Monday, Jun 27, 2022
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Singapore Passes Law For Crypto Providers; Bitcoin Rises

New legislation will require service providers to be licensed only if they do business overseas; Bitcoin, Ethereum up 1.14%, 1.22% in last 24 hours

Singapore Passes Law For Crypto Providers; Bitcoin Rises
Bitcoin

Singapore’s parliament has approved a law that will tighten the rules for cryptocurrency providers in the city-state.

The new legislation will require virtual asset service providers in Singapore, which only do business overseas, to be licensed, according to a report by Bloomberg. This move is widely being seen as Singapore’s tentative embrace of the crypto industry. 

At present, crypto entities in Singapore are not regulated for anti-money laundering or terror financing. The new law comes in the wake of a recent move by Singapore’s financial regulator to discourage companies in the cryptocurrency space from advertising their services to the public, further underscoring the county’s cautious approach to crypto.

Elsewhere, crypto exchange BitMEX has laid off 75 workers. This comes shortly after plans by a company founded by BitMEX’s CEO and CFO to buy one of Germany’s oldest banks, fell through. 

“BitMEX has made changes to our workforce in order to streamline for the next phase of our business. Our top priority is to make sure all employees who will be impacted, have the support they require,” BitMEX told CoinDesk in an email. 

Crypto Prices

The price of Bitcoin in the cryptocurrency market rose by 1.14 per cent in the last 24 hours, and it was trading at $46,686.47 at 5:00 pm IST. Its dominance in the crypto market is currently at 40.97 per cent, down by 0.11 per cent in the last 24 hours, according to Coinmarketcap.com.

In the last 24 hours, Ethereum (ETH) was trading at $3,516.86, a rise of 1.22 per cent, while Binance Coin (BNB) rose 2.25 per cent in the same period, and was trading at $456.22. Solana (SOL) was down by 1.02 per cent to $133.28, while Cardano (ADA) was down by 0.31 per cent to $1.21.

Meme Coins

Among meme coins, Dogecoin was down 1.26 per cent, and it was trading at $0.1521 at 5:00 pm on Coinmarketcap.com. Its rival, Shiba Inu, was down by 1.21 per cent and was trading at $0.00002671. Samoyedcoin was up by 3.37 per cent, trading at $0.023, while Dogelon Mars was down by 0.73 per cent, and was trading at $0.00000102. 

Overall Scenario

According to Coinmarketcap.com, the global crypto market cap was at $2.16 trillion, an increase of 0.88 per cent in the last 24 hours, while the total crypto market volume was $102.72 billion, up by 2.44 per cent, according to Coinmarketcap.com.

En-Tan-Mo (ETM) became the biggest gainer, recording a rise of 312.27 per cent. It was trading at $0.08153 at 5:00 pm, according to Coinmarketcap. In contrast, Mad Meerkat ETF (METF) witnessed the maximum loss, falling 27.42 per cent. It was trading at $192.89, Coinmarketcap.com reported.
 

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