The Newsletter by Tokenize Xchange (Vol.89| June 2020)
Regulatory Updates for Crypto Services & Tokenize Updates
With the commencement of the new regulatory frameworks such as Digital Banking License (DBL) & Payment Services Act (PSA) in the first quarter of 2020, this symbolizes the start of an exciting journey for the local FinTech scene here in Singapore as the sector will be making various breakthroughs.
Hence, Tokenize will be ramping up efforts to comply with the PSA that is issued by the Monetary Authority of Singapore (MAS), to obtain the required license in order to operate as a key cryptocurrency exchange for the local market.
Key Takeaways
If you are interested in getting to know more about the PSA, click here to find out more.
As per the PSA, Cryptocurrencies are classified as Digital Payment Tokens (DPT)
When will PSA take place & what will it affect?
The PSA will regulate activities such as account issuance, domestic money transfer, cross-border money transfers, merchant acquisition, e-money issuance, digital payment tokens, money changing.
The PSA officially commenced on 28 January 2020, and all businesses conducting activities under the PSA are required to obtain a license to continue conducting businesses in Singapore.
Tokenize will be ramping up its efforts towards obtaining the license in order to continue to provide Singaporeans convenient access to digital tokens.
For more details, follow the article here.
Temporary Token Delisting
To offer the best experience to our users, Tokenize will be delisting several cryptocurrencies due to the ongoing efforts to comply with regulatory requirements, and operate as a licensed operator in Singapore.
These updates are NOT RELATED to any form of security issues or unlawful activity.
Don’t worry as once we will be listing new cryptocurrencies in the future!
The affected tokens are as follows:
Only these tokens will be supported on our exchange:
We will delist the above trading pairs and disable deposits & withdrawals for the above tokens starting from 1/7/2020.
If you hold any of the above tokens in your account, please withdraw your tokens to another platform or to an external wallet before the termination of support takes effect.
Myinfo integration is coming to Tokenize Xchange for a better and faster onboarding process.
We are super excited to introduce MyInfo, as part of our enhanced user verification process on Tokenize Xchange, which allow our users from Singapore immediate verification.
With operational integration with MyInfo, a digital service that enables citizens and residents to better manage their government-verified personal data. The integration will streamline internal processes for KYC documentation and verification. All Tokenizers can now enjoy a more seamless identity verification and embark on their first trades on Tokenize Xchange quicker than before.
The addition of MyInfo is not only a great new addition for all our users on top of our existing suite of verification services, but also further demonstrates our years of commitment towards building a more accountable cryptocurrency landscape in Singapore.
Crypto Earn Updates
Starting from June 8th, we will include TKX in our Crypto Earn Program and gives 12% P.A.
Moreover, if you stake your TKX, the interest earned for other coins will be much more. For example, when using staking TKX, interest earned on BTC will increase to 8%.
- Crypto Earn UI Revamp
With the new and improved UI, users participating in Tokenize Crypto Earn will be able to navigate and keep track of the interest payment with ease!
More exciting and innovative updates are coming your way! So, stay tuned and stay safe!
The rise of Exchange-based Tokens
Before we dive into the comparison of the well-known exchange tokens and TKX, let’s understand why such tokens have potential. Cryptocurrency exchange tokens have been around for quite some time, as platforms found a convenient way to increase liquidity by providing supplementary perks to the native token holders such as discounts for trading fees and many more.
Continue reading here.
