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Singapore’s Regulator Imposes 9-Year Ban on 3AC FoundersSingapore’s central bank and financial regulator, the Monetary Authority of Singapore (MAS), has handed down a nine-year prohibition order to Kyle Davies and Su Zhu, co-founders of the failed crypto hedge fund Three Arrows Capital (3AC).Photo by Swapnil Bapat on UnsplashSevere restrictionsThe penalty relates to alleged violations of the city-state’s securities laws. The prohibition order came into effect on Wednesday, carrying severe restrictions for Davies and Zhu.During this nine-year period, Davies and Zhu are prohibited from engaging in any regulated activities in Singapore. They are also barred from managing, serving as directors, or holding substantial shares in any capital market services business within the territory of Singapore.Loo Siew Yee, the Assistant Managing Director of Policy, Payments, and Financial Crime at MAS, emphasized the seriousness of the violations in a statement released by the central bank on Thursday. Yee stated:“MAS takes a serious view of Mr. Zhu’s and Mr. Davies’ flagrant disregard of MAS’ regulatory requirements and dereliction of their directors’ duties.” She further asserted that MAS would take action against senior managers who engage in such misconduct.Securities law violationsMAS’s decision to impose these sanctions on the 3AC co-founders was based on its findings of further securities law violations during investigations into 3AC and its founders. The regulatory authority accused Davies and Zhu of failing to inform MAS when 3AC hired a new business representative, providing false information to the regulator, and neglecting to establish an appropriate risk management framework.3AC’s troubles stemmed from the crypto market crash that occurred last year, triggered by the Terra ecosystem’s collapse. The hedge fund’s leveraged crypto positions exposed it to billions in loan defaults, resulting in significant financial losses. Its lack of risk management had a cascading effect in crypto. Lenders like Celsius and BlockFi had exposure to 3AC, leading to further collapses later in 2022 as a consequence.3AC’s creditors claim that the firm owes as much as $3.5 billion, and liquidators are now seeking to recover approximately $1.3 billion from Zhu and Davies, who allegedly incurred the debt when the firm was already insolvent.Regulatory reprimandsThis action by MAS follows last June’s reprimand of 3AC, which occurred just before the hedge fund filed for bankruptcy amid widely reported insolvency issues. At that time, MAS had criticized 3AC for providing false information, failing to report directorship changes involving Zhu and Davies, and exceeding the legal assets under management threshold.It’s just the latest reprimand the duo have received from a regulator this year, though. Zhu and Davies have been busy in trying to get another start-up off the ground. Earlier this year, they launched OPNX, a crypto bankruptcy claims trading platform. The venture is based out of Dubai, and the firm reported in April that it had gotten significant VC backing.Many of those that the company claimed were backing the venture disassociated themselves from those claims. The following month, the Dubai regulator, the Virtual Assets Regulatory Authority (VARA), reprimanded the OPNX founders, having issued an investor alert relative to the firm a few weeks prior to that. VARA's complaint was that the business had been operating without having acquired the appropriate licensing.

China and Singapore collaborate on cross-border digital yuan transactionsTaking yet another stride toward globalizing the e-CNY currency, China’s central bank has unveiled a pilot program in collaboration with its Singaporean counterpart, enabling tourists from both countries to use the digital yuan for transactions when traveling.Photo by Eric Prouzet on UnsplashSeries of initiativesThis move is part of a series of initiatives unveiled by the two governments during a Joint Council for Bilateral Cooperation event which was held in Tianjin, China, last week. Among the announced measures is a mutual 30-day visa-free travel arrangement, one of 24 deals signed to strengthen bilateral ties between China and Singapore.The Monetary Authority of Singapore (MAS) disclosed in a statement that it had collaborated with the Digital Currency Institute of the People’s Bank of China (PBOC) for this initiative. The program aims to facilitate the use of the digital version of the Chinese currency for tourist spending, enhancing convenience for travelers during their overseas trips. While specific details about the scheme were not disclosed, it represents a collaborative effort to promote cross-border transactions using the digital yuan.Internationalizing the digital yuanIn its reporting on the announcement, the South China Morning Post (SCMP) pointed to the views of Richard Turrin, an independent financial technology consultant and author of “Cashless: China’s Digital Currency Revolution.” Turrin sees the digital yuan collaboration as a promising opportunity for cross-border retail use. He suggests that starting with small transactions, such as those by tourists, could pave the way for broader applications in trade and other high-value scenarios.In an editorial back in November, the SCMP referred to the birth of the Petro-Yuan, speculating that the era of the Petro-Dollar is coming to an end. “In a global political economy long dominated by the petrodollar, this could be the beginning of a seismic shift,” the editorial stated. The internationalization of the e-CNY will likely be a key aspect of that overall monetary sea change.Over 5 years in developmentChina initiated digital yuan testing in 2019, and although an official launch timetable has not been confirmed, adoption has accelerated recently. Former PBOC governor Yi Gang reported that total e-CNY transactions reached 950 million yuan ($133 million) in June, with a cumulative value of 1.8 trillion yuan compared to 100 billion yuan in August 2022. This indicates a substantial increase in digital yuan transactions.The momentum extends beyond mainland China, with Beijing exploring CBDC usage internationally. The mBridge trial, completed last year, involved multiple countries using central bank digital currencies to settle trades, including Hong Kong, Thailand and the United Arab Emirates.In June, authorities in China’s resort city of Sanya introduced e-CNY ATMs so that foreign visitors could buy the digital yuan and use it during their time in China. Another initiative aims to encourage further use of the digital currency within the Chinese autonomous territory of Hong Kong. In July, the Hong Kong arm of the Bank of China rolled out a digital yuan shopping festival in Hong Kong, allowing visitors to Hong Kong from mainland China to make purchases using the digital yuan.

Blockchain Council Exec: Philippines Poised for Crypto AdoptionDonald Lim, the Founder of the Blockchain Council of the Philippines (BCP), believes that the country has all the necessary elements for mainstream crypto and blockchain adoption.In a recent interview with Cointelegraph, Lim discussed the potential for crypto adoption in the Philippines and explained why he is optimistic about the success of blockchain projects in the country.Photo by Krisia on PexelsFinding its place in blockchainAccording to Lim, the BCP recognized the global shift towards Web3 and organized the Philippine Blockchain Week to explore the ecosystem’s potential. That activity revealed to the organizers that the country has a vibrant community eager to find its place in the world of blockchain. Lim expressed confidence in the Philippines becoming the blockchain capital of Asia, citing the country’s technical expertise, young population with a median age of 25, and its ability to adapt quickly, as demonstrated by the popularity of the play-to-earn game Axie Infinity.Crypto interestAxie Infinity, a play-to-earn blockchain game, gained significant traction in the Philippines in 2021, with 40% of its player base coming from the country. This increased awareness of Web3 concepts and the creation of crypto wallets. Additionally, research carried out recently suggests the Filipinos are among the most interested in crypto in the region.Lim noted that international organizations have been eager to enter the Philippine market due to favorable demographics and the government’s open stance on crypto and blockchain. The executive emphasized that the government is not seeking to stifle innovation in the sector. On the contrary, it welcomes blockchain and Web3 projects, creating an environment conducive to their growth.Ethan Rose, founder of Pouch, a wallet service supporting the Bitcoin Lightning Network in the Philippines, corroborated this sentiment. Pouch has successfully onboarded over 400 businesses in the country to accept Bitcoin payments. While the onboarding of Filipino merchants into the crypto space is a positive step, Lim believes that it will take time before living solely on Bitcoin or crypto becomes a reality.Adoption inevitableHowever, he remains optimistic about the future, stating that it is only a matter of time before crypto adoption snowballs into something more significant.Lim highlighted the need for infrastructure development, expecting it to mature within the next four to five years. As the infrastructure improves, crypto will not only be used for payments but also for activities such as purchasing non-fungible tokens (NFTs) and participating in the metaverse. This comprehensive adoption will pave the way for a crypto-powered future in the Philippines.Philippine regulator, the Securities and Exchange Commission (SEC), recently delayed publication of its crypto regulatory framework. However, it appears that the move stems from an abundance of caution in getting the regulation right. Earlier this year, Robert De Guzman, Head of Legal Compliance at Philippines-based cryptocurrency exchange, Coins.ph, expressed his optimism that the authorities are developing a progressive regulatory framework for crypto in the Southeast Asian country.The Philippines shows promising potential for crypto and blockchain adoption, fueled by its young population, technical expertise, and supportive government. As the infrastructure continues to evolve, crypto adoption is expected to expand beyond payments, encompassing various aspects of the digital economy.