Chief FinTech Officer of the Monetary Authority of Singapore stated that Singapore hopes to play a long-term role in the field of artificial intelligence. Lessons on the importance of innovation were learned from cryptocurrencies.

On November 7th, Singaporean blockchain tokenization platform Chintai completed a new round of financing, led by investment company B1, with the specific amount of financing not yet disclosed. Chintai is an end-to-end blockchain platform that has been granted the Recognized Market Operator (RMO) and Collective Investment Scheme (CIS) licenses by the Monetary Authority of Singapore to operate the regulated digital asset market, including bonds, real estate, funds, carbon credits, and more. As previously reported by BlockBeats, in October of last year, digital asset platform Chintai was granted the Recognized Market Operator (RMO) and Collective Investment Scheme (CIS) licenses by the Monetary Authority of Singapore to operate the regulated digital asset market.

According to the Hong Kong media "Economic Digest", the Monetary Authority of Singapore (MAS) plans to establish a digital asset center to attract foreign funds. It is reported that Singapore was once a center of the virtual currency industry, but suffered a market collapse in 2022 due to the Terraform Labs incident. Nevertheless, the Monetary Authority of Singapore still hopes to use blockchain technology underlying virtual currencies to establish a digital asset center. It is said that the Singapore government will introduce new policies next year to strictly regulate the virtual currency market.

Monetary Authority of Singapore is consulting on proposals to streamline its regulatory framework for fund management companies. The system of registering fund management companies will be abolished, and existing operational fund management companies will be approved as licensed fund management companies upon application.

October 18, the Deputy Chief Prosecutor of the Singapore Attorney-General's Chambers, Wang Shouren, stated that the Attorney-General's Chambers has officially established two specialized task forces this year to address new challenges, namely the Technology Crime Task Force and the Virtual Currency Task Force.

Singapore cryptocurrency company BIGG Digital Assets released its Q2 financial report, with total revenue of $1.35 million, of which its subsidiary cryptocurrency trading platform Netcoins generated revenue of $1.02 million, and Blockchain Intelligence Group generated revenue of $330,000. As of June 30, 2023, BIGG Digital Assets' cash and cryptocurrency in its treasury amounted to $12.3 million, with no debt. In addition, Netcoins currently holds client assets worth approximately $66 million. 

On August 28th, Singapore's Huppu Group announced that it has hired Ali Moosa from JPMorgan to help regulate a digital bank in Bahrain, namely Gulf Bank in Singapore, which provides payment and settlement services to cryptocurrency companies. Ali Moosa will serve as the executive vice chairman of Gulf Bank in Singapore. Previously, he worked at JPMorgan for 30 years and was the regional head and vice chairman of JPMorgan's Central and Eastern Europe, Middle East, and Africa business before leaving. Shawn Chan, CEO of Huppu Group, stated in the announcement that more senior appointments for the new bank will be announced in the coming months. It is reported that Huppu Group received approval from Bahrain in May to establish Gulf Bank in Singapore and plans to launch it in December. The bank aims to bridge traditional financial services with digital financial services and promote financial integration between Asia and the Middle East and North Africa.

The largest money laundering case in recent years was uncovered in Singapore, and 10 people, including the founder of Xinbao Investment, Su Baolin, were arrested. It is reported that the 10 foreign nationals arrested in this case are suspected of forging documents and money laundering, with a total value of about 1 billion yuan involved, and it is preliminarily determined that all 10 people are originally from Fujian Province, China.

CNBC reports that amid the uncertain regulatory situation in the United States, Asia is pushing for transparency in the cryptocurrency market. Hong Kong and Singapore are leading the way. Ong Chengyi, the Asia-Pacific policy director of blockchain data analysis platform Chainalysis, said that Hong Kong and Singapore maintain very high regulatory standards and actively create favorable environments for digital asset businesses.

Singapore's Monetary Authority (MAS) announced on its <a href="https://www.mas.gov.sg/news/media-releases/2023/mas-finalises-stablecoin-regulatory-framework">official website</a> that it has finalized the regulatory framework for stablecoins. MAS's stablecoin regulatory framework will apply to single-currency stablecoins (SCS) pegged to the Singapore dollar or any G10 currency. The issuer of such SCS must meet the following key requirements: