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Amid the global crypto meltdown, <keyword id="6356662" type="General" weightage="100" keywordseo="singapore" source="Orion">Singapore</keyword>, which has a clear licensing and regulatory framework, is going to act tough on crypto platforms in the coming months, a top <keyword id="167953" type="General" weightage="50" keywordseo="monetary-authority-of-singapore" source="Orion">Monetary Authority of Singapore</keyword> (<keyword id="281847" type="General" weightage="80" keywordseo="mas" source="Orion">MAS</keyword>) executive said on Tuesday. MAS Managing Director <keyword id="224150" type="General" weightage="50" keywordseo="ravi-menon" source="Orion">Ravi Menon</keyword> said that the key lesson from the upheaval in the global crypto industry is clear: Investing in cryptocurrencies is highly risky. "MAS and relevant government agencies will take firm enforcement action if any entity is found to be conducting illegal activities or performing regulated activities without a license," he said after releasing the central bank's annual report. Menon said that reviews and public consultations are underway, among international standard-setting bodies and regulators, to strengthen regulation in the crypto areas. "MAS is targeting to consult on proposed measures in the next few months," he added. Governments the world over, including in <keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword>, are planning tough action against cryptocurrencies as the crypto world faces heightened uncertainties. In India, Union Finance Minister <keyword id="129243" type="General" weightage="50" keywordseo="nirmala-sitharaman" source="Orion">Nirmala Sitharaman</keyword> said in the Lok Sabha on Monday that the <keyword id="6354335" type="General" weightage="50" keywordseo="reserve-bank-of-india" source="Orion">Reserve Bank of India</keyword> (RBI) has recommended framing of regulations for cryptocurrencies. The Indian government wants an international collaboration if such a ban has to be put into effect, said <keyword id="679937" type="General" weightage="50" keywordseo="sitharaman" source="Orion">Sitharaman</keyword>. Menon said that some crypto players that have come under strain have been reported by the media as being "Singapore-based". "In reality, these so-called 'Singapore-based' crypto firms have little to do with crypto-related regulation in Singapore," he mentioned. "Vauld is currently not licensed by MAS nor has it sought any exemption from holding a licence under the Payment Services Act. It has submitted a licence application, which is pending review," Menon informed. The crypto industry globally is still evolving and regulation is still catching up with industry trends. MAS has sent repeated warnings against retail investments in cryptocurrencies. Next month, the authority will organise a dedicated seminar to share its strategies to develop Singapore as a digital asset hub. "We will explain our position on cryptocurrencies, stablecoins, blockchains, tokenisation, smart contracts and digital assets, etc -- their risks and opportunities; shortcomings and potential," said Menon. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/food-items-when-sold-loose-wont-attract-any-gst-says-nirmala-sitharaman/articleshow/92993947.cms">Food items when sold loose won't attract any GST, says Nirmala Sitharaman</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/fixed-deposits-back-in-vogue-as-crypto-stock-market-get-hit-by-global-headwinds/articleshow/92983763.cms">Fixed deposits back in vogue as crypto, stock market get hit by global headwinds</a>

Singapore to to act tough on crypto platforms in the coming months

New Delhi, Prime Minister Narendra Modi on Tuesday expressed hope that digital transactions will soon surpass cash with Unified Payments Interface (UPI) increasingly becoming the most preferred payment mechanism in the country. Modi after the launch of the cross-border connectivity between the UPI and PayNow of Singapore said about 74 billion transactions amounting to more than Rs 126 trillion, which is approximately 2 trillion Singapore dollar, was done through UPI in 2022. "Many experts are estimating that very soon India's <keyword id="16596261" type="General" weightage="20" keywordseo="digital-wallet-transactions" source="Orion">digital wallet transactions</keyword> are going to overtake cash transactions," he said. A large number of transactions via UPI demonstrate that this indigenously designed payment system is very secure, he said. Modi along with his Singaporean counterpart Lee Hsien Loong witnessed the launch of cross-border connectivity between the UPI and PayNow of Singapore via video conferencing. The facility was launched through token transactions by Reserve Bank of India Governor Shaktikanta Das and Managing Director of Monetary Authority of Singapore Ravi Menon using the UPI-PayNow linkage. Stressing that the linkage of UPI and PayNow is a new milestone in India-Singapore relations, Modi said, this will help people of both the countries to do cross border transactions through mobile phone in an affordable manner. Singapore is the first country with which cross-border Person-to-Person (P2P) payment facility has been launched, he said, adding, this will help the Indian diaspora in Singapore, especially migrant workers/students and bring the benefits of digitalisation and fintech to the common man through instantaneous and low-cost transfer of money from Singapore to India and vice-versa. Pointing out that the focus of the government is to promote innovation and modernisation, Modi said the Digital India programme of the government has enhanced 'Ease of Living' and 'Ease of Doing Business' and digital connectivity and has pushed financial inclusion. The Digital India programme has brought in significant reforms in governance and public service delivery. The linkage will enable users of the two fast payment systems in either country to make convenient, safe, instant, and cost-effective cross-border fund transfers using their respective mobile apps. Funds held in bank accounts or e-wallets can be transferred to or from India using just the UPI-id, mobile number, or Virtual Payment Address (VPA), the Reserve Bank of India (RBI) said in a statement. To begin with, the statement said State Bank of India, Indian Overseas Bank, Indian Bank and ICICI Bank will facilitate both inward and outward remittances, while Axis Bank and DBS India will facilitate inward remittances. For Singapore users, the service will be made available through DBS-Singapore and Liquid Group (a non-bank financial institution). More banks will be included in the linkage over time. Customers of the above participating banks can undertake cross-border remittances to Singapore using the bank's mobile banking app or internet banking. To begin with, an Indian user can remit up to Rs 60,000 in a day (equivalent to around SGD 1,000). At the time of making the transaction, the system shall dynamically calculate and display the amount in both currencies for the convenience of the user, it said. The UPI-PayNow linkage is the product of extensive collaboration between the RBI, Monetary Authority of Singapore (MAS), and Payment System Operators of both countries viz. NPCI International Payments Limited (NIPL) and Banking Computer Services Pte Ltd (BCS), and participating banks / non-bank financial institutions. This interlinkage aligns with the G20's financial inclusion priorities of driving faster, cheaper and more transparent cross-border payments and will be a significant milestone in the development of infrastructure for cross-border payments between India and Singapore, the statement said. India has emerged as one of the fastest-growing ecosystems for fintech innovation. A key emphasis of the Prime Minister has been on ensuring that the benefits of UPI are not limited to India only but extend to other countries as well. The virtual launch was preceded by a phone call between the two Prime Ministers, wherein discussions were held on areas of mutual interest. Prime Minister Modi thanked Prime Minister Lee for his partnership in taking the India-Singapore relationship forward and looked forward to working with him under India's G20 Presidency.

Digital transactions to soon exceed cash in India: PM Modi

Mumbai, Mar 14 () The domestic aircraft Maintenance, Repair and Overhaul (MRO) industry on Saturday welcomed GST Council's decision to lower the GST rate to 5 per cent from 18 per cent and said it will boost the local business. The industry had long been demanding a reduction in GST rates for a level-playing field vis-a-vis overseas MRO companies, who are taking away almost 95 per cent of the domestic business due to lower taxes. "The lowering of tax rate to 5 per cent will be a tremendous boost to the Indian MRO industry," AirWorks Executive Director Ravi Menon told . Menon said that though he had not yet seen the notification, it is a welcome move, adding, "lower taxes will incentivise the MRO industry further in investing in developing infrastructure, capability and competence." Finance Minister Nirmala Sitharaman on Saturday said the GST Council has decided to reduce the GST on aircraft Maintenance, Repair and Overhaul (MRO) services from 18 per cent to 5 per cent with full Input Tax Credit and change the place of supply for B2B MRO services to the location of recipient. "This change is likely to assist in setting up of MRO services in India," Sitharaman said. Stating that with this move the industry will now be on the way to make the country a global MRO hub, Bharat Malkani, Managing Director of Max Aerospace group said, "India would become aircraft manufacturer in the next 10 years. By that time we will have the required technology," he said. He said lower taxes would have "huge" impact on the industry as it will not only reverse the trend of business, which 5 per cent domestic and 95 per cent overseas, but also will at least double the business of the domestic operators going forward. According to HR Jagganath, CEO of Air India's MRO arm AIESL, the move will help the company forging partnerships with more OEMs. "Higher taxes were a big impediment for the Original Equipment Makers (OEMs) to give MRO business to us. Now with lower taxes, they will be more than willing to partner with us for MRO works," he said. IAS RAM MRMR

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Singapore to to act tough on crypto platforms in the coming months

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Digital transactions to soon exceed cash in India: PM Modi

PTI

Lower GST rate on aircraft MRO to boost local business, say service operators

PTI

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