8.21: Singapore sets a financial framework; police uncover a blockchain money laundering case.

Singapore Monetary Authority Introduces Stablecoin Regulatory Framework

The Monetary Authority of Singapore has launched a digital asset regulatory framework, requiring digital asset issuers who meet certain conditions to apply for approval to ensure their value stability. This move aims to prevent misleading labeling, ensuring investors can accurately identify regulated stablecoins, with non-compliance possibly resulting in penalties. The framework applies to single currency digital currencies pegged to the Singapore Dollar or G10 currencies.

Brokerage Funds Registered with CFTC Fall 3.16% in June

According to the most recent monthly report by the United States Commodity Futures Trading Commission (CFTC), retail forex deposits saw a decrease of 3.16% in June 2023 compared to the previous month. This decline reflects the trends and dynamics within the retail forex market during that period.

The report covers data for retail forex dealers (RFEDs) and brokers holding retail forex obligations registered in the USA, including Gain Capital Group LLC, IG US LLC, Interactive Brokers LLC, OANDA Corporation, CHARLES SCHWAB Futures & Forex LLC, and Trading.com Markets.

Singapore Crackdown on Suspected Money Laundering Involving Cryptocurrency Worth $735 Million

On Tuesday, Singapore police arrested ten foreigners suspected of money laundering, seizing assets worth about 1 billion Singapore dollars ($735 million), including blockchain assets.

On Wednesday, police stated that they had arrested ten individuals, most of whom hold Chinese passports, suspected of forgery, money laundering, and resisting lawful arrest.

Advanced Markets and Takeprofit Tech Join Forces to Enhance Liquidity Services

Advanced Markets Group has announced a partnership with financial technology solution provider Takeprofit Tech. By leveraging the advanced capabilities of Takeprofit Liquidity Hub—an order management system for liquidity aggregation, regulation, and risk management—in combination with Advanced Markets' LiquidityPool solution, the partnership aims to improve the liquidity access environment for retail forex brokers and fund managers globally.