03 Apr, 2024

Singapore Widens Crypto Regulation, Introduces Enhanced User Protection Requirements

Quick Take① The Monetary Authority of Singapore is expanding its regulatory scope for crypto service providers by introducing amendments to the Payment Services Act.② The amendments will take effect from April 4 in stages.③ The MAS also released guidelines on consumer protection requirements for crypto firms.Singapore is introducing regulations that appear to be more stringent for companies engaging in cryptocurrency services or digital payment token (DPT) services.The Monetary Authority of Singapore announced on Tuesday that it is expanding the scope of regulated payment services by introducing amendments to the Payment Services Act and its subsidiary legislation.The amendments are expected to take effect from April 4 in stages, according to the statement. Specifically, the MAS noted that the new rules would cover custodial services for DPTs, facilitation of the transmission of DPTs, and facilitation of cross-border money transfers between countries “even where moneys are not accepted or received in Singapore.”“The amendments will empower MAS to impose requirements relating to anti-money laundering and countering the financing of terrorism, user protection and financial stability on DPT service providers,” the MAS said.The MAS added that it would provide “transitional arrangements” for those conducting activities under the expanded regulatory scope, but they need to inform the regulator within 30 days and file a license application within six months from April 4.“This expansion has been in the works since 2021 and brings much anticipated regulatory clarity to crypto custody players in Singapore,” Angela Ang, a former MAS regulator and senior policy advisor at blockchain intelligence firm TRM Labs, told The Block.“I don't think any of the changes are unexpected or surprising so to the extent that these changes may lead to some crypto exchanges or firms exiting Singapore, that decision likely would have been taken some time ago,” said Kelvin Low, a law professor at National University of Singapore.Consumer ProtectionIn a guideline released Tuesday, the MAS spelled out terms on the consumer protection measures DPT service providers should take under the Payment Services Act.The measures include segregating customers’ assets, maintaining proper books and records, and ensuring the integrity and security of customers’ assets. The guideline is expected to take effect on October 4.

29 Mar, 2024

Crypto AI Undergoes Transformation with ASI Alliance Merger

In a groundbreaking move within the crypto AI domain, Fetch.ai, Ocean Protocol, and SingularityNET have announced their merger, giving birth to the formidable Artificial Superintelligence Alliance (ASI). This alliance marks a significant leap forward in decentralized AI technology, shaking the foundation of Big Tech's dominance in the sector.ASI LeadershipDriven by the leadership of Dr. Ben Goertzel, Humayun Sheikh, and Trent McConaghy, the ASI aims to cultivate open, transparent, and decentralized AI development. By combining their expertise and resources, the founders aspire to expedite the realization of Artificial General Intelligence (AGI) on the blockchain, ensuring widespread access to groundbreaking technologies.At the heart of the merger lies the consolidation of the native tokens of the three projects – $FET, $OCEAN, and $AGIX – into a unified token, $ASI. With a staggering combined token value of $7.6 billion, ASI is positioned to serve as the cornerstone of an expansive decentralized AI network, heralding unprecedented capabilities.Commitment to Ethics and CollaborationGuided by a steadfast commitment to ethics, transparency, and collaboration, the ASI Alliance endeavors to diminish the influence of centralized authorities and traditional gatekeepers, thereby empowering developers and users alike.More than just a strategic partnership, the merger serves as a catalyst for innovation and advancement in the AI landscape. Through harnessing the collective strengths of SNET, Fetch.ai, and Ocean Protocol, the alliance strives to establish a scalable platform that champions ethical AI practices and stimulates investment in AGI research and development.Community Integration and Token MergerSubject to community approval, the token merger will witness the rebranding of $FET as $ASI, with a total supply of 2.63055 billion tokens. Additionally, $AGIX and $OCEAN tokens will be converted to $ASI at conversion rates of 0.433350:1 and 0.433226:1, respectively.Under the governance of a council comprising prominent figures from each platform, such as Humayun Sheikh, Ben Goertzel, Trent McConaghy, and Bruce Pon, the ASI Alliance will assume responsibility for driving the ongoing development and integration of decentralized AI technologies.Implications for Crypto AI and DeFiThe merger signifies a shift in crypto AI, with implications for decentralized finance (DeFi) and AGI research. By bridging the gap between AI and finance, the alliance hopes to cultivate an environment conducive to innovation and expansion, providing a more inclusive and trustworthy AI ecosystem.In the words of Humayun Sheikh, "Our mission with this token merger is to combine our platforms to ensure ethical and transparent AI...This enhances data privacy and paves the way for a more democratic and trustworthy AI ecosystem."With its sights set on revolutionizing the crypto AI landscape, the ASI Alliance is poised to usher in an era characterized by collaboration, innovation, and progress. As a dominant force in AGI research, application, and commercialization, ASI embodies the future of decentralized AI.