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Home Monthly Roundup Singapore Cryptocurrency and NFT News Roundup October 2022

Singapore Cryptocurrency and NFT News Roundup October 2022

Know more about the latest cryptocurrency and NFT news in Singapore for the entire month of October 2022 only here at SGBusinessTalk. 

NFTs Can Be Considered Property, According to Singapore High Court Ruling

The court ruled that NFTs can be considered property under Singaporean law, subjecting them to legal protections and regulations. Court made the decision in response to a case involving the theft of an NFT, and the ruling has significant implications for the use and treatment of NFTs in Singapore. 

Read more: https://www.coindesk.com/policy/2022/10/24/nfts-can-be-considered-property-according-to-singapore-high-court-ruling/


McLaren Racing unveils 7-page comic NFTs to engage Asia fanbase ahead of Singapore and Japan Grand Prix

McLaren Racing, a British motor racing team, has unveiled a 7-page comic series that features the team’s drivers, Lando Norris and Daniel Ricciardo, as part of an initiative to engage its Asian fanbase ahead of the Singapore and Japan Grand Prix. The comic series has been released as non-fungible tokens (NFTs), unique digital assets that use blockchain technology to verify their authenticity and ownership. The NFTs are available for purchase on the OpenSea marketplace and can be owned by fans as a collectible item. The comic series tells a story involving Norris and Ricciardo racing in Singapore and Japan while facing various challenges. The initiative is part of McLaren Racing’s broader strategy to engage with fans globally and leverage digital platforms to grow its audience.

Read more: https://www.adobomagazine.com/press-release/mclaren-racing-unveils-7-page-comic-nfts-to-engage-asia-fanbase-ahead-of-singapore-and-japan-grand-prix/


Coinbase Gets Singapore Digital Payment Token License

Coinbase, one of the largest cryptocurrency exchanges in the world, has obtained a digital payment token license in Singapore. The license allows Coinbase to offer payment services to consumers and merchants in Singapore using cryptocurrencies, such as Bitcoin and Ethereum. The Monetary Authority of Singapore (MAS) granted the license, which has supported cryptocurrency innovation and implemented a regulatory framework to facilitate the industry’s growth. Coinbase’s expansion into Singapore is part of its broader strategy to increase its presence in Asia, where cryptocurrency adoption proliferates. 


Read more: https://www.coindesk.com/business/2022/10/11/coinbase-gets-singapore-digital-payment-token-license/


Singapore Central Bank Proposes Stablecoin Rules to Rein In Crypto Sector

The Monetary Authority of Singapore (MAS), the country’s central bank, has proposed new regulations to govern stablecoins and other digital tokens backed by real-world assets. The proposed rules aim to reduce risks associated with such tokens, including potential market instability and the risk of fraud or default. The MAS has suggested that issuers of stablecoins should maintain sufficient collateral and provide regular disclosures to users. The proposed regulations would also require issuers to obtain a license from the MAS and comply with anti-money laundering and counter-terrorism financing requirements. The move is part of the MAS’s broader efforts to regulate the growing cryptocurrency sector and ensure consumer protection. 


Read more: https://www.coindesk.com/policy/2022/10/26/singapore-central-bank-proposes-stablecoin-rules-to-reign-in-crypto-sector/


Singapore’s AWST raises $1.7M funding led by East Ventures

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Singaporean startup AWST has raised $1.7 million in a funding round led by East Ventures, with participation from other investors. AWST provides a range of Web3 services, including decentralized finance (DeFi), non-fungible tokens (NFTs), and other blockchain-based applications. The company aims to bridge the gap between traditional finance and the emerging Web3 ecosystem by offering a range of services that are designed to be accessible and user-friendly. With the new funding, AWST plans to expand its team and further develop its products and services. The company is also exploring partnerships with other Web3 projects, with a view to expanding its reach and impact.


Read more: https://technode.global/2022/10/25/singapores-awst-raises-1-7m-funding-led-by-east-ventures


Decentralized Storage Alliance seeks to bridge the Web3 gap through education and advocacy

The Decentralized Storage Alliance (DSA) is working to bridge the gap between centralized and decentralized data storage by promoting education and advocacy. The alliance comprises leading decentralized storage projects, including Arweave, Filecoin, and Sia. It aims to educate users about the benefits of decentralized storage, such as improved security and accessibility, while also advocating for the adoption of decentralized storage solutions. The article discusses the goals and initiatives of the DSA, highlighting the importance of decentralized storage in the Web3 era.


Read more: https://cointelegraph.com/news/decentralized-storage-alliance-seeks-to-bridge-the-web3-gap-through-education-and-advocacy

Warner Bros. Is Transforming the Original ‘Lord of the Rings’ Movie Into a Web3 Experience

Warner Bros. is reportedly transforming the original “Lord of the Rings” movie into a Web3 experience. The move is a more significant trend toward incorporating blockchain and other Web3 technologies into the entertainment industry. The new venture will allow users to interact with the movie in various ways, including collecting rare digital items and participating in mini-games. The article discusses the potential impact of this development on the entertainment industry and highlights the growing interest in Web3 technologies.


Read more: https://www.coindesk.com/web3/2022/10/20/warner-brothers-is-transforming-the-original-lord-of-the-rings-movie-into-a-web3-experience/

Mastercard Joins With Paxos to Help Banks Offer Crypto Trading

Mastercard has partnered with Paxos, a leading blockchain infrastructure firm, to enhance its cryptocurrency trading services. The partnership will reportedly allow Mastercard to offer a more secure and efficient platform for buying and selling cryptocurrencies while ensuring compliance with regulations. The article discusses the benefits of the partnership for both companies and highlights the growing interest in cryptocurrencies among traditional financial institutions.


Read more:


Three Arrows Capital’s Premium Ethereum NFT Collection Is on the Move

Singapore-based investment firm Three Arrows Capital is gearing up to launch a new premium non-fungible token (NFT) collection on Ethereum. The “Proof of Beauty” collection will include art pieces from prominent artists and will be sold via auction on the NFT marketplace, Foundation. The move is part of Three Arrows Capital’s growing interest in the NFT market, which has been gaining momentum among investors and collectors worldwide. 


Read more: https://decrypt.co/111243/three-arrows-capitals-premium-ethereum-nft-collection-is-on-the-move

Coinbase and Google Cloud Partner to Boost Web3 Offerings, Enable Crypto Payments

Coinbase, a leading cryptocurrency exchange, has partnered with Google Cloud to expand its web3 offerings and enable crypto payments. The partnership will allow Coinbase to leverage Google Cloud’s infrastructure and data analytics capabilities to improve the performance and scalability of its platform. Additionally, the partnership will enable Coinbase to integrate its payment processing services with Google Cloud’s payment gateway, making it easier for merchants to accept cryptocurrency payments. As part of the partnership, Coinbase will also offer its customers access to Google Cloud’s suite of tools and services, including machine learning and artificial intelligence technologies. The collaboration is expected to drive further the adoption of cryptocurrency and blockchain technology across various industries.


Read more: https://fintechnews.sg/64908/blockchain/coinbase-and-google-cloud-partner-to-boost-web3-offerings-enable-crypto-payments/

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