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Singapore goes from crypto hub to crypto restructuring hub

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Benjamin Cher

Benjamin Cher

Published Tue, Aug 16, 2022 · 05:50 AM
    • As cryptocurrencies take a beating, Singapore is tranforming from crypto hub to crypto restructuring hub.
    • As cryptocurrencies take a beating, Singapore is tranforming from crypto hub to crypto restructuring hub. PHOTO: REUTERS

    SINGAPORE’S attractiveness as a crypto hub is now turning it into a centre for the restructuring of troubled cryptocurrency platforms, which could mean more work for corporate finance experts and lawyers.

    In the last month alone, crypto platforms Zipmex and Vauld have filed for bankruptcy protection here. Both have incorporated companies in Singapore.

    Vauld was in the process of applying for a digital payment token licence from the Monetary Authority of Singapore via its Singapore company, Defi Payments. Vauld has obtained a 3-month debt moratorium with a possibility of a 3-month extension by Nov 11.

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