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Singapore Gets with Banks to Provide Guidance on Crypto BusinessesIn a move to provide clarity and guidance to financial institutions dealing with cryptocurrencies, the Monetary Authority of Singapore (MAS) is reportedly working with banks to develop new vetting procedures for crypto clients.According to a recent Bloomberg report, the MAS plans to provide more detailed guidance to banks on how to properly screen and monitor customers involved in cryptocurrency transactions.©Pexels/PixabayRegulatory clarityThe decision to provide guidance on crypto businesses comes as regulators around the world struggle to keep up with the rapidly-evolving digital currency industry. Many governments have been grappling with how to regulate cryptocurrencies in the face of concerns over money laundering, fraud, and other illicit activities.Singapore, however, has taken a more progressive stance on digital currencies, with the MAS recently announcing plans to create a regulatory framework for crypto derivatives trading. The country’s financial watchdog has also been working to improve AML (anti-money laundering) and CFT (combating the financing of terrorism) measures relative to crypto transactions.The MAS’s efforts to provide guidance to banks on crypto businesses are part of this broader push to promote responsible use of digital currencies in Singapore. By providing clear and detailed guidance to financial institutions, the regulator hopes to prevent illegal activities from taking place while also promoting the growth of the crypto industry.The MAS’s approach is seen as a positive development for the crypto industry, as it provides a clear framework for financial institutions to work within. This could help to boost confidence in the crypto market, potentially leading to increased investment and adoption.Striking the right balanceAt the same time, however, some industry observers have expressed concerns that overly strict regulations could stifle innovation and limit the potential of cryptocurrencies. They argue that a balance must be struck between protecting consumers and promoting innovation in the digital currency industry.Despite these concerns, the MAS’s efforts to provide guidance on crypto businesses are likely to be welcomed by financial institutions and industry participants alike. As the use of digital currencies continues to grow, it is becoming increasingly important for regulators to provide clear and comprehensive guidance on how to operate within this rapidly-evolving industry.Previous failuresSingapore hasn’t always gotten its approach to cryptocurrency right. In 2021, the MAS put global crypto exchange Binance on its investor alert list. Binance felt compelled to curb its service offering in the city state. The consequence of that action was that a disproportionate number of Singaporeans proceeded to open accounts with FTX only later to get caught up in the collapse of the exchange.The Monetary Authority of Singapore’s decision to provide guidance on crypto businesses is bullish for the digital currency industry. By providing clear and detailed guidance to financial institutions, the regulator is promoting responsible use of cryptocurrencies in Singapore while also boosting confidence in the market. However, there is a need to strike a balance between protecting consumers and promoting innovation in the industry, as overly strict regulations could stifle growth and limit the potential of cryptocurrencies.

Rotonda revamps Burrito Wallet with cross-chain swapping, added mainnet and moreRotonda, a subsidiary of South Korean crypto exchange Bithumb, has recently revamped its Web3 wallet Burrito Wallet to make the app more convenient for users, according to Korean news agency Etoday on Wednesday (local time). The newest version features an improved mainnet support system, user interface (UI) and user experience (UX), with a stronger focus on enhancing user convenience and creating a framework for optimal investment.Photo by Shubham’s Web3 on Unsplash“Through this service renewal, we hope that many users will be able to experience a more convenient and unique web3 environment. We will continue to improve our services to establish Burrito Wallet as a user-friendly crypto wallet platform,” the company said.Expanded options for token tradingMost notably, Burrito Wallet now offers cross-chain swapping, which allows users to trade token currencies that have been issued on different mainnets. This is a step up from regular crypto swapping, which only allows the swapping of tokens issued on the same mainnet. Cross-chain swapping between the Ethereum, BNB Smart Chain, Matic, Avalanche and Arbitrum mainnets is now supported by the deSwap Liquidity Network (DLN), a decentralized cross-chain exchange built by deBridge Finance. DLN facilitates secure and unlimited liquidity transfers across chains with zero slippage.Rotonda added that it would continue to expand its lineup of swap platforms through collaborations with major industry names like Kana Labs, WOOFi and Unizen.Better user experienceThe company also added new features to help users make optimal investments. This includes a new notification bot dubbed “Burrito Chef,” which sends notifications for announcements, updates and events within the app. Users can quickly and conveniently check the insights they need to inform their personal investments and get the most out of the app’s services.On the UI front, a “Home” tab has been added, which provides users with a concise overview at of the most commonly used features like wallet, swap and chat, along with the most popular content. Token rankings by category — such as most swapped tokens and most rising tokens — that were previously available on the “Swap” tab have been moved to the “Home” tab and placed in the foreground of the screen. Rotonda also explained that it aims to provide a more customizable experience by adding more detailed chart features.The wallet also now supports the Sui mainnet, bringing the total number of supported mainnets to 12.This development comes shortly after Rotonda recently launched Burrito Wallet in the Latin American region in a move to expand its global user base.

Lion Group Holding Ltd (LGHL), a Nasdaq-listed financial services firm that provides an all-in-one platform for traders, has announced that it has secured $600 million to fund a Hyperliquid (HYPE) treasury. In a press release published by PR Newswire on behalf of the firm on June 18, the company outlined that a $600 million funding facility has been put in place by ATW Partners, a New York-headquartered investment firm that manages a number of private equity funds. Global investment bank Chardan Capital acted as the placement agent in facilitating the funding, with the first closing of $10.6 million, as per the subscription agreement.Photo by Towfiqu barbhuiya on UnsplashCorporate treasury strategyLion Group will use that money to launch a new corporate treasury strategy built around Hyperliquid’s HYPE token. Hyperliquid is a decentralized exchange (DEX) which was created by Hyperliquid Labs, a startup founded by Jeff Yan.  The HYPE token is the native token of the Hyperliquid platform. It’s used to secure the network through staking and for project governance. The token is also used to provide transaction incentives, while the Hyperliquid platform buys back HYPE tokens using trading fee revenues. Lion Group’s platform offers its users access to contract-for-difference (CFD) trading, total return swap (TRS) trading, over-the-counter (OTC) stock options trading, while also acting as a futures and securities brokerage. Up until 2022, the firm was based in Hong Kong, opting to relocate to Singapore at that point. Primarily, the company serves corporate clients, individual professional investors and retail investors located in China and throughout the Southeast Asian region. Future of trading is on-chainIn explaining its rationale for pursuing a HYPE treasury strategy, the company’s CEO, Wilson Wang, stated: “Hyperliquid represents a natural extension of LGHL's existing derivatives business into decentralized markets, and reflects our conviction that decentralized on-chain execution is the future of trading." Going forward, the company will pursue a strategic accumulation of HYPE, with the token serving as the firm’s primary reserve asset. In addition to HYPE, Lion Group outlined that it may also allocate funds to purchase Solana (SOL) and Sui (SUI), with these tokens to be staked and custodied with institutional-grade digital asset custodian, BitGo. Lion Group asserted that both of these assets would form “key pillars” of a treasury strategy “focused on execution-first protocols.” Wang added that the company views “protocols like HYPE, with decentralized sequencing, as foundational to building scalable DeFi systems.” The company is not the first mover in terms of launching a HYPE-based corporate treasury. On June 17, Eyenovia, Inc. (EYEN), a Nasdaq-listed ophthalmic technology firm, announced that it had entered into a securities purchase agreement with a view towards financing a $50 million HYPE treasury. Additionally, the firm plans to change its name to Hyperion DeFi and its stock ticker to HYPD later this week to reflect its new HYPE-based reserve strategy. Shares in Eyenovia closed at $4.83 on June 18, down 30.7% over the course of 24 hours. Lion Group shares closed at $3.33, up 19.78%.