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The MAS has rejected or withdrawn the applications of more than 100 companies since then. When the MAS approved cryptocurrency trading services in 2021, DBS was one of the first institutions to get the go-ahead. As of March 2019, more than 170 crypto companies had applied for a Digital Payment Token License from MAS, but around 100 of them have either withdrawn their applications or been rejected by the agency.

MAS warned investors in December that Binance, the world’s largest crypto exchange, was unlicensed and could be in violation of Japan’s Payment Services Act, so the firm withdrew its licensing application.

DBS Bank is permitted to provide retail customers with crypto trading services under the terms of its Digital Payment Token License, but it is prohibited from marketing those services. It was in January that the MAS issued guidelines to discourage people from trading in cryptocurrencies, and they have since been updated. According to the new guidelines, trading services can’t be advertised in public places, nor can they be promoted via social media influencers.

As cryptocurrency trading volume increased last year, it is not surprising that DBS Bank has decided to expand its crypto services to serve the retail market. There was an increase in crypto trading volume in 2021 of $1.1 billion, with $585.5 million of that total concentrated in the fourth quarter.

The IMF urges El Salvador to stop accepting Bitcoin as legal tender

By taking Bitcoin off the legal tender list, the board’s directors have now “incited the authorities to limit the Bitcoin law’s compass by removing Bitcoin’s legal tender status,” according to the statement.

Bitcoin-backed bonds come with “significant risks to fiscal stability, fiscal integrity, and consumer protection,” according to the study’s authors.

As Bitcoin becomes legal tender, there is both fear and excitement.

El Salvador is split on whether or not to make Bitcoin legal tender.

What is Bitcoin?

The virtual currency became legal tender in El Salvador in 2012, and the government rolled out a new digital portmanteau app that gave each citizen a one-time payment of $30 (£22). To make things even better, the country now has 200 brand new ATMs to use.

The measure was marketed as a way to spur economic growth and job creation, but El Salvador has been polarised by it.

The IMF urges El Salvador to stop accepting Bitcoin as legal tender

As a result, businesses are now required to accept digital currency as a form of payment. The volatility of Bitcoin’s value makes it a contentious currency. Its value has risen and fallen dramatically in the past. At about$ on Tuesday, bitcoin had lost about half of its value since November’s record of$. Presidential plans for the construction of a Bitcoin megacity were unveiled by President Bukele in November, with cryptocurrency being used to fund the project’s design.

Since its inception, Bitcoin’s value has fluctuated greatly, which has made it a contentious currency. Bitcoin’s value dropped from its November high of $67,734 to about $37,000 on Tuesday, nearly halving its previous high. According to Bukele, who announced in November, that Bitcoin will help fund the construction of a Bitcoin city in El Salvador.

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