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Business Times
30-06-2025
- Business
- Business Times
Fidrec extends jurisdiction to include claims from small businesses and charities from July
[SINGAPORE] The Financial Industry Disputes Resolution Centre (Fidrec) is extending its jurisdiction to include small businesses and charities from Tuesday (Jul 1). This comes after the organisation's 2024 public consultation displayed strong support for making it accessible to small businesses. This is aligned with Singapore's broader push to strengthen support for small businesses and build a more resilient non-profit sector. With this move, over 200,000 small businesses and 2,000 charities who have disputes arising on or after Jul 1 against licensed financial institutions subscribed to Fidrec can bring their unresolved disputes to the organisation. Fidrec will now also handle a broader range of claims which include: Disputes over employee medical insurance claims Insurance claims involving company-owned vehicles Issues with business banking services and corporate card accounts Loan agreement-related disputes Eunice Chua, chief executive officer of Fidrec, said: 'Small businesses and charities in Singapore face mounting challenges in today's volatile global economy. We recognise that managing financial disputes on top of day-to-day operations can be overwhelming, and that these organisations are akin to individual consumers in their ability to deal with financial disputes.' For the banking sector, Ong-Ang Ai Boon, director of The Association of Banks in Singapore, said that Fidrec's expansion to include small businesses and charities is 'a welcomed move.' 'These segments, which often rely on banking services, now have greater access to fair and independent dispute resolution, further strengthening confidence in the broader financial ecosystem,' she said. Fidrec's jurisdiction, including the definition of an 'eligible complainant', is governed by its Terms of Reference, as set out in section six of the Financial Services and Markets (Dispute Resolution Schemes) Regulations 2023.
Economic Times
26-06-2025
- Business
- Economic Times
Singapore tightens rules on crypto startups, Dubai rolls out the red carpet; what investors must know before they jump in
The Monetary Authority of Singapore (MAS) has issued a strict ultimatum to all digital asset firms based in the city-state: secure a licence to offer digital token services abroad or immediately exit foreign markets. Failure to comply may result in severe penalties, including up to three years in prison and fines reaching up to SGD250,000 (approximately USD 200,000).The rules taking effect from June 30, 2025, fall under Section 137 of the Financial Services and Markets (FSM) Act 2022 and apply to all digital token service providers (DTSPs), regardless of size, clientele, or server location. Also Read: Al Udeid Air Base, US fortress in Middle East and what makes it a prime target for IranMAS has also confirmed that there will be no grace period, no exceptions, and no phased transition. The directive applies uniformly, even to those whose overseas business accounts for only a small portion of revenue. Crucially, the MAS has said that it no longer matters where the customers are; what matters is where the company is registered. The move is part of Singapore's effort to tighten regulatory oversight and close long-exploited loopholes. The FSM Act now considers Singapore-based firms operating from the city-state, even when services are directed abroad. This change removes a grey area previously used by many firms to bypass full licensing pathways technically remain open, MAS has stated that new international DTSP licences will be granted only under "extremely limited circumstances". This renders most applications effectively unviable, particularly for ambitious crypto firms with global firms already licensed under Singapore's Securities and Futures Act, Financial Advisors Act, Payment Services Act, or those dealing solely in utility or governance tokens, are spared. As the deadline nears, many digital asset firms are eyeing alternative bases. Bloomberg and The Financial Times reports indicate that leading crypto exchanges like Bitget and Bybit are preparing to shift operations to Dubai and Hong Kong. Among the two, Dubai has quickly become a top choice, thanks to its pro-innovation regulatory environment, transparent licensing process, and favourable tax and business ecosystem. The UAE has launched the Virtual Assets Regulatory Authority (VARA), which offers clear rules and a welcoming stance on digital assets, in sharp contrast to Singapore's tightening grip. Also Read: Dubai's partitioned room practice faces heat from authorities after multiple warnings Dubai's strategic location, strong investor infrastructure, and ambition to become a global digital economy hub further draw start-ups and investors. With its growing reputation as a crypto-friendly jurisdiction, Dubai is positioning itself as the natural successor to Singapore's declining crypto hub the answer is yes, but there are some conditions to consider. However, the Central Bank of the UAE has not officially recognized cryptocurrencies such as Bitcoin, Ethereum, or Pi Coin as legal tender. This means you cannot use these cryptocurrencies in the same way you use dirhams. However, the good news is that trading, owning, and depositing digital assets is completely legal on regulated platforms. In fact, the UAE Securities and Commodities Authority (SCA) and the Dubai Financial Services Authority (DFSA) closely monitor the crypto market to ensure smooth operation within a framework of clear regulations and strong security measures. Regulatory environment and legal status Dubai, and the UAE overall, has adopted a progressive and regulated stance on cryptocurrencies and blockchain technology, making it one of the few global cities where buying property and conducting crypto transactions legally and securely is Virtual Assets Regulatory Authority (VARA) in Dubai enforces new rules aligned with global standards, including anti-money laundering (AML) and know-your-customer (KYC) compliance, which came into effect with a June 19, 2025, deadline for virtual asset service providers (VASPs).Crypto investors must use licensed platforms and verify that tokens are approved by the UAE authorities to ensure compliance and safety. Also Read: What drives thousands of Australians to swim nude in winter? Inside the Dark Mofo tradition The Dubai International Financial Centre (DIFC) and Abu Dhabi Global Market (ADGM) have specific rules restricting crypto investments to pre-approved tokens like Bitcoin and Ethereum, prohibiting privacy coins and unstable algorithmic tokens. Market dynamics and opportunities Dubai is rapidly becoming a global crypto hub, with strong government support, financial free zones, and a booming crypto trading environment. From June 2023 to June 2024, it attracted over $30 billion in crypto-related city supports the tokenization of real-world assets and the rollout of complex crypto products such as margin lending, which provides investors with more diversified real estate sector is increasingly accepting cryptocurrencies like Bitcoin, Ethereum, and stablecoins (USDT) for property purchases, offering crypto holders a way to convert digital wealth into tangible, tax-free, income-generating assets with strong capital growth potential. Risks and considerations Despite the regulatory framework, investors should exercise caution against scams and fraud by ensuring brokers, developers, and payment processors are licensed by the Dubai Land Department (DLD) and VARA. Below are the steps to remember while making your investment. Also Read: They survived ice ages and hunted mammoths; so why did the Neanderthals suddenly disappear? Now a physicist blames something in the sky Use regulated and licensed exchanges and wallets with strong security measures such as two-factor authentication Stay updated on regulatory changes to ensure ongoing compliance and legal safety. For businesses or individuals seeking to operate crypto trading activities, obtaining a crypto license from free zone authorities like DMCC or DAFZA involves submitting legal documents, paying fees, and securing office space, typically resulting in license issuance within a week. The crypto real estate market inventory is still limited, especially for high-demand or off-plan properties accepting crypto payments. Investors must consider tax and legal implications in their home countries when converting crypto assets into property or cashing out, as Dubai offers tax exemptions, but other jurisdictions may not. Crypto trading carries inherent risks, including market volatility and potential losses, especially with advanced strategies like margin trading. It is always recommended to be extra cautious.
Time of India
25-06-2025
- Business
- Time of India
Singapore tightens rules on crypto startups, Dubai rolls out the red carpet; what investors must know before they jump in
Singapore is tightening its grip on digital asset firms. They must get licenses for overseas operations or leave foreign markets by June 2025. Many companies are now looking at Dubai and Hong Kong as alternatives. Dubai is becoming a popular choice with its crypto-friendly rules. The UAE is working to become a global digital economy hub. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads What are the alternative destinations for cryptocurrency? Tired of too many ads? Remove Ads Is cryptocurrency legal in Dubai What you should know before investing in cryptocurrency in Dubai? Use regulated and licensed exchanges and wallets with strong security measures such as two-factor authentication Stay updated on regulatory changes to ensure ongoing compliance and legal safety. For businesses or individuals seeking to operate crypto trading activities, obtaining a crypto license from free zone authorities like DMCC or DAFZA involves submitting legal documents, paying fees, and securing office space, typically resulting in license issuance within a week. The crypto real estate market inventory is still limited, especially for high-demand or off-plan properties accepting crypto payments. Investors must consider tax and legal implications in their home countries when converting crypto assets into property or cashing out, as Dubai offers tax exemptions, but other jurisdictions may not. The Monetary Authority of Singapore ( MAS ) has issued a strict ultimatum to all digital asset firms based in the city-state: secure a licence to offer digital token services abroad or immediately exit foreign markets. Failure to comply may result in severe penalties, including up to three years in prison and fines reaching up to SGD250,000 (approximately USD 200,000).The rules taking effect from June 30, 2025, fall under Section 137 of the Financial Services and Markets (FSM) Act 2022 and apply to all digital token service providers (DTSPs), regardless of size, clientele, or server has also confirmed that there will be no grace period, no exceptions, and no phased transition. The directive applies uniformly, even to those whose overseas business accounts for only a small portion of the MAS has said that it no longer matters where the customers are; what matters is where the company is move is part of Singapore's effort to tighten regulatory oversight and close long-exploited loopholes. The FSM Act now considers Singapore-based firms operating from the city-state, even when services are directed abroad. This change removes a grey area previously used by many firms to bypass full licensing pathways technically remain open, MAS has stated that new international DTSP licences will be granted only under "extremely limited circumstances". This renders most applications effectively unviable, particularly for ambitious crypto firms with global firms already licensed under Singapore's Securities and Futures Act, Financial Advisors Act, Payment Services Act, or those dealing solely in utility or governance tokens, are the deadline nears, many digital asset firms are eyeing alternative bases. Bloomberg and The Financial Times reports indicate that leading crypto exchanges like Bitget and Bybit are preparing to shift operations to Dubai and Hong the two, Dubai has quickly become a top choice, thanks to its pro-innovation regulatory environment, transparent licensing process, and favourable tax and business UAE has launched the Virtual Assets Regulatory Authority VARA ), which offers clear rules and a welcoming stance on digital assets, in sharp contrast to Singapore's tightening strategic location, strong investor infrastructure, and ambition to become a global digital economy hub further draw start-ups and its growing reputation as a crypto-friendly jurisdiction, Dubai is positioning itself as the natural successor to Singapore's declining crypto hub the answer is yes, but there are some conditions to the Central Bank of the UAE has not officially recognized cryptocurrencies such as Bitcoin, Ethereum, or Pi Coin as legal tender. This means you cannot use these cryptocurrencies in the same way you use the good news is that trading, owning, and depositing digital assets is completely legal on regulated fact, the UAE Securities and Commodities Authority ( SCA ) and the Dubai Financial Services Authority (DFSA) closely monitor the crypto market to ensure smooth operation within a framework of clear regulations and strong security and the UAE overall, has adopted a progressive and regulated stance on cryptocurrencies and blockchain technology, making it one of the few global cities where buying property and conducting crypto transactions legally and securely is Virtual Assets Regulatory Authority (VARA) in Dubai enforces new rules aligned with global standards, including anti-money laundering (AML) and know-your-customer (KYC) compliance, which came into effect with a June 19, 2025, deadline for virtual asset service providers (VASPs).Crypto investors must use licensed platforms and verify that tokens are approved by the UAE authorities to ensure compliance and Dubai International Financial Centre (DIFC) and Abu Dhabi Global Market (ADGM) have specific rules restricting crypto investments to pre-approved tokens like Bitcoin and Ethereum, prohibiting privacy coins and unstable algorithmic is rapidly becoming a global crypto hub, with strong government support, financial free zones, and a booming crypto trading environment. From June 2023 to June 2024, it attracted over $30 billion in crypto-related city supports the tokenization of real-world assets and the rollout of complex crypto products such as margin lending, which provides investors with more diversified real estate sector is increasingly accepting cryptocurrencies like Bitcoin, Ethereum, and stablecoins (USDT) for property purchases, offering crypto holders a way to convert digital wealth into tangible, tax-free, income-generating assets with strong capital growth the regulatory framework, investors should exercise caution against scams and fraud by ensuring brokers, developers, and payment processors are licensed by the Dubai Land Department (DLD) and VARA. Below are the steps to remember while making your trading carries inherent risks, including market volatility and potential losses, especially with advanced strategies like margin trading. It is always recommended to be extra cautious.
