Today, the Monetary Authority of Singapore (MAS) has officially announced the list of companies which had been granted an exemption from holding a licence for the specific payment services for a specified period. The list includes the Singaporean subsidiary of Multinational companies including Alibaba, Alipay and Amazon. Regarding Cryptocurrency payment-related services, nearly 200 Crypto firms including SmartMesh, Huobi, OKCoin, Coinbase, Binance, ZB, etc. are allowed to legally provide the exemption-approved payment services without holding a licence under the Payment Services Act. The exemption will cease after a specified period of 6 or 12 months. The exemption specifically for Cryptocurrency payment services will end on July 28th 2020, unless the company has applied for a license under the Payment Services Act, where the exemption will cease at the time of approval or rejection of the application by MAS.
This week, the Annual General Meeting of the Singapore Blockchain Association was held, hosted by SmartMesh Committee and Chia Hock Lai, the Chairman of Singapore Fintech Association and Singapore Blockchain Association. Twelve members with voting rights, including Mr. Henry Wang, voted on 5 proposals during the meeting.
Singapore is one of the most important financial centers in the world, as well as an indispensable part of the development of the Fintech industry in Asia. The country is dedicated to becoming a new hub in global financial innovation. To adapt to the rapidly changing environment of payment methods, Singapore has revised the existing regulatory framework to provide additional legal certainty for the innovative Fintech services, and thus to keep its competitive advantage over other countries or cities. Therefore, if implemented correctly, the approval procedure would be able to mitigate illegal participants without having to limit the ability of innovative products to be released into the market. In the coming July, the Singapore Blockchain Association will host the “Singapore Blockchain Week”, a major activity supported by Singapore Authorities including the MAS. It is believed that in 2020, Singapore will achieve important milestones in the world of crypto-currency.
Here is the specific work for this week:
- Spectrum public chain:
1.1 Using node.js to successfully implement the P2P link layer prototype of the Spectrum public chain
- Photon optimization related work
1.1 Continue to adjust the design of Photon third-party commissioned cash withdrawal scheme. In order to provide reference for the further improvement of user experience in cash withdrawing, discussions were held to look into the time limit of commissioning, its overtime mechanism and the feasibility of actively cancelling the commissioning.
1.2 Repeated review of the Photon test code, and consideration of issues such as underlying data storage, tests cases, and query interfaces to prepare for further improvement of test efficiency.
Continue to organize the Photon test code, and perform preliminary optimization and implementation of test CASE data backup, code comment matching, and resident thread management to prepare for further improvement of test efficiency.
1.3 Further analyse the Whisper broadcast protocol, understanding and primarily verifying the data storage ability and timeliness of end-to-end messaging, which provides references for further improvement and development of more Photon transaction types.
- Atmosphere interoperability and preparation for Living Lab.
1.1 Continue to review of the mainstream cross-chain technology protocols and consensus, compare and consider the technical difficulties, design ideas and cross-chain modes to provide a reference for subsequent cross-chain technology improvements.
1.2 Continue to make a preliminary understanding of the current industry blockchain business scenarios, including human resources, business and corporate governance, credit rating and assessment, publications and other industries to migrate to the blockchain, to provide support for subsequent cross-chain expansion into multiple fields.
1.3 Continue to analyse the introduction of the payment model of Tahoe-LAFS and reorganise the cross-chain and off-chain payment process optimization, which provides a reference for the interoperability docking of subsequent projects.
1.4 Study the decentralized computing network and application ecosystem Blockstack, compare its business logic and data processing with traditional models, providing a reference for the subsequent cross-chain related distributed computing applications when integrated with Meshbox.
- Today, the Monetary Authority of Singapore (MAS) has officially announced the list of companies which had been granted an exemption from holding a licence for the specific payment services for a specified period. The list includes the Singaporean subsidiary of Multinational companies including Alibaba, Alipay and Amazon. Regarding Cryptocurrency payment-related services, nearly 200 Crypto firms including SmartMesh, Huobi, OKCoin, Coinbase, Binance, ZB, etc. are allowed to legally provide the exemption-approved payment services without holding a licence under the Payment Services Act. The exemption will cease after a specified period of 6 or 12 months. The exemption specifically for Cryptocurrency payment services will end on July 28th 2020, unless the company has applied for a license under the Payment Services Act, where the exemption will cease at the time of approval or rejection of the application by MAS.
- This week, Dr. Peter Yan, advisor of SmartMesh, and Fiona from the marketing department communicated with legal advisors in Singapore and exchanged ideas on several business projects, including refinement of activities which are suitable for the application of the payment license of MAS.
- The Annual General Meeting of the Singapore Blockchain Association was held, hosted by SmartMesh Committee and Chia Hock Lai, the Chairman of Singapore Fintech Association and Singapore Blockchain Association. 12 members with voting rights, including Mr. Henry Wang, voted on 5 proposals during the meeting. The proposal to merge with the “Blockchain Enterprises and Scalable Technologies Association” (BEST) founded by Professor David Lee was unanimously passed in the meeting. The association will be called “Blockchain Association Singapore” after merging.
- Mr. Henry Wang, founder and CEO of SmartMesh and Dr. Peter Yan, advisor of SmartMesh was invited by two officials from the Energy Market Authority of Singapore (EMA) to discuss Transactive Energy projects sponsored by EMA funding. Mr. Henry Wang and Dr. Peter Yan respectively introduced the application prospects of SmartMesh and MeshBox in transactive green energy R&D and the ongoing projects in which SmartMesh is cooperating with universities in Singapore. Officials from EMA will keep in close contact with SmartMesh for future funding opportunities.
