In a recent development, Tharman Shanmugaratnam, the former chair of Singapore’s Monetary Authority and ex-finance minister, secured victory in the country’s presidential race. However, this outcome has sparked mixed reactions within the crypto community. Shanmugaratnam, known for previously labeling crypto as a “highly volatile asset” and a “highly risky” investment, is set to be sworn into office on September 14. Interestingly, Singapore’s regulatory landscape has evolved since his remarks, with several crypto exchanges, including Crypto.com, Bitstamp, Coinbase, and Gemini Trust, gaining approval to operate in the country.
Following his tenure at the Monetary Authority, Shanmugaratnam continued efforts to integrate digital assets into Singapore’s financial infrastructure, including proposing a revised regulatory framework for stablecoins, which underwent a public consultation in 2022.
Australian Crypto Bill Returns for Amendments
Australia’s Senate Committee on Economics Legislation has provided feedback on Senator Andrew Bragg’s cryptocurrency bill, known as “The Digital Assets (Market Regulation) Bill 2023.” The committee’s report, released on September 4, recommends minor amendments to the bill, such as removing nonfungible tokens (NFTs) from the definition of regulated digital assets. Additionally, the Senate suggested excluding certain asset-based tokens and extending the transition period from three to nine months. The report also calls for a review of the tax treatment of digital assets and transactions in Australia, aiming to introduce relevant legislation in early 2024. Furthermore, the Senate emphasizes the importance of implementing recommendations from the Council of Financial Regulators to address issues related to cryptocurrency firms being de-banked by traditional banks.
GALA Token Sees Price Dip Amid Co-Founder Lawsuits
GALA, the native token of Gala Games, experienced a 12% price decline over a week as two co-founders, Wright Thurston and Eric Schiermeyer, engaged in legal disputes against each other. The lawsuits, filed in a Utah District Court, involve allegations of theft and corporate waste. Schiermeyer, who also serves as Gala Games’ CEO, accused Thurston and his investment firm, True North United Investments, of stealing approximately $130 million worth of GALA tokens linked to the Gala Games ecosystem. Simultaneously, Thurston’s True North filed a lawsuit against Schiermeyer, claiming he caused Gala Games to mismanage funds and wasted company assets. Both lawsuits seek various forms of relief and damages, adding a layer of uncertainty to the GALA token’s market performance.