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Thailand’s Police Suspects Actor Involved in Kidnapping and $740K Bitcoin Ransom

Posted on January 19, 2020January 19, 2020 by Rehan Yousaf

A famous Thai actor (currently still unnamed), who was arrested for potentially kidnapping a businessman for a Bitcoin ransom, will be brought in for questioning by the authorities. After the 33-year-old businessman, Mark Cheng, was successfully able to escape from his abductors he immediately reported the event to local law enforcement agencies. According to the filed report, Cheng was asked to pay the approximately $740K ransom in Bitcoin to the kidnappers, among which was also…

OCBC Becomes First Singaporean Bank to Join JPMorgan’s IIN Blockchain Network

Posted on September 22, 2019September 22, 2019 by Ravi Rd

Oversea-Chinese Banking Corporation (OCBC), the second-largest bank in South East Asia by assets, has become the first top tier bank of Singapore to join JPMorgan’s Interbank Information Network (IIN), JPMorgan’s live blockchain service specifically developed for cross-border transactions. According to the Business Times Singapore, there are plenty of banks from the Asia-Pacific that have already signed up for the IIN, and Singapore’s OCBC is going to be one of them. The majority of these banks…

Married Singaporean Man Confessed to Hiring a Bitcoin Hitman to Kill his Ex’s Boyfriend

Posted on July 19, 2019July 19, 2019 by Ravi Rd

In Singapore, a married man hired a professional killer on the dark web to kill his former girlfriend’s new lover in a planned car accident. As reported by Yahoo News Singapore, the 47-year-old Allen Vincent Hui Kim Seng hired a hitman on the dark web and paid him with Bitcoin. The deal took place on a website known as “Camorra Hitmen.” However, the hitman couldn’t finish the illicit job as a journalist from the American…

Singapore’s Tax Agency Bids to End Value-Added Tax on Cryptocurrencies

Posted on July 9, 2019October 14, 2019 by Rehan Yousaf

Singapore’s tax agency is thinking of removing goods and services tax (GST), also known as value-added tax (VAT), from cryptocurrency transactions that function or are meant to function as a medium of exchange. Last Friday, the Inland Revenue Authority of Singapore (IRAS) published a document detailing what the Authority refers to as “Digital Payment Tokens.” The IRAS proposed to exempt entities that deal with such digital assets from GST liabilities. Under the current existing rules,…

Singapore’s Kopitiam Foodcourts Chain Pilots Cryptocurrency Payment Options

Posted on July 3, 2019July 9, 2019 by Ravi Rd

Kopitiam, a Singaporean foodcourt chain, is taking e-payments to next level with KOPItech, which enables customers to pay with various payment methods including cryptocurrencies. According to Singapore’s media outlet The Business Times, this appears as an attempt of Kopitiam to reinvent itself and to keep up with the times. To achieve these goals, Kopitiam introduces the new KOPItech features that will be incorporated in 20 self-service kiosks of the chain, which will consist of an…

Canada and Singapore Pilot a Cross-Border Payment System Based on Distributed Ledger Technology

Posted on May 4, 2019July 9, 2019 by Lipsa Das

The Bank of Canada and the Monetary Authority of Singapore have joined hands on performing a successful experiment related to cross-border payments, making use of central bank digital currencies. In the first of its kind trial, the aim was to pave the way for a revolutionary breakthrough in cross country and cross currency payments, increasing their overall efficiency and reducing the risks associated with such a kind of payment. This comes as a long awaited…

Singapore Police Arrests Two Promoters of the OneCoin Cryptocurrency Scam

Posted on April 13, 2019July 9, 2019 by Carolyne Walker

OneCoin has been labeled as a fraudulent cryptocurrency by a number of countries around the world. In fact, many people connected with the promotion of OneCoin have been arrested in the past four years; those include the ringleader Konstantin Ignatov who was arrested at the Los Angeles International Airport on March 6, 2019. Recently, Singapore has also came to the same conclusion about OneCoin as two men connected with the scheme were arrested for duping…

Singapore-Based Crypto Exchange DragonEx has been Hacked; “All Platform Services Will be Closed”

Posted on March 26, 2019December 11, 2019 by Jodie Lauren Smith

DragonEx, the Singapore-based cryptocurrency exchange has been hacked according to a statement by the company on its official Telegram channel. The statement reads: “On March 24th, DragonEx has encountered attacks from hackers, our users’ crypto assets and Platform crypto assets were transferred and stolen. Part of the assets were retrieved back, and we will do our best to retrieve back the rest of the stolen assets. Several Judicial administrations were informed about this cyber crime…