Blockchain Press Releases
MS TIN PEI LING JOINS METACOMP AS ITS CO-PRESIDENT TO GROW ITS PARTNERSHIPS ACROSS ASIA PACIFIC
The Appointment underscores the company’s continued commitment to pioneering future-ready financial management that bridges traditional and crypto finance globally.
SINGAPORE, June 25, 2024 /PRNewswire/ — MetaComp Pte Ltd, Singapore’s leading Digital Payment Token Service Provider, licensed by the Monetary Authority of Singapore (MAS) under the MVGX Holdings (MVGXH), welcomes Ms Tin Pei Ling on board as its Co-President.
MVGXH is a licensed Singaporean fintech group with four subsidiaries focusing on digital and green sectors: MetaComp, a Major Payment Institution offering Digital Payment Token Service and Cross-border Money Transfer Service; MVGX Tech, providing end-to-end Carbon SaaS with a unique Scope 3 and advanced carbon emission factor database; Metaverse Green Exchange (MVGX), licensed by MAS with Recognised Market Operator (RMO) and Capital Market (CMS) License, focusing on Securities/Tokens backed by increasingly digital and green asset classes such as voluntary carbon credits or hash rate, as well as providing other CMS financial services such as custodian; and the Asia Green Fund (AGF), a venture capital fund managing over USD 2.8 billion in assets, investing in green impact and sustainability industries driven by green and digital technology.
Commencing on 24th June 2024, Ms Tin’s portfolio will focus on strategic partnerships and corporate development. Her appointment is expected to significantly strengthen MetaComp’s strategic partnerships, driving momentum and advancing MetaComp’s position as a leader in bridging traditional and crypto finance, paving the way for new partnerships and the growth of our client offerings.
Ms Tin brings a distinguished blend of digital and financial acumen plus industry experience in payment platforms and the financial technology space. With a MBA from Chicago Booth School, she brings both practical and theoretical understanding.
Dr Bo Bai, Chairman and Co-Founder of MetaComp, says, “In today’s bustling fintech space, MetaComp is at the forefront of driving financial solutions that help our customers navigate money management between traditional finance and crypto finance. Technology and innovation are only part of the equation, and at MetaComp, we emphasise that our people are our DNA, serving as the compass for our clients.”
Dr Bai adds, “We are delighted to welcome Pei Ling to the MetaComp family. Her extensive experience, coupled with her expertise in strategic development, makes her an invaluable asset to our leadership team. Her vision and drive perfectly align with our aspirations at MetaComp, and I am confident she will significantly contribute to our continued success.”
Before her tenure with MetaComp, Ms Tin held several key corporate positions, including Managing Director for Strategic Partnership & Business Development at DCS Card Centre and Chief Executive Officer of Business China, an organisation that harnesses the support of public sector and private enterprises to strengthen the ties between Singapore and China, so as to sustain and grow the global connectivity of Singapore.
Ms Tin affirmed, “Sustainability is a global imperative and there is still much that can be done in the fintech sector to enable this. Hence, I am delighted to accept the opportunity to join MetaComp, given it being a part of the MVGXH conglomerate, a licensed fintech group specialising in green and digital assets. I look forward to doing my part in supporting sustainable finance by driving growth through partnerships and bridging traditional finance with digital assets alongside my fellow Co-President, Mr Eddie Hui.”
Eddie Hui, Co-President, and Chief Operating Officer of MetaComp, brings over twenty years of experience in the financial services sector. Formerly the Chief Operating Officer of Société Générale for Proprietary Trading, Fixed Income, Credit and FX, Prime Services, and Equity Market Making desk in Asia, Eddie oversees the ideation and execution of MetaComp’s business strategy and drives service excellence. The two Co-President’s leadership and expertise will be instrumental in driving MetaComp’s success.
With the addition of Ms Tin Pei Ling, MetaComp, together with its parent company MVGX, aim to secure and launch a wide range of initiatives bridging traditional finance with digital assets.
For more information, please visit www.mce.sg
About MetaComp Pte Ltd
MetaComp is a leading Singapore-based digital asset platform licensed and regulated by the Monetary Authority of Singapore (MAS) under the Payment Services Act 2019. Operating under a P2B2C (platform-to-business, partners-to-clients) model, MetaComp provides its clients with an integrated end-to-end suite of services, empowering them to confidently enter the digital asset market with the much-needed safety, security, and compliance. Together with its parent company, Metaverse Green Exchange Pte. Ltd. (a MAS-licensed CMS holder permitted to carry out, inter alia, brokerage and custody services), MetaComp introduces its suite of services through CAMP by MetaComp, a regulated Client Assets Management Platform, allowing businesses to develop and scale their digital asset offerings through OTC and exchange trading services, fiat payment, digital asset custody and prime brokerage.
About MVGX Holdings
Founded in 2018 and headquartered in Singapore, MVGX Holdings (MVGXH) is a leading digital green fintech group that provides regulated financial services and end-to-end Carbon SaaS (software as a service solution) for a more inclusive and sustainable future. Compliant by design, MVGXH’s subsidiaries hold licenses from the Monetary Authority of Singapore including the Recognised Market Operator License, Capital Market Services License and Major Payment Institution License. Enabled by its proprietary carbon SaaS software and products, its digital green exchange for voluntary carbon credits and asset-backed securities and tokens, and an impact investment arm for green technologies and infrastructure, MVGX Group strives to be a key partner for its client’s decarbonisation journeys through the stages of define, measure, mitigate, offset, certify, and finance.
Photo – https://mma.prnewswire.com/media/2447082/Ms_Tin_Pei_Ling_Co_President_MetaComp_Pte_Ltd.jpg
Logo – https://mma.prnewswire.com/media/2389449/METACOMP_Main_Logo_Logo.jpg
Logo – https://mma.prnewswire.com/media/2447083/MVGX_Holdings_Pte_Ltd_Logo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/ms-tin-pei-ling-joins-metacomp-as-its-co-president-to-grow-its-partnerships-across-asia-pacific-302181118.html
The U.S. branch of Binance, a leading global cryptocurrency exchange, is bracing for the next stage in its legal battle with the Securities and Exchange Commission (SEC). The clash centers on allegations of securities law violations, which Binance.US staunchly denies.
In June 2023, the SEC initiated legal proceedings against Binance Holdings Ltd., BAM Trading Services, BAM Management U.S., and CEO Changpeng Zhao. The SEC claims that these entities mishandled customer assets, violating U.S. securities laws. In response, Binance.US asserts it has operated within the limited guidance provided by the SEC, maintaining compliance with regulations. The company highlights its commitment to customer safety, maintaining a 1:1 reserve for all customer assets, and implementing stringent compliance and risk management measures.
However, Binance.US criticizes the SEC for “regulation by enforcement,” particularly under the leadership of Chairman Gary Gensler. Despite the allegations, Binance.US remains confident in its defense, challenging the SEC’s evidence and legal basis for the action. The company expects the Court to support its position, dismissing the SEC’s claims as legally and factually unfounded. Binance.US reassures its users of normal operations and the continuation of scheduled feature releases despite the ongoing legal proceedings.
This dispute between Binance.US and the SEC highlights broader regulatory tensions within the U.S. cryptocurrency market. Recent crackdowns by the SEC have intensified these frictions, leading to significant legal confrontations between regulatory bodies and crypto exchanges. As Binance.US prepares for its legal confrontation with the SEC, the outcome of this case could have substantial implications for the cryptocurrency industry in the U.S. The company’s strong defense and commitment to compliance may set a precedent for how crypto exchanges navigate regulatory challenges in the future.
Source: cryptotimes.io
The post Binance.US Prepares for Legal Fight with SEC Over Compliance appeared first on HIPTHER Alerts.
The Digital Asset Alliance, representing crypto companies in South Korea, announced that it will conduct a comprehensive review of 1,333 altcoins over the next six months. This initiative comes as the South Korean government prepares to implement the Virtual Asset User Protection Law on July 19, aimed at safeguarding investors.
Virtual Asset User Protection Law
- Implementation Date: July 19
- Objective: Protect investors and enhance regulatory oversight in the cryptocurrency market
- Impact on Altcoins: Potential effects on altcoin trading due to increased scrutiny and compliance requirements
South Korea’s Crypto Landscape
- Trading Focus: South Korea’s trading activity emphasizes smaller cryptocurrencies over Bitcoin
- Currency Dominance: The Korean won surpassed the US dollar as the most used currency for trading cryptocurrency in the first quarter of this year
Digital Asset Alliance’s Review Process
- Scope: Reviewing 1,333 altcoins for compliance with the new regulation
- Evaluation Period: Six months
- Compliance Criteria: Tokens will be assessed based on the Virtual Asset User Protection Law, focusing on reliability, security standards, and regulatory compliance
Response to Regulation
- Gradual Implementation: The Alliance indicated that tokens are unlikely to be mass-removed abruptly, opting for a gradual implementation of the regulations
- New Tokens: Any new tokens will be assessed under the new law before being listed
Challenges and Implications
- Balancing Safety and Trading: Exchanges must comply with basic rules for token listing and conduct regular reassessments every six months, including reliability tests on issuing entities
- Penalties: Non-compliance could result in severe penalties, including a minimum of one year in jail or fines
- Historical Context: The regulation is partly a response to the collapse of Luna and TerraUSD tokens, which resulted in significant financial losses
Importance for Crypto Development
- Government Oversight: The new regulation will increase government scrutiny of virtual asset providers
- Investor Vigilance: Crypto investors in South Korea are advised to stay informed and verify changes in token availability before investing
The proactive approach by the Digital Asset Alliance aims to ensure a smooth transition to the new regulatory environment, mitigating the risk of market disruption and fostering a safer investment landscape.
Source: coinspeaker.com
The post South Korea’s Crypto Exchanges Prepare for New Investor Protection Rules appeared first on HIPTHER Alerts.
Circle, a prominent cryptocurrency firm known for its USD Coin (USDC) stablecoin, announced on Monday that it has registered as an electronic money institution (EMI) in France. This registration grants Circle a key license to become a compliant stablecoin issuer under the European Union’s stringent crypto regulations.
Key Points
- EMI License: Circle received the e-money license from France’s banking regulator, Autorite de Controle Prudentiel et de Resolution (ACPR).
- MiCA Compliance: This license makes Circle the first global stablecoin issuer to comply with the EU’s Markets in Crypto-Assets (MiCA) regulatory framework.
- Stablecoin Issuance: Both USDC and Euro Coin (EURC) are now issued in the EU in compliance with MiCA’s regulations.
- Circle Mint in France: Circle is also launching Circle Mint in France, enabling businesses to mint and redeem Circle stablecoins.
Regulatory Milestone
Jeremy Allaire, co-founder and CEO of Circle, emphasized the significance of this achievement, highlighting that adherence to MiCA represents a major step in bringing digital currency into mainstream acceptance and scale.
EU’s MiCA Framework
- Comprehensive Regulation: MiCA, which became law in May 2023, is the world’s first comprehensive regulatory framework for cryptocurrencies.
- Stablecoin Rules: Provisions for stablecoins, approved last week, impose strict limitations on non-euro-denominated stablecoins used as a “means of exchange” if they exceed specified transaction thresholds.
- Passporting Services: As a France-registered EMI, Circle can offer its services across the entire EU, leveraging the “passporting” rights within the bloc.
Compliance Timeline
- MiCA Implementation: Full compliance for crypto asset service providers under MiCA is required by December 30, 2024.
- Transition Period: Companies will have until July 2026 to fully comply with all MiCA regulations.
Circle’s Market Position
Launched in September 2018 by Circle and crypto exchange Coinbase, USDC is the second-largest stablecoin globally, with $32.4 billion in circulation, according to CoinGecko. It follows Tether’s USDT, the largest stablecoin with $112.7 billion in circulation.
Circle’s registration as an EMI in France and compliance with the MiCA framework mark significant advancements for the firm. This move not only enhances Circle’s regulatory standing but also positions it to better serve its users by integrating traditional financial standards with the innovative capabilities of blockchain technology.
Source: cnbc.com
The post Crypto firm Circle gets approval to issue stablecoin in EU under bloc’s strict rules appeared first on HIPTHER Alerts.
-
Blockchain Press Releases6 days agoBitget and Foresight Ventures Launch $20 Million TON Ecosystem Fund Amid TON Surpassing Ethereum in Daily Active Addresses
-
Blockchain7 days ago$313,090,000 in Liquidations Hits Crypto Markets As Bitcoin Touches $59,000 Following Mt. Gox Statement
-
Blockchain Press Releases6 days agoJanOne Appoints Vay Tham as its Chief Revenue Officer and President of its Fintech Subsidiary, ALT5 Sigma
-
Blockchain Press Releases6 days agoBybit Web3 Presents: Grow Your Ethereum Portfolio Masterclass Livestream and YieldNest Giveaway
-
Blockchain5 days ago
If Bitcoin Plunges Below $57,000, Here Are 3 Possible Outcomes, Ethereum ETF Approval May Be Imminent as VanEck Steps in: Crypto News Digest by U.Today
-
Blockchain Press Releases4 days agoBitget Wallet Announces Investment in New Asset Trading Platform Tomarket, Targeting Trillion-Dollar Markets Beyond DEXs
-
Blockchain Press Releases5 days ago
INAUGURAL MALAYSIA BLOCKCHAIN WEEK MYBW TO KICK OFF IN KUALA LUMPUR IN JULY 2024
-
Blockchain4 days ago
Algorand celebrates 5th anniversary with 2 billion transactions and record adoption of real-world use cases at annual Decipher conference
