 billion. The introduction of cryptocurrency, however, accelerated the growth of the user base and fueled interest from venture investors. So, last year, the Robinhood managed to attract $ 363 million, with which the company's capitalization was $ 5.6 billion.