MAS Approval and License Expansion

MAS has approved Ripple’s expansion of its MPI license payment activities. Ripple can now legally offer digital payment solutions using digital payment tokens (DPTs), stablecoins — including its own RLUSD — and other crypto assets under the MAS regulatory framework. This development marks a significant step for fintech and crypto integration in the Asia-Pacific region.

Ripple CEO Monica Long commented:

“MAS has set a leading standard for regulatory clarity in digital assets, and we highly value Singapore’s forward-looking approach. Ripple has always adopted a regulation-focused strategy. Singapore proves that innovation thrives when rules are clear. This expanded license strengthens our ability to continue investing in Singapore and provide financial institutions with the infrastructure needed to transfer money efficiently, quickly, and securely.”

Ripple’s Asia-Pacific Strategy

The MAS approval demonstrates Ripple’s commitment to regulatory compliance in the Asia-Pacific region. Ripple will continue to provide digital payment solutions to corporate clients and financial institutions in Singapore while strengthening its blockchain-based infrastructure. The use of stablecoins and other digital payment tokens will also increase cross-border payment capabilities.

Fiona Murray, Ripple’s Vice President and Managing Director for Asia-Pacific, added:

“The Asia-Pacific region leads the world in real digital asset adoption, and on-chain activity has increased by roughly 70% year-on-year. Singapore is at the center of this growth. With this expanded payment scope, we can offer faster, more efficient payments and a broad range of regulated payment services to the institutions driving this growth.”

Ripple Payments provides fast, transparent, and reliable cross-border payments and on/off ramps for banks, crypto firms, and fintechs worldwide. The company’s fully licensed end-to-end solution manages infrastructure and operational complexity, enabling businesses to launch digital payment services quickly without additional costs or operational burden.

Why This Approval Matters

This MAS approval allows Ripple to offer digital payment solutions in Singapore legally and within a regulated framework. Ripple can now increase speed and reliability for payments using stablecoins such as RLUSD and other DPTs, while strengthening its strategic position in the Asia-Pacific region. The license also enhances Ripple’s credibility in corporate partnerships and global compliance.

Since establishing its Asia-Pacific hub in Singapore in 2017, Ripple has leveraged MAS’s leading regulatory role and clear frameworks to strengthen its operational infrastructure in the region. This step reinforces Ripple’s commitment to compliance, transparency, and strong regulatory partnerships.

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What Happened on the First Day of TOKEN2049?

Maelstrom Launches Private Equity Arm: “Maelstrom Equity”

Arthur Hayes, co-founder of BitMEX, used the stage at TOKEN2049 to unveil a new division under his family office: Maelstrom Equity. For the first time, the firm will accept external institutional capital, targeting both majority and minority stakes in crypto and crypto-adjacent companies.

With a focus on businesses facing liquidity challenges or those primed for transformational growth, Maelstrom is expanding beyond venture and liquid markets into buyouts and growth equity. This move positions the firm to play a pivotal role in reshaping mature verticals within the crypto ecosystem.

KuCoin Rebrands With a New Identity: “Trust First. Trade Next.”

Global exchange KuCoin introduced its refreshed brand identity at TOKEN2049, centered around the principle “Trust First. Trade Next.”

Originally launched in 2017 as “the crypto exchange for everyone,” KuCoin now positions itself as “the crypto partner you can trust.” The updated visual identity reflects its core ethos of security, transparency, and accessibility, aiming to reinforce trust during periods of market volatility while strengthening its global appeal.

MEXC Ventures Commits $30M to Ethena’s ENA

Another key headline from Day One came from MEXC Ventures, which announced its second strategic investment in ENA, the governance token of the Ethena protocol. This brings its total commitment to $30 million.

When combined with a previous $16 million investment and a $20 million USDe acquisition, MEXC’s total exposure to the Ethena ecosystem now stands at $66 million. According to Cecilia Hsueh, Chief Strategy Officer at MEXC, the firm’s approach extends far beyond capital deployment, aiming to integrate operational synergies and project-level support to accelerate ecosystem growth.

Tether Gold (XAUt) Goes Live on Celo

Tether Gold (XAUt) has officially launched on the Celo network, expanding access to tokenized gold across more than 150 countries.

The addition complements Celo’s existing integration of USDT, which has already been used in over 119 million transactions as a gas currency. With XAUt now live, users within the Celo ecosystem gain seamless access to one of the oldest stores of value, bridging traditional assets with blockchain infrastructure.

Celo Introduces Nightfall Privacy Layer for Enterprise Payments

The Celo Foundation also announced the deployment of Nightfall, an open-source zero-knowledge privacy layer built by EY. Now live as a Layer 3 on Celo, Nightfall represents the first time a payments-focused blockchain has adopted this technology.

Nightfall leverages ZK proofs and ZK-ZK rollups to deliver private, auditable transactions at a fraction of traditional costs. The solution is designed for B2B payments, supply chain finance, and other enterprise use cases where confidentiality and efficiency are mission-critical.

A Strong Start to a Landmark Event!

Even on its first day, TOKEN2049 demonstrated why it remains the epicenter of the crypto world. From major equity announcements and rebranding strategies to significant investments and technical innovations, the event is shaping the conversation around both the current state and future trajectory of digital assets.

As the week continues, participants can expect even more high-profile panels, product launches, and strategic collaborations. TOKEN2049 has once again proven to be more than just a conference—it is where the next chapter of the crypto industry is written.

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Participants are experiencing not only panels but also a variety of activities such as ziplining, climbing, pickleball, cold plunges, gong ceremonies, and massages. In short, a “pop-up city” has emerged, bringing the entire crypto community together under one roof.

We at Coin Engineer have also taken our place at the event.

World-Renowned Names at TOKEN2049

The event brings together leading figures from the global crypto and financial world. Some of the highlights include:

• Vlad Tenev – Robinhood, Chairman and CEO
• Balaji Srinivasan – The Network State, Founder, Investor, and Author
• Tom Lee – Fundstrat / BitMine, CIO and Portfolio Manager
• Lando Norris – McLaren Formula 1 Team, Driver
• Arthur Hayes – Maelstrom, CIO
• Star Xu – OKX, Founder and CEO
• Richard Teng – Binance, CEO
• Paolo Ardoino – Tether, CEO
• Donald Trump Jr. – World Liberty Financial, Co-Founder
• Jesse Pollak – Base, Creator

Attendee Profile and Event Scope

• Participation from over 160 countries
• More than 60% of attendees are C-level executives
• Over 1,000 side events, making it the world’s largest crypto gathering

TOKEN2049 is not just a conference; it has become a global hub where the future of the industry is shaped, and connections are forged.

Highlighted Panels

Throughout the event, many remarkable panels are being held. Here are some of the most notable ones:

1. Institutional Flows into Digital Assets

• Richard Teng – Binance, CEO
• Hunter Horsley – Bitwise Asset Management, Co-Founder and CEO
• Tim McCourt – CME Group, Global Head of Equities, FX, and Alternative Products
• Heath Tarbert – Circle, President
• Elaine Yu – CNBC International, Reporter

2. Wall Street’s Biggest Macro Shift Since the Gold Standard

• Tom Lee – Fundstrat / BitMine, CIO and Portfolio Manager

3. The New Playbook: How U.S. Policy Will Accelerate Global Crypto Adoption

• Bo Hines – Tether USA₮, CEO
• Cody Carbone – The Digital Chamber, CEO

TOKEN2049 Singapore is not only shaping the future of the crypto ecosystem but also defining its culture. With leading speakers and attendees, this year’s edition is set to become one of the most significant crypto events in history.

We at Coin Engineer will continue to follow the event on-site and bring you the latest updates.

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Sony and Crypto.com Partnership: A New Era for Crypto Payments

On April 2, Sony Electronics Singapore announced that its online store now accepts USDC payments via integration with Crypto.com.

Chin Tah Ang, General Manager of Crypto.com Singapore, stated:

“We’re pushing to make crypto payments more mainstream. Partnering with an established and forward-thinking brand like Sony raises awareness of how simple it can be to use crypto for everyday purchases.”

This is just one of Crypto.com’s high-profile collaborations. In late 2024, the exchange partnered with Deutsche Bank to provide corporate banking services in Singapore, Australia, and Hong Kong.

Singapore Invests in Stablecoins

The decision by Sony Electronics Singapore to accept stablecoin payments reflects a growing trend in the region.

In February 2025, Metro, a publicly listed department store chain in Singapore, also enabled payments using USDT and other stablecoins.

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Reports from January 2025 suggested that Singapore has become a major destination for Web3 companies, issuing twice as many crypto licenses in 2024 as the previous year.

William Croisettier, Chief Growth Officer at ZKcandy, highlighted Singapore’s regulatory approach:

“The country takes a risk-adjusted approach to crypto regulation, focusing on major digital currencies to protect investors. It also makes it easier for new crypto firms to interact with local banking partners—a luxury in many other parts of the world.”

Singapore: The Emerging Crypto Hub

In November 2024, Singapore Gulf Bank sought at least $50 million in funding as part of its plan to acquire a stablecoin payment company in 2025.

A 2024 year-end study ranked Singapore as the top global leader in blockchain technology, based on multiple factors such as patents, job opportunities, and crypto exchange activity.

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Ho’s Crimes and Her Prison Sentence

Ho committed the crimes while working at the WeChain platform, which handled payroll for Bybit from October 2021 to October 2022. She falsified payroll records and transferred $5.7 million to four crypto wallets she owned. It was reported that she sent a total of $4.2 million to these wallets. The court sentenced Ho to a total of 9 years and 11 months in prison for her actions.

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Ho used the stolen funds to finance a luxurious lifestyle, including a deposit of $750,000 for a penthouse worth over $3.7 million. She also purchased high-end items from brands like Louis Vuitton, including bags, rings, shirts, and shoes. This lavish spending was funded entirely by the money she stole from Bybit.

Police Operation and Recovered Assets

Ho attempted to launder the stolen funds, but Bybit was able to recover over $1.1 million in Tether (USDT) and $140,000 from one of Ho’s bank accounts. Police also seized assets worth over $330,000, including a Mercedes-Benz car. Despite this, Ho has not offered to repay the remaining funds to Bybit.

Before the fraud was discovered, Ho misled police by claiming that her “cousin,” Jason Teo, was responsible for the unlawful transactions. Investigations later revealed that Jason Teo did not exist. Ho’s lawyer argued that her actions were a “lapse in judgment,” but the court determined her guilty.

Ho’s 10-year prison sentence highlights security vulnerabilities in the crypto industry and the rising number of fraud cases. This Singapore case serves as a crucial lesson for crypto exchanges on how they must secure their internal systems.

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Why Was Polymarket Blocked?

On January 12, several users in Singapore reported issues accessing Polymarket. When attempting to enter the site, users encountered a warning citing the Gambling Control Act 2022, which prohibits betting with unlicensed operators.

Alex Zuo, Vice President of Investment and Custody at Cobo Global, shared on X:
“Polymarket is officially defined as a gambling website in Singapore. If you want to place a bet, you can only go to a state-owned gambling company. Otherwise, you will face fines and imprisonment.”

GRA and Gambling Laws

Users trying to access the site are met with the following message from the Gambling Regulatory Authority (GRA):
“You have attempted to access an illegal gambling site hosted by an unlicensed gambling service provider. Singapore Pools is the only licensed online gambling operator in Singapore.”

The GRA was established on August 1, 2022, by restructuring the Casino Regulatory Authority to oversee all forms of gambling under a single regulatory body.

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Polymarket operates on the Polygon blockchain, allowing users to bet on global events using USD Coin (USDC) as the primary currency.

As of January 1, enforcement authority over illegal gambling activities has been transferred from the GRA to the Singapore Police Force. According to a statement on the GRA website, individuals engaging in unlawful gambling may face fines of up to 500,000 Singapore dollars and imprisonment for up to 7 years. Repeat offenders may receive fines of up to 700,000 Singapore dollars and 10 years of imprisonment.

In a December 30 statement, the GRA revealed that since 2015, over 3,800 gambling websites and 145,000 transactions totaling 37 million Singapore dollars have been blocked.

Polymarket’s Regulatory Challenges

Polymarket has faced regulatory issues in the past:

• In 2022, the U.S. CFTC fined Polymarket $1.4 million for operating an unregistered derivatives trading platform, which led the platform to block U.S. users.
• In November 2024, the platform blocked users in France following reports of an investigation by French authorities regarding compliance with gambling laws.

Despite these challenges, Polymarket continues to see significant activity. In the first days of 2025, the platform recorded a trading volume of $431 million. Its largest market, the 2025 Super Bowl Championship, has attracted over $15 million in wagers, according to Dune Analytics.

Polymarket and the GRA have not responded to requests for comment at the time of publication.

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With this approval, GSR becomes the first crypto liquidity provider to achieve dual regulatory authorization from both the FCA and the Monetary Authority of Singapore (MAS).

New Services and Rising Demand

The FCA approval will enable GSR to provide services such as over-the-counter (OTC) and programmatic execution trading for clients in the UK.

• This development is particularly significant as demand for regulated crypto trading solutions has risen sharply since Bitcoin surpassed the $100,000 milestone in December 2024.
• Institutional investors entering the market throughout the year have further fueled this demand.

Dual Regulatory Authorization

GSR’s Group CEO, Xin Song, highlighted that dual authorization allows the firm to “confidently expand [its] services to institutional and professional clients globally.”

This dual compliance demonstrates GSR Markets UK’s adherence to the regulatory standards of major global markets in both the UK and Singapore.

Service Expansion

With FCA’s green light, the company is well-positioned to address the growing demand for regulated and reliable trading platforms as industry players increasingly prioritize compliant solutions in crypto markets.

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GSR Markets UK CEO Jakob Palmstierna noted that this milestone will enable the company to better support its clients “as they navigate the dynamic, rapidly growing market.”

The firm’s global operations include over 120 employees in the UK, making it one of the largest crypto-native employers in the region.

MPI License in Singapore

On April 4, 2024, GSR Markets secured its Major Payment Institution (MPI) license from MAS. This license allows the firm to offer multiple payment services and exceed the volume limitations imposed on payment firms.

• With the MPI license, GSR can surpass the SG$3 million ($2.2 million) volume limit for a single payment service and the SG$6 million ($4.4 million) monthly limit for two or more services.

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The first framework developed by MAS, the “Guardian Fixed Income Framework,” provides guidance on the implementation of tokenization in debt capital markets. The report highlights that tokenization of fixed income instruments can provide tangible benefits such as transparency, trading efficiency and reduced settlement times between market participants. It also notes that supporting the growth and maturation of tokenized fixed income assets will be beneficial for a wider range of investors.

The other framework, the “Guardian Funds Framework,” provides a set of recommendations for industry best practices for tokenized funds. MAS states that a system called the “Guardian Composite Token Taxonomy” will facilitate the development of tokenized investment vehicles consisting of multiple assets and simplify the integration process of new token funds, ensuring faster and more efficient settlement of funds.

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MAS has conducted more than 15 sectoral trials with the use of tokenization in six different currencies and various financial products within the scope of Project Guardian, which it launched in 2022. More than 40 financial institutions, industry associations and policymakers operating in seven different jurisdictions participated in these trials. MAS states that these innovations aim to deepen liquidity in financial markets by making tokenized assets more attractive to a wider audience.

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ANZ wants to test the interoperability of RWAs like commercial papers across blockchains by partnering with blockchain oracle company Chainlink Labs and Singapore-based investment firm ADDX, according a September 30 announcement.

Initiated in 2022 by the Monetary Authority of Singapore, Project Guardian gathers financial sector players and legislators to tokenize RWAs, hence enhancing liquidity and efficiency in the financial markets.

Lead in ANZ’s financial services, Nigel Dobson said the firm was interested in using its A$DC stablecoin—backed by the Australian dollar—to travel more fluidly between blockchains. Using Chainlink’s Cross-Chain Interoperability Protocol (CCIP), said Zach Rynes, Chainlink’s community liaison, ANZ will be able to reach this.

Dobson underlined that present tokenized asset markets are “highly fragmented” and most RWAs cannot be moved across blockchains without an interoperability solution like CCIP, which complicates the integration for financial institutions and inhibits adoption.

Given that ANZ maintains an office in Singapore, Project Guardian will provide local support to the bank Along with DBS Bank, SBI Digital Asset Holdings, and WisdomTree, other significant partners in Project Guardian’s trial programs are S&P Global, Deutsche Bank, and JPMorgan’s blockchain platform Onyx.

Along with the International Monetary Fund, the policymaker group of Project Guardian comprises government agencies from the United Kingdom, Japan, Singapore, Switzerland, and France.

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Singapore, 23 August 2024 – Being the biggest worldwide conference for the Web3 ecosystem, TOKEN2049 is expected to surpass all others. Concurrent with the Formula 1 Singapore Grand Prix, the 2024 edition will take place September 18–19 at Marina Bay Sands in Singapore. More than 20,000 people from 150 countries are anticipated to attend, therefore reaffirming its importance as a top event for the crypto sector since exhibition venues sell out a month ahead.

Record Attendance and Sold-Out Exhibition

After TOKEN2049 Dubai’s April triumph, TOKEN2049 Singapore should reach full capacity once more with rapidly sold tickets. Leading speakers for the event will be Formula 1 champion Max Verstappen, Solana founder Anatoly Yakovenko, Binance CEO Richard Teng, and Edward Snowden whistleblower. Additional speakers are entrepreneur Balaji Srinivasan and Grammy-nominated musician Iggy Azalea.

Alex Fiskum, Co-Founder of TOKEN2049, commented: “We’re excited to be hosting the largest crypto event of the year. With more than double the attendees from last year and a significantly expanded event space at the iconic Marina Bay Sands, all exhibition opportunities have sold out a record month in advance. We’re expecting 20,000 attendees, and with tickets moving fast, we’re on track to sell out well ahead of the event. We look forward to welcoming the global crypto community to Singapore next month for our most dynamic and immersive TOKEN2049 experience yet.”

Expanded Experience and NEXUS Competition

Additionally debuted by TOKEN2049 is NEXUS, a startup competition targeted at early-stage Web3 initiatives. Thousands of applications have been received; finalists will fight for worldwide attention in front of elite venture capitalists and thousands of guests.

Sponsors and Side Events

Supporting the event are top-notch sponsors OKX, TRON DAO, and Bitget. From September 16–22, over 500 side events will take place, providing lots of chances for networking and cooperation.

For more details visit the official TOKEN2049 website.

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