100 Firms Fail ❌ to Obtain Digital Payment Token Licenses in Singapore ??

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100 Firms Fail ❌ to Obtain Digital Payment Token Licenses in Singapore ??

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In a significant development, over 100 companies that applied for a license to offer crypto services in Singapore have reportedly failed to obtain licenses from the local financial regulator.

Apparently, 103 out of 170 digital payment token services in Singapore found their applications to be turned down or withdrawn by the country’s central bank, the Monetary Authority of Singapore (MAS).

“Cryptocurrencies could be abused for money laundering, terrorism financing, or proliferation financing due to the speed and cross-border nature of the transactions,” said the Monetary Authority of Singapore (MAS).

Companies that were operating in Singapore before the introduction of the licensing rule were granted exemptions until their license applications were processed.

This development comes amid some of the biggest crypto exchanges are leaving the country due to stricter regulations.

Earlier, Binance Singapore, the local branch of the world’s largest crypto exchange platform Binance, stopped onboarding new users from December 13, saying that it plans to completely close operations in Singapore by mid-February.

Moreover, Huobi exchange has also announced plans to close accounts of all Singapore-based users by the end of March 2022 to re-enter Singapore through another local entity.

Tencent Gives Shareholders $16.4 Billion Dividend ? in The Form of JD.com Stake 

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Chinese gaming and social media giant Tencent is weakening its ties with e-commerce firm JD.com by paying out a $16.4 billion dividend to its shareholders.

Tencent, which had first invested in JD.com in 2014, said it will distribute HK$127.69 billion ($16.4 billion) worth of its JD.com stake to shareholders, reducing its holding in JD.com to 2.3% from around 17% now.

With this decision, Tencent will lose its spot as the biggest shareholder in JD.com- China’s second-largest e-commerce company to Walmart.

This move of Tencent comes as China is making a widespread regulatory crackdown on technology companies, aiming for their overseas growth ambitions and concentration of market power in China.

Tencent said that it was the right time to transfer its stake from the company as it has reached a stage where it can fund itself for its growth.

However, this move of Tencent has raised questions about its plans in other holdings as investors and analysts are doubting its investment plans in other firms including e-commerce company Pinduoduo, food delivery company Meituan, among others.

Amazon Web Services Experiences Third Outage This Month ?

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Amazon’s cloud services AWS has experienced another outage affecting major apps and services like Slack, Epic Games, Imgur, among others.

The issue started at around 7:30 am ET when many users were logging on for the day. Within minutes, Amazon Web Services started to investigate connectivity issues and updated the status on its dashboard that the company had detected a power outage.

At 9:13 am ET, the company said it had restored power to the affected servers, and by 12:28 pm ET, it had “restored underlying connectivity to the majority of the remaining” systems. However, Amazon said that users may still be experiencing issues as services and servers were relaunched.

This was the third time this month that issues with AWS have had a significant impact on online services.

Earlier this month, the incidents involving AWS ended up impacting a wide range of platforms and products like Netflix, Disney Plus, Wyze, among others.

Whether there is a core issue causing the sudden increase in AWS downtimes or the company has had a bad string of luck remains to be seen.

European ?? Tech Startup Dealroom Raises €6 Million ? in Series A Round

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Netherlands-based tech startup company Dealroom has raised €6 million in its Series A funding round for its data and intelligence platform on startups and tech ecosystems.

The funding was led by transatlantic venture capital firm Beringea and also saw participation from existing investors Knight Venture Capital and Shoe Investments.

Founded in 2013 by Yoram Wijngaarde, Dealroom helps professional investors, corporates, and local governments to discover & track innovative tech companies.

By offering data transparency and an intelligence layer, the company looks to accelerate entrepreneurship and innovation for governments, corporates, VCs, and founders.

Dealroom’s business makes money in a few ways including, providing an API for both government and business clients and selling access to its platform on a SaaS basis.

The company has experienced significant growth in recent years. It will use the fresh funds to accelerate global roll-out, invest in data, and work towards creating a single source of truth for tech ecosystems.

Around the Web ?

Opera Partners With Polygon to Boost Web3 Integration: Internet browser Opera has announced that it will integrate an ethereum scaling platform Polygon that will allow users in-browser access to hundreds of decentralized app (dApps) living on the Polygon network. The integration will first open Polygon’s ecosystem to Opera’s over 80 million users on the Android mobile and is scheduled to go live in the first quarter of 2022.

El Salvador Buys 21 More Bitcoins to The Celebrate 21st Day of 2021: El Salvador, the country which has made bitcoin a legal tender, has bought 21 more bitcoins to celebrate “the last 21st day of the year 21 of the 21st century,” President Nayib Bukele said in a Twitter post. El Salvador has purchased about 1,391 bitcoins altogether.


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