Shanghai, China's financial hub, has announced plans to establish a blockchain infrastructure by the end of 2025 and connect with Hong Kong and Singapore for use in various fields such as digital assets, transportation, industrial internet-of-things, supply chain finance, and carbon management.

Kyle Davies, co-founder of collapsed crypto hedge fund Three Arrows Capital, has claimed that he renounced his American citizenship and therefore does not need to answer to US courts. In court documents filed on Tuesday, Davies said he became a permanent resident of Singapore in 2017 and renounced his American citizenship when he got married, as Singapore doesn’t allow dual citizenship.

Kyle Davies, co-founder of collapsed crypto hedge fund Three Arrows Capital, has renounced his American citizenship and is claiming he does not need to answer to US courts. Davies became a permanent resident of Singapore in 2017 and renounced his American citizenship when he got married, as Singapore does not allow dual citizenship. Three Arrows Capital went bankrupt last year after investing client money in new crypto ventures, including the collapsed crypto project Terra. The liquidators of Three Arrows Capital have demanded $1.3 billion from Davies and fellow co-founder Su Zhu, claiming they continued taking on leverage despite the firm being insolvent.

The Aptos Foundation has announced that it will be hosting a major global hackathon in Singapore from September 11-13, 2023. The three-day event, called "Hack Singapore," will bring together some of the best builders in the Web3 community to code, design, network, and demo their innovative ideas. Participants will have the opportunity to build for one of four hack tracks, including NFTs, social and gaming, DeFi and payments, and infrastructure, tooling, and public goods.

Wintermute Trading, a global algorithmic trading firm, is expanding its presence in Asia by establishing its second office in Singapore. Co-founder Yoann Turpin and some staff members will relocate to Singapore as the crypto industry looks to the region for opportunities. Wintermute is a major liquidity provider in the sector and conducts derivatives business in Singapore. Singapore's regulations are becoming increasingly important in the crypto industry, and the country has implemented tighter regulations, including storing customer assets in a statutory trust to safeguard against potential bankruptcy. Singapore and the UK have also announced a partnership to establish global regulatory standards.

According to Tech in Asia, Singapore and the United Kingdom will jointly develop regulatory standards for global cryptocurrencies and digital assets, and hold dialogues in areas such as central bank digital currencies. Both countries emphasized the need for these efforts, including participation in international standard-setting bodies. In addition, they agreed to continue dialogue and cooperation on the regulation of cryptocurrencies and digital assets, as well as other areas such as sustainable finance, fintech and innovation. In June, the Monetary Authority of Singapore published a white paper containing standards for the use of digital currencies, including central bank digital currencies. The white paper was prepared in cooperation with the International Monetary Fund and central banks such as Italy and South Korea.

Singapore's High Court has ruled that cryptocurrency can be held on trust, according to a judgement published on Tuesday. The case involved Seychelles-based exchange Bybit and a contractor who transferred over 4.2 million USDT to addresses owned and controlled by her. The judge acknowledged that crypto assets have an incorporeal right of property, which is enforceable in court. Bybit sought a declaration that the contractor was holding both the USDT and fiat currency on trust for the exchange, and the judge ordered her to transfer the assets back.

Semiconductor startup Silicon Box, co-founded by Weili Dai, Sehat Sutardja, and CEO Byung Joon "BJ" Han, has launched a $2 billion advanced semiconductor packaging fab in Singapore. The facility aims to revolutionize chip manufacturing, develop local capabilities, and enhance Singapore's position as a global hub for semiconductor manufacturing. Silicon Box's proprietary fabrication method enables the industry to take advantage of the chiplet concept, bringing designs that double computing performance at lower costs for graphical processors, high-performance computing chips, and mobile processors. The company plans to produce 9,000 panels a week to power emerging technologies such as AI, data centers, electric vehicles, mobile devices, and wearables. Silicon Box has partnered with MeetKai, a metaverse startup, to create a digital twin of their facility and enable semiconductor solutions required for next-generation applications.

Ripple's policy director for the Asia Pacific region, Rahul Advani, has highlighted the significant growth that Ripple has experienced in Singapore and the wider APAC region. The Singapore office, serving as the APAC headquarters, has seen consistent growth since its establishment in 2017, becoming one of Ripple's highest-performing regions.

Recently, Cointime announced that it will hold the inaugural TimeStamp Summit at the Fullerton Hotel in Singapore on September 11th.