Dec 2021 Crypto Industry Updates

Starting this month, content will be sorted chronologically with latest at the bottom.

• Singapore suspends crypto exchange embroiled in dispute with K-pop stars BTS [5 Dec]
  • Monetary Authority of Singapore has suspended Bitget, a crypto exchange that got into a dispute after promoting the digital currency Army Coin, named after the South Korean boyband BTS' followers
  • Bitget has promoted the Army Coin, saying it was created to give lifetime-support to BTS so that the boy band members could focus entirely on making music and other art for the rest of their lives.
  • BTS’s agency Hybe said the coin has no connection with BTS and threatened to take legal action.
  • Hybe stressed that the crypto agency has used BTS photos to promote Army Coin without permission from the company.
  • Bitget announced on Oct 29 that since it is a trading platform and did not create the coin itself, it will not take any responsibility for the listed Army Coin.
  • Bitget says on its website it was set up in 2018 in Singapore and has more than 1.5 million users worldwide.
• Visa announced the launch Visa Global Crypto Advisory Practice
  • will function as a division of its consulting and analytics department, and will advise banks on ways to leverage the crypto space and use crypto products to retain clients.
• Crypto game players lose over S$100,000
  • ~20 police reports have been made against a Singaporean named as the chief marketing officer of a play-to-earn game called Neko Inu, that has allegedly cost local players more than S$100,000 in lost cryptocurrency.
  • the game developer converted all USDT owned by players in the game to Neko$.
  • Neko$ is not listed on any crypto exchange so they will not be able to cash out their earnings or assets.
• 90% of the Bitcoin’s total supply now in circulation [13 Dec]
  • A total of 18.9 million BTC has now been discovered, with 2.1 million BTC left to find.
  • supply is going to be gradually released between now and 2140
• Straits Times to auction NFT artworks for charity [13 Dec]
  • From Dec 22 to 28, the online auction will run on the digital platform Blockchain For Good
  • Proceeds will go to The Straits Times School Pocket Money Fund.
• FOMO Pay joins DBS Digital Exchange (DDEx) as a member, paving way for merchants to accept crypto payments [14 Dec]
  • FOMO Pay was founded in 2015 and started by connecting online and offline merchants to digital payment methods