Latest news with #FSMA
The Star
02-07-2025
- Business
- The Star
Binance to keep remote workers in Singapore
Crypto crackdown: People crossing a street in Singapore's Chinatown district. The MAS imposed a hard deadline of June 30 for crypto firms incorporated in the city-state and offering services offshore to cease activities. — AFP Singapore: The world's largest digital assets exchange Binance plans to keep hundreds of remote workers in Singapore, despite a crackdown on unlicensed crypto outfits in the city-state. The Monetary Authority of Singapore (MAS) recently announced a hard deadline of June 30 for crypto firms incorporated in Singapore and offering services offshore to cease activities, prompting top-10 exchange operators Bitget and Bybit to weigh shifting employees overseas. The new rules are expected to have a negligible impact on Binance's operations in Singapore, according to sources. Hundreds of Singapore-based employees working remotely for the exchange will not need to relocate, the sources said. More than 400 Binance workers label themselves as based in Singapore on LinkedIn, according to a Bloomberg News analysis. Binance had no comment on its operations in the city-state, and did not specify whether it has an office in there when asked by Bloomberg. Crypto exchanges have long posed challenges for would-be regulators by leaving their base of operations ambiguous. Binance has never named a global headquarters. Its chief executive Richard Teng – a former director at MAS – said in 2024 that the company had held talks with a number of jurisdictions on the matter, but in January he described Binance employees as 'remote-first'. In a June 6 clarification to its initial announcement, MAS said digital asset firms offering services 'solely to customers outside of Singapore' will need to be licensed from June 30 or 'cease their regulated activities'. Binance is not licensed in Singapore and has been on an investor alert list there since 2021, meaning it cannot solicit customers from the city-state. Binance employees here are seen as shielded from the recent MAS notice, however, because they mainly focus on back-office activities including compliance, human resources, data analysis and technology, sources said. Working remotely, rather than in a permanent office, also helps to insulate them, the sources added. Individuals or partnerships that operate from a place of business in Singapore or incorporated in the city-state and offering digital token services outside the country will fall under the new rules, MAS said in its May 30 statement. But work done by an individual as part of their employment with a foreign-incorporated company that provides such services outside Singapore 'would not, in itself, attract a licensing requirement' under the Financial Services and Markets Act (FMSA) 2022, MAS said. 'Place of business is a grey area,' said Chris Holland, partner at Singapore consulting firm HM. 'The definition of 'place of business' is broad under the FSMA. While the term will have a boundary, I would not encourage firms to engage people resident in Singapore and then rely exclusively on that definition to work remotely assuming that it's outside the remit of the new rules.' Singapore is one of Asia's foremost crypto hubs, with a licensing regime that global players such as Coinbase Global Inc and OKX have have used to set up regional bases. But the city-state suffered a string of bruising blow-ups during the last industry downturn in 2022. Among those was Three Arrows Capital, a crypto hedge fund that imploded after a series of bad bets. Singapore's status as a fulcrum for the industry is now being called into question, after the June 30 deadline sparked concerns of a crypto exodus. 'There's lots of uncertainty on Singapore's stance on crypto,' said Raagulan Pathy, co-founder of Kast, a stablecoin startup. Cayman Islands-based Kast has hired 100 people in the past 12 months and had planned to shift internal operations employees, trading teams and other executives to Singapore while hiring 30 to 50 people here. Pathy aimed to set up a global office in Dubai instead. He has no plans to move personally but has to 'make hard choices about where to locate offices for Kast'. — Bloomberg
Business Times
02-07-2025
- Business
- Business Times
Binance to keep hundreds of staff in Singapore despite crackdown
[SINGAPORE] The world's largest digital assets exchange Binance, plans to keep hundreds of remote workers in Singapore, despite a crackdown on unlicensed crypto outfits in the city-state. The Monetary Authority of Singapore (MAS) recently announced a hard deadline of Jun 30 for crypto firms incorporated in Singapore and offering services offshore to cease activities, prompting top-10 exchange operators Bitget and Bybit to weigh shifting staff overseas. The new rules are expected to have a negligible impact on Binance's operations in Singapore, according to sources familiar with the company's operations who asked not to be identified discussing confidential information. Hundreds of Singapore-based employees working remotely for the exchange will not need to relocate, the sources said. More than 400 Binance workers label themselves as based in Singapore on LinkedIn, based on a Bloomberg News analysis. Binance had no comment on its operations in Singapore and did not specify whether it has an office in the city-state when asked by Bloomberg. The MAS referred to its earlier statements on the new rules. Crypto exchanges have long posed challenges for would-be regulators by leaving their base of operations ambiguous. Binance has never named a global headquarters. Its chief executive officer Richard Teng – a former director at the MAS – said in 2024 that the company had held talks with a number of jurisdictions on the matter, but in January, he described Binance employees as 'remote-first'. A NEWSLETTER FOR YOU Friday, 8.30 am Asean Business Business insights centering on South-east Asia's fast-growing economies. Sign Up Sign Up In a Jun 6 clarification to its initial announcement, the MAS said digital-asset firms offering services 'solely to customers outside of Singapore' will need to be licensed from Jun 30 or 'cease their regulated activities.' Binance is not licensed in Singapore and has been on an investor alert list there since 2021, meaning it cannot solicit customers from the city-state. Binance staff in Singapore are seen as shielded from the recent MAS notice, however, because they mainly focus on back-office activities including compliance, human resources, data analysis and technology, the sources familiar with the situation said. Working remotely, rather than in a permanent office, also helps to insulate them, the sources added. Individuals or partnerships that operate from a place of business in Singapore or incorporated in the city-state and offering digital token services outside the country will fall under the new rules, the MAS said in its May 30 statement. But work done by an individual as part of their employment with a foreign-incorporated company that provides such services outside Singapore 'would not, in itself, attract a licensing requirement' under the Financial Services and Markets Act (FSMA) 2022, the MAS said. 'Place of business is a grey area,' said Chris Holland, partner at Singaporean consulting firm HM. 'The definition of 'place of business' is broad under the FSMA. While the term will have a boundary, I would not encourage firms to engage people resident in Singapore and then rely exclusively on that definition to work remotely, assuming that it's outside the remit of the new rules.' Crypto hub Singapore is one of Asia's foremost crypto hubs, with a licensing regime that global players such as Coinbase Global and OKX have used to set up regional bases. But the city-state suffered a string of bruising blow-ups during the last industry downturn in 2022. Among those was Three Arrows Capital, a crypto hedge fund that imploded after a series of bad bets. Singapore's status as a fulcrum for the industry is now being called into question, after the Jun 30 deadline sparked concerns of a crypto exodus. 'There's lot of uncertainty on Singapore's stance on crypto,' said Raagulan Pathy, co-founder of Kast, a stablecoin startup. Cayman Islands-based Kast has hired 100 people in the past 12 months and had planned to shift internal operations staff, trading teams and other executives to Singapore while hiring 30 to 50 people there. Now, Pathy plans to set up a global office in Dubai instead. 'Even though Singapore is merely plugging a regulatory loophole, the perception is it's clamping down on crypto and that could push capital and talent out.' Pathy is a 12-year resident of Singapore and has no plans to move personally, he added, but has to 'make hard choices about where to locate offices for Kast'. BLOOMBERG
Yahoo
06-06-2025
- Business
- Yahoo
Transparency Law
Transparency LawDisclosure in accordance with the Law of 2 May 2007 Pursuant to Articles 15 §1 and 18 §1 of the Law of 2 May 2007 on the disclosure of major holdings in issuers whose shares are admitted to trading on a regulated market, NV Bekaert SA ('Bekaert') publishes the following information: Status as of 4 June 2025 Basic data Total capital: € 159 782 000.00 Total number of securities conferring voting rights: 52 701 148 shares Total number of voting rights (the denominator): 52 701 148 (one voting right per share) Reason for the changes On 4 June 2025, Bekaert cancelled 1 585 838 shares that had been repurchased by Kepler Cheuvreux on Bekaert's behalf between 22 November 2024 and 28 May 2025 as part of its share buyback program. Following this cancellation, the total number of outstanding shares decreased from 54 286 986 to 52 701 148. Thresholds set by the Articles of Association According to Article 12 of the Articles of Association, the provisions of Articles 6 through 17 of the Act apply not only to the legal thresholds of 5 % and of each multiple of 5%, but also to the thresholds of 3% and 7.50%. Notifications The notifications should be transmitted to both Bekaert and the FSMA. The FSMA recommends transmitting the notifications electronically to the e-mail address It is recommended to transmit notifications to Bekaert electronically as well, to the attention of Attachment p240606E - Bekaert - Transparency lawError in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Coin Geek
05-06-2025
- Business
- Coin Geek
MAS enforces order on DTSPs; Australia ups crypto ATM rules
Getting your Trinity Audio player ready... The Monetary Authority of Singapore (MAS), the country's central bank and chief financial regulatory authority, has set a deadline of June 30 for local digital asset service providers to stop offering services to overseas markets. The measure came as part of a May 30 response that the regulator published to a consultation on its proposed regulatory framework for 'Digital Token Service Providers (DTSPs).' The framework falls under Singapore's Financial Services and Markets Act of 2022 (FSMA), which was passed in April 2022 and split the licensing of DTSPs into those that provide services in Singapore and those that target offshore clients. The former have to be licensed in accordance with the Payment Services Act, which has been in place for some time, while the latter fall under the FSMA, which will come into force at the end of June. The delay in the implementation of the FSMA licenses—for digital asset firms that target foreign clients—created concerns for MAS around the potential reputational impact on Singapore, where companies register in the country for tax purposes but don't provide services within Singapore or have a physical presence. Another concern for the regulator was that if a company's main operations are outside of Singapore, it may be harder for MAS to exercise oversight, opening the door to increased money laundering. Therefore, in response to the consultation on its proposed regulatory approach—which was started by MAS back in October 2024—the regulator said that any Singapore-incorporated company, individual, or partnership that provides digital asset services outside Singapore must either cease operations by the end of June when the DTSP provisions come into force or obtain a license by the same date. However, these FSMA licenses may not be easy to come by for those local digital asset firms wanting to serve foreign clients, as MAS clarified that there were 'extremely limited circumstances under which MAS will consider granting an applicant a licence.' The regulator also stated that no transitional arrangements will be made for local DTSPs providing services abroad; companies must comply by June 30 or cease operations. Those who violate the laws will be subject to substantial fines of up to SGD 250,000 (US$200,000) and imprisonment of up to three years. The move closes a concerning regulatory gap for the regulator and signals a tightening of oversight on digital asset activity by Singapore's authorities. But Singapore was not the only country tightening its digital asset rules this week, with Australian authorities announcing new measures to crack down on crypto ATM scams. Australia rolls out new digital asset ATM rules in the wake of rising scams Australia's national financial intelligence agency has rolled out new operating rules and transaction limits for crypto ATM operators, just as federal police note that kiosk scams are on the rise. The Australian Transaction Reports and Analysis Centre (AUSTRAC) is imposing a AUD5,000 (US$3,250) limit on cash deposits and withdrawals on crypto ATMs, as well as scam warning signs, more robust transaction monitoring, and enhanced customer due diligence obligations, the agency said in a June 3 press release. The crackdown comes in the wake of an investigation by an AUSTRAC task force that examined data from nine crypto ATM providers and found that most users are over 50 years of age and account for almost 72% of all transactions by value. The task force was set up last September to investigate whether crypto ATMs had the proper anti-money laundering (AML) and counter-terrorism checks in place. After observing customer activity over several months, it concluded that it bears the hallmarks of scams, fraud, and other illicit activity. 'The taskforce has uncovered disturbing trends which have confirmed that cryptocurrency ATMs are being used for scam/fraud-related transactions,' said AUSTRAC CEO Brendan Thomas, on Tuesday. 'In light of the risks and harms, we consider it absolutely necessary to ensure the sector meets minimum standards and reduces the criminal misuse of crypto ATMs.' He added that the new conditions 'are designed to help protect individuals from scams by deterring criminals from directing them to a crypto ATM, as well as to protect businesses from criminal exploitation.' However, according to Thomas, the new rules are not set in stone, as he indicated that the agency would 'keep the effectiveness of these conditions under review, and adjust if needed.' While the new AUD5,000 (US$3,250) cash limits only relate to crypto ATM providers, AUSTRAC said it expects digital currency exchange providers to 'consider imposing similar limits if they accept cash for crypto transactions.' A growing problem The same day AUSTRAC announced its new crypto ATM measures, the Australian Federal Police (AFP) revealed that the country's online cybercrime reporting system, ReportCyber, received 150 unique reports of scams involving crypto ATMs between January 2024 and January 2025. The AFP said that total losses exceeded AUD3.1 million (US$2 million), which it added 'may be just the tip of the iceberg.' AFP Commander Graeme Marshall said many of those scammed through crypto ATMs don't realize they're victims, don't know how to report the crime, or 'feel embarrassed because they were scammed.' 'Scammers often use sophisticated tactics to elicit funds from victims. We would encourage people to share their stories with family and friends to raise awareness and help prevent others from falling victim,' said Marshall. After a slow start, crypto ATM adoption has increased rapidly in Australia over the past few years. According to AUSTRAC, there are almost 150,000 crypto ATM transactions annually in the country, with about AUD275 million ($177 million) moving through them using cash to buy Bitcoin, Tether , and Ether. 'In just two years, the number of crypto ATMs in Australia increased more than 15 times, from just 23 operating in 2019, 60 in 2022, to more than 1,200 in 2024. There are now upwards of 1,800 active crypto ATMs,' said the agency. The new measures introduced by AUSTRAC hope to make this growing market a safer space and further curb crypto crime in Australia. Watch: Breaking down solutions to blockchain regulation hurdles title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen>
Yahoo
03-06-2025
- Business
- Yahoo
ManWinWin CMMS: Boosting Food & Beverage Compliance, Safety, and Hygiene through Smart Maintenance
LISBON, Portugal, June 3, 2025 /PRNewswire/ -- ManWinWin, a global leader and established reference in maintenance management software for the Food & Beverage (F&B) sector, continues to empower producers worldwide with its advanced Computerized Maintenance Management System (CMMS). With a proven track record and numerous clients globally, ManWinWin's CMMS directly addresses the common pain points that plague F&B operations, unlocking unparalleled efficiency, food safety, and regulatory compliance. The F&B sector faces constant pressure from tight margins, strict regulations like FSMA and HACCP, and unwavering consumer demand for safety and quality. Traditional, reactive maintenance often leads to devastating consequences: costly unplanned downtime, spoiled products, potential recalls, and damaged brand reputation. The industry also struggles with fragmented maintenance data, inefficient spare parts management, and challenges in transferring crucial knowledge. ManWinWin's specialized F&B CMMS is the essential ingredient for overcoming these hurdles. It transforms maintenance from a mere expense into a powerful driver of value and competitive advantage. The system provides: Automated Compliance & Audit Readiness: Centralized digital records of all preventive maintenance (PMs), work orders, calibrations, and sanitation tasks create an unassailable, real-time audit trail, ensuring smooth compliance with even the strictest inspections. Enhanced Hygiene & Sanitation: Dedicated modules schedule, track, and verify critical cleaning and sanitization procedures, minimizing the risk of microbial growth and cross-contamination, and supporting allergen segregation protocols. Proactive Risk Mitigation: Comprehensive asset history combined with predictive maintenance integration identifies potential failures before they impact product integrity, helping prevent costly food safety incidents. Optimized Inventory: Detailed inventory management, including vendor information and certifications for food-grade components, significantly reduces stockouts and ensures repairs are completed quickly with compliant materials. Improved Uptime & Asset Life: Through comprehensive asset tracking and performance monitoring, the CMMS maximizes equipment uptime while respecting sanitation schedules, extending asset lifespan and reducing capital expenditure. Empowered Technicians: Mobile access to work orders, asset histories, Standard Operating Procedures (SOPs), and troubleshooting guides empowers technicians on the go, reducing errors and preserving vital institutional knowledge. "In the food and beverage industry, there's no room for error when it comes to maintenance," says Rodrigo Cabral, General Manager at ManWinWin. "Every minute of downtime, every lapse in hygiene standards, directly impacts profitability and trust. Our F&B CMMS doesn't just manage maintenance; it safeguards brands and helps ensure safe, quality food for everyone." ManWinWin's long-standing commitment to the F&B sector extends beyond software, offering unparalleled expertise to guide organizations through strategic planning, phased rollout, and seamless integration to ensure maximum return on investment. For more information on how ManWinWin is transforming maintenance in the Food & Beverage industry, please visit About ManWinWin: ManWinWin is a leading global provider of maintenance management software, with decades of experience delivering innovative CMMS solutions across diverse industries. As a well-established reference in CMMS for Food & Beverage, ManWinWin is committed to empowering organizations with intelligent tools for asset management, helping businesses optimize operations, reduce costs, and achieve sustained excellence. Contact: José Fernandes | ManWinWin Partner | jcasimiro@ | (+351) 934309100 Learn more about ManWinWin software at Photo - View original content to download multimedia: SOURCE ManWinWin Software Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
