Africa-Press – South-Africa. Digital Currency Group’s Luno crypto exchange plans to pull out of the Singapore market and scrap its application for a licence in the city state.
The nation’s toughening stance has led to a reassessment of crypto potential there, particularly as Hong Kong seeks to create a hub for digital-asset firms.
Luno wrote that Singapore still “has the potential to lead the way in using crypto to build a fair and robust financial system.”
Embattled crypto conglomerate DCG acquired London-based Luno in 2020. Luno is among a slew of firms that cut staff in recent months as the crypto sector retrenched.
Over a dozen companies, including Coinbase Global Inc. and Blockchain.com, have received in-principle approvals to provide digital payment token services in Singapore.
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