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Author: Wei Xiang

  • [MAS] The Monetary Authority of Singapore imposed a fine of 2.5 million SGD

    [MAS] The Monetary Authority of Singapore imposed a fine of 2.5 million SGD

    Wei Xiang

    The Monetary Authority of Singapore (MAS) imposed a combined fine of 2.5 million SGD on Swiss Asia Financial Services Pte Ltd for violations of anti-money laundering and counter-terrorism financing regulations and issued warnings to its CEO and COO. During the MAS inspection, violations included: Read more

  • [MAS] GUIDELINES ON LICENSING FOR PAYMENT SERVICE PROVIDERS

    [MAS] GUIDELINES ON LICENSING FOR PAYMENT SERVICE PROVIDERS

    Wei Xiang

    🚀 MAS new requirement for legal opinion and compliance / IT auditor assessment inputs to be provided during PSA license application. 3 cheers!!! More collaborations between industry players and professional services firms To ensure greater clarity, better facilitate application reviews and enhance efficiency of the licensing process, the Monetary Authority of Singapore (“MAS”) will be… Read more

  • [TRM] 🔍Exploring the Russian-speaking Illicit Crypto Ecosystem 🚨

    [TRM] 🔍Exploring the Russian-speaking Illicit Crypto Ecosystem 🚨

    Wei Xiang

    From ransomware groups to illicit marketplace operators, Russian-speaking threat actors have become a significant force in international crypto crime. 🌐💻 🔐 Ransomware: This type of malicious software encrypts a victim’s files or data, making them inaccessible. The attacker demands a ransom, usually in cryptocurrency, for the decryption key. Ransomware has become a serious threat to… Read more

  • [FSB] 🌍 Cross-border Regulatory and Supervisory Issues of Global Stablecoin Arrangements in Emerging Markets and Developing Economies! 💹

    [FSB] 🌍 Cross-border Regulatory and Supervisory Issues of Global Stablecoin Arrangements in Emerging Markets and Developing Economies! 💹

    Wei Xiang

    Global stablecoins (GSCs), which are stablecoins that could be widely used as a means of payment and/or store of value across multiple jurisdictions, could pose significant risks to financial stability. The collapse and de-peg of certain stablecoins since the outbreak of the crypto-asset market turmoil in 2022 highlights the potential fragility of stablecoins that are… Read more

  • U.S. Department of the Treasury: 2024 National Strategy for Combating Terrorist and Other Illicit Financing

    U.S. Department of the Treasury: 2024 National Strategy for Combating Terrorist and Other Illicit Financing

    Wei Xiang

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    Outreach to the industry to ensure that VASPs engaged in money transmission and business activities in the United States are registered and comply with all AML/CFT requirements and sanctions obligations. Hold financial institutions accountable that fail to meet AML/CFT requirements and sanctions obligations. Cooperate with foreign jurisdictions that have weak or non-existent AML/CFT regimes for… Read more

  • [Presto Research] Market Making:Predatory or Essential?

    [Presto Research] Market Making:Predatory or Essential?

    Wei Xiang

    Market makers contribute significantly to reducing volatility and transaction costs by providing substantial liquidity, ensuring efficient trade execution, fostering investor confidence, and enabling smoother market operations. Market makers utilize various structures to provide liquidity, most commonly token loan agreements and retainer models. In the token loan agreement, market makers borrow tokens from the project to… Read more

  • [SPICE ROUTE FINANCE] STAGES OF FUNDING

    [SPICE ROUTE FINANCE] STAGES OF FUNDING

    Wei Xiang

    Raising funds has its own difficulties for any company or individuals. But when it comes to startups, the story is different. It is a very strenuous task for any startup to raise equity funding in its initial stages and it is a time at which most of the entrepreneurs feel low and disheartened. But, once… Read more

  • [McKinsey Explainers] What is tokenization?

    [McKinsey Explainers] What is tokenization?

    Wei Xiang

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    Tokenization is the process of creating a digital representation of a real thing. Tokenization can be used to protect sensitive data or to efficiently process large amounts of data. Events of the past few years have made it clear: we’re hurtling toward the next era of the internet with ever-increasing speed. Several new developments are… Read more

  • [Kaiko] A practical guide to understanding MiCA

    [Kaiko] A practical guide to understanding MiCA

    Wei Xiang

    Preparation for MiCA: Data will be at the heart of your preparation for MiCA. We created this guide to help you understand the upcoming requirements and adapt your data strategy. We will outline MiCA’s scope, requirements, and challenges and at the end provide several case studies showing how Crypto Asset Service Providers (CASPs) and regulators… Read more

  • [Crypto.com] Tokenisation of RWAs & Yield-Bearing Stablecoins

    [Crypto.com] Tokenisation of RWAs & Yield-Bearing Stablecoins

    Wei Xiang

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    We have undoubtedly seen the rise of RWA tokenisation in 2024. Not only does it signify a bridge between TradFi and the digital asset space for crypto natives, it also opens up the crypto world to many new users and products. Various institutions have taken their first steps to jump on the bandwagon of tokenisation… Read more