Today in crypto, Singapore is considering allowing jointly issued cross-border stablecoins into its regulatory regime. Thailands SEC seeks comments on rules requiring retail-accessible overseas crypto derivatives to trade on qualifying, centrally cleared exchanges, while Strive bought 1,800 Bitcoin for $143 million, becoming the fifth-largest publicly traded corporate holder.
Singapore weighs recognizing some foreign-issued stablecoins
The Monetary Authority of Singapore (MAS) is reconsidering its earlier restriction on stablecoins issued across multiple jurisdictions, proposing a route for some jointly issued tokens to qualify under its regulatory framework.
MAS opened a public consultation on Tuesday, covering legislative amendments to implement its stablecoin framework and additional policy proposals reflecting developments since 2023.
Under one proposal, stablecoins jointly issued by a Singapore issuer and a foreign issuer could be regulated under the framework and labeled “MAS-regulated stablecoins,” provided that the associated risks are sufficiently mitigated.
MAS is also considering recognizing a limited number of foreign-issued stablecoins regulated under comparable overseas frameworks, citing their potential use in cross-border wholesale transactions.
Thailand SEC proposes retail access to regulated overseas crypto derivatives
Thailands Securities and Exchange Commission (SEC) has proposed allowing intermediaries to facilitate retail access to certain digital asset derivatives traded overseas.
Under the proposal, eligible products would need to resemble crypto derivatives traded in Thailand, including their underlying assets, maturity, leverage and settlement methods.
The products must also trade on an exchange that uses a central counterparty for clearing and is overseen by a regulator belonging to specified international regulatory or exchange groups.
The consultation marks Thailands latest step toward bringing crypto-linked products into its regulated capital markets. The SEC formally designated cryptocurrencies and digital tokens as permissible derivatives underlyings in a notification dated March 5 and is discussing potential contract specifications with the Thailand Futures Exchange.
Meanwhile, crypto derivatives that do not meet the proposed conditions could only be offered to institutional investors. The regulator said institutions are better equipped to assess and manage complex and high-risk products.
Existing rules allow intermediaries to facilitate overseas derivatives investments for retail and high-net-worth clients only when the products resemble those traded domestically. According to the SEC, overseas crypto derivatives require tailored rules because structures and risk levels vary.
The consultation remains open until Sept. 30. The SEC did not provide an implementation date for the proposed amendments.
Strive joins top five corporate Bitcoin holders after $143 million purchase
Strive bought 1,800 Bitcoin for roughly $143 million last week, lifting its holdings to 23,156 BTC and making it the fifth-largest publicly traded corporate Bitcoin holder.
The asset manager and Bitcoin treasury company acquired the BTC at an average price of $79,431 per coin, including fees and expenses. The purchase followed a 1,110 BTC acquisition the previous week for about $81.5 million.
Strives latest purchase increased its Bitcoin holdings by roughly 8.4% in five business days and pushed the company past crypto exchange Bullish in the rankings of publicly traded corporate holders.
The buying comes as Bitcoin rebounds from its recent downturn, climbing more than 23% to above $81,000 after the US Treasury Department announced it would increase certain long-term bond buybacks. BTC was back below $79,000 on Monday.