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Stocks managed to post modest gains on Wall Street after charging ahead in a solid rally last week, the AP reports. Banks and retailers did better than the rest of the market Monday. Wells Fargo climbed 2.1% and Amazon added 1.7%. Energy companies were also broadly higher after…
A Facebook Inc. investigation by the U.S. Justice Department has broadened to include a grand jury, according to a person familiar with the matter, signaling an escalation in the ongoing federal probes of the company’s data-sharing practices.
A federal grand jury in New York subpoenaed records…
Stocks shook off a wobbly start and ended modestly higher on Wall Street, extending the market’s gains into a fourth week, the AP reports. Solid earnings from Walmart sent the company up 2.2% Tuesday and also encouraged investors to bid up other retailers. Homebuilders also rose after an industry…
Stocks extended their gains on Wall Street as investors remain optimistic that the US and China will make more progress in resolving their trade dispute, the AP reports. Energy companies, retailers and industrial companies led the market higher Wednesday, a sign that investors expect the economy to remain healthy. Exxon…
A Japanese court on Thursday rejected prosecutors’ request to extend the detention of former Nissan Chairman Carlos Ghosn, setting the stage for the possible release of the top auto executive.
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Nissan’s former Chairman Carlos Ghosn moved a step closer to release on bail after the Tokyo District Court rejected a request by prosecutors to extend his period of detention without the possibility of bail.
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President Donald Trump may extend the deployment of thousands of active-duty troops at the U.S.-Mexico border into January, two Pentagon officials told NPR on Wednesday.
More than 1.2 million acres of California land were charred and over 1,200 homes destroyed in this year’s prolonged fire season that has seen some of the largest wildfires in that state’s history.
Fans of The Big Bang Theory must soon be content with seeing only a younger version of Jim Parsons’ character in a spinoff: The hit show’s 12th season, premiering Sept. 24 on CBS, will be its last, though Parsons reportedly could have prevented that. Per Entertainment Weekly , Parsons’ desire to…
The Deputy Prime Minister of Singapore has sought to clarify the nation’s stance on cryptocurrencies with regards to its money laundering laws. Speaking earlier this week, Mr. Tharman Shanmugaratnam emphasized that Singapore’s financial regulator will not distinguish between cryptocurrencies and fiat currencies.
Singapore’s Deputy Prime Minister Updates Stance on Cryptocurrencies
With Singapore increasingly being seen as a potential destination for cryptocurrency, companies seeking to flee the regulatory uncertainty presently associated with China, Singaporean officials are facing increased scrutiny regarding the nation’s juridical apparatus pertaining to cryptocurrencies.
Earlier this week, Singapore’s deputy prime minister and Chairman of the Monetary Authority of Singapore (MAS), Mr. Tharman Shanmugaratnam, sought to clarify Singapore’s anti-money laundering (AML) and countering the financing of terrorism laws (CFT) with regards to cryptocurrency. “When it comes to money laundering or terrorism financing, Singapore’s laws do not make any distinction between transactions effected using fiat currency, virtual currency or other novel ways of transmitting value.”
Mr. Shanmugaratnam emphasized that the MAS, Singapore’s financial regulator and central bank, will not distinguish between transactions conducted in fiat and cryptocurrency in seeking to enforce its AML/CTF laws, adding that all financial institutions will be subject to the same regulations. The MAS chairman also stated that The Commercial Affairs Department will be empowered to investigate and prosecute cases relating to money laundering or terrorist financing.
Unique Challenges Posed by Virtual Currencies
The MAS chairman, however, recognized that the regulation of virtual currency transactions may pose challenges not associated with monitoring fiat currency circulations.
Mr. Shanmugaratnam emphasized the pseudo-anonymous qualities of cryptocurrency, adding that the absence of a centralized clearing further complicates the challenge of regulating transactions executed using virtual currencies.
In order to mitigate said challenges, the MAS will seek to impose anti-money laundering and anti-terrorist financing requirements on intermediaries that exchange fiat for virtual currencies – such as exchanges and brokers. Singapore’s financial regulator is presently conducting public consultation relating to the proposed Payment Services Bill intended to empower MAS to have greater jurisdiction over cryptocurrency exchanges and brokerages.
Mr. Shanmugaratnam’s comments comprise an apparent change in the position of the MAS with regards to the cryptocurrencies, as the MAS chairman has previously stated that the MAS will not seek to regulate virtual currencies, except for when the activities relating to cryptocurrencies directly fall under the juridical purview of the MAS. By contrast, Mr. Shanmugaratnam’s recent statement illustrates that the MAS is seeking to expand its regulatory mandate to greater monitor businesses that convert fiat into cryptocurrencies.
Do you think that the MAS will seek a further extension of its mandate in order to regulate and monitor cryptocurrency circulations? Share your thoughts in the comments section below!
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