Crypto Flipsider News – Singapore Approves Stablecoins; MiCA Warns Influencers; Visa Launches NFTs; Musk Monetizes Twitter; DBS Test Blockchain

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Read in the Digest:

  • Singapore grants stablecoin issuers, Circle & Paxos to offer services
  • Crypto influencers could face market manipulation charges from MiCA regulation
  • Visa partners with Crypto.com to bring NFTs to the World Cup in Qatar
  • Elon Musk confirms creators will be able to monetize content on Twitter
  • Singapore’s DBS has tested forex & bond transactions on blockchain DeFi

Singapore Grants Stablecoin Issuers, Circle & Paxos, Service License 

The Monetary Authority of Singapore (MAS) has granted Circle and Paxos, issuers of the USD Coin (USDC) and the Pax Dollars (USDP) stablecoins, licenses to operate in the country.

With MAS approval, the two stablecoin issuers can now offer cross-border and domestic payment services in Singapore. They are also licensed to offer token products within the region. 

In addition to offering crypto services, Circle announced that it looks forward to more collaborations with MAS to support the thriving crypto and blockchain ecosystem and the advancement of fintech innovation in Singapore.

In its announcement, Paxos noted that the approval would allow the company to support partners and expand further into Asia. Paxos will also use the medium to expand its partnerships in the region. 

Flipsider:

  • The approvals contradict Singapore’s recent move to enforce stricter crypto regulations following the Terra (LUNA) saga. 

Why You Should Care

The approvals for the two stablecoin issuers look to strengthen Singapore’s position as a global hub for crypto.

Digest breakers Coins

Crypto Influencers Could Face Market Manipulation Charges from MiCA Regulation

After receiving 28 votes against one from European Parliament officials, Markets Crypto-Assets (MiCA) Regulation, the European Union’s first attempt at comprehensive crypto regulation is one vote away from being enforced.

The legislation, which covers every major sector of the crypto industry, including stablecoins, decentralized finance (DeFi), crypto mining, nonfungible tokens (NFTs), and money laundering, has important clauses crypto influencers should know about.

Patrick Hansen, the Circle’s EU strategy and policy director, shared an excerpt from the legislation that could land crypto influencers in trouble for commenting on crypto projects on social media without disclosure. 

The clause deems crypto influencers eligible for market manipulation charges if they profit from crypto as a result of their actions. If crypto influencers take positions on an asset and proceed to lend their voices in a way that affect its price, they can be charged with market manipulation.

Flipsider:

  • While the EU looks to enforce the MiCA regulation soon, how it will monitor the industry and enforce the rules remains unclear.

Why You Should Care

The major aim of the MiCA regulation, which would modify how crypto is operated, is to stop money laundering and the people who facilitate it.

Digest breakers NFT

Visa Partners with Crypto.com to Bring NFTs to the World Cup in Qatar

Leading global payment processor Visa is building excitement towards the 2022 FIFA World Cup in Qatar by partnering with the crypto exchange, Crypto.com, to launch a non-fungible token (NFT) collection.

Visa, which has been the official payment partner of FIFA since 2007, is launching the collection dubbed Visa Masters of Movement to engage football fans with the upcoming spectacle. 

The collection, which Visa describes as a “first of its kind”, will allow fans to create their own special NFTs, avatars, and other collectibles inspired by their favorite football moments. Visa will also auction five minted NFTs of legendary World Cup goals.

Eligible creators can then mint art curated from the World Cup and Women’s World Cup. The digital artworks are available on Crypto.com, another sponsor of the events.

Flipsider:

  • Despite the hype surrounding digital arts, the trading volume of NFTs has fallen more than 97% since the beginning of the year.

Why You Should Care

Visa Masters of Movement highlights the increasing use of digital art for utility purposes other than their prices.

Digest breakers Chart

Elon Musk Confirms Creators will be able to Monetize Content on Twitter

Elon Musk’s $44 billion takeover of Twitter has been followed by a myriad of new developments and news. Top of the list is Elon Musk’s plan to monetize content creators on the micro-blogging site.

On November 1st, Musk announced via a thread that he was committed to changing the “current lords & peasants system.” In bringing power to the people, Musk announced that anyone can now buy Twitter’s blue tick service for $8.

In addition, Musk has officially confirmed that the service “will also give Twitter a revenue stream to reward content creators.” Subscribers will also benefit from priorities in replies and half as many advertisements.

While Twitter is yet to reveal the specifics on how the platform will allow creators to monetize their content, the move has been largely appreciated. Many say the service is long overdue.

Flipsider:

  • Musk’s plan to monetize Twitter has received mixed reactions, with talk show host Stephen Colbert calling the Twitter owner “unhinged.”

Why You Should Care

Musk’s plans to monetize content creators on Twitter have received support from the crypto community, with many suggesting DOGE may find a use case.

Digest breakers Blocks

Singapore’s DBS has Tested Forex & Bond Transactions on Blockchain DeFi

The Development Bank of Singapore Limited (DBS) has confirmed it is testing blockchain DeFi protocols for foreign exchange (forex) and bond transactions in collaboration with the Monetary Authority of Singapore (MAS). 

The collaboration between DBS and MAS is part of Project Guardian, a collaborative cross-industry endeavor involving Ethereum scaling system Polygon, DeFi lending platform Aave, and decentralized exchange Uniswap.

DBS announced on November 2nd that it had successfully tested trading of forex and government securities using permissioned decentralized finance (DeFi) liquidity pools on a public blockchain.

The first phase of the project, which was to confirm the possibility of tokenizing government securities and cash within a DeFi liquidity pool, involved trades in Singapore dollars (SGD), Japanese government bonds, and Japanese yen (JPY).

Flipsider:

  • Singapore has proposed new regulations to check consumer access by barring credit facilities from providing services leverage trading.

Why You Should Care

Singapore has led one of the most advanced explorations into cryptocurrency and decentralized finance (DeFi) out of all central banks and regulators.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed to be financial legal or tax advice. Trading Forex, cryptocurrencies, and CFDs poses a considerable risk of loss

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