WEF to Create Consortium For Crypto Regulation

Private firms, financial institutions, government reps, technical experts, scientists, etc. will join the international organization
27 January 2020   376

The Swiss non-governmental organization World Economic Forum (WEF) has created an international consortium to develop a system for regulating digital currencies. This was reported on the WEF website.

Private companies, financial institutions, government representatives, technical experts, scientists and representatives of international organizations will join the consortium.

The WEF notes that this is the first such initiative related to digital assets and brings together representatives of various industries at the international level.

Building on our long history of public-private cooperation, we hope that hosting this consortium will catalyse the conversations necessary to inform a robust framework of governance for global digital currencies.

 

Klaus Schwab

Founder and Executive Chairman of the World Economic Forum

 

Binance Singapore Unit to Apply For License

Under the new law, aimed at regulating crypto paymetns and trading, firms must register with the Monetary Authority to receive a license
17 February 2020   286

Binance, a Singapore-based cryptocurrency exchange unit, has applied for a license under the new Payment Services Act, which entered into force on January 28.

We have already applied. We submitted the application pretty fast. Binance’s Singapore entity has been in close touch with the local regulators, and they have always been open-minded.

 

Changpeng Zhao

Founder and CEO, Binance

Under the new law, crypto companies in Singapore must register with the Monetary Authority and receive one of three licenses: an exchange of money, a standard or large payment institution. The measure is aimed at regulating payments and crypto trading using requirements for participants in the traditional finance industry. Zhao did not specify which of the licenses Binance Singapore chose.

Binance has been offering crypto-fiat trading services in Singapore since April 2019 and works with eight coins, including Bitcoin, Ethereum and XRP. The trading platform is supported by Vertex Venture Holdings, a venture division of Singapore's Temasek Holdings.