gap

The Monetary Authority of Singapore (MAS) has revoked the major payment institution license of the currency exchange and cross-border remittance entity Sir Money Changer Pte. Ltd. (SMC) under the Payment Services Act 2019, effective from September 15, 2026. From that date, SMC is no longer allowed to provide cross-border remittance and currency exchange services.The action by MAS stems from an investigation that found SMC allowed third parties to independently operate cross-border remittance services in one of its business premises under the name of SMC and provided false or misleading information to MAS. MAS pointed out that license holders must not allow third parties to use their license to conduct financial service activities and require payment service providers to maintain effective supervision and control over their business operations.

According to news from the Anthropic official website, Anthropic announced the opening of its fifth office in the Asia-Pacific region in Singapore and signed a memorandum of understanding with the Ministry of Communications and Information of Singapore. Both parties will collaborate in areas such as AI safety, model evaluation, and responsible AI adoption.Singapore is one of the most active markets for Claude globally, with over a thousand government agencies and enterprises, including GovTech Singapore, DBS, Grab, and GIC, already deploying Claude. Among them, over 1,500 engineers at GovTech Singapore have adopted Claude Code to advance the modernization of government systems, while Grab saves approximately 40,000 hours of manpower each quarter with the help of a Claude-driven sales assistant.

According to a report from the official Coinbase blog, the Anti-Scam Centre (ASC) of the Singapore Police Force released a briefing on scams and cybercrime for the first half of 2026, showing that cryptocurrency scam losses in Singapore decreased by 43% year-on-year, from 114.9 million Singapore dollars to 65.5 million Singapore dollars.The ASC attributes this achievement in part to the actions taken by industry partners, including the shutdown of 47,500 mobile lines, 37,500 WhatsApp accounts, and 52,200 malicious websites, as well as investigations into over 2,900 money mules and scammers, resulting in approximately 470 prosecutions. The Coinbase Global Intelligence Team identified over 720 potential victims through four joint operations with the ASC, helping to intercept potential losses of over 18.9 million Singapore dollars.

According to the Miner Weekly briefing published by BlocksBridge Consulting, Bitcoin mining companies expanding into the fields of artificial intelligence and high-performance computing are facing significantly different borrowing costs, with lenders increasingly scrutinizing large data center projects. The briefing points out that securing large AI clients is only part of the challenge; mining companies also need to raise billions of dollars to purchase computing power equipment, build data centers, and ensure the power infrastructure required for contract fulfillment. BlocksBridge indicates that large lending institutions have become more selective about data center loans, with decisions increasingly depending on client qualifications, contract terms, and project completion paths.The transition from Bitcoin mining to AI infrastructure by IREN reflects the differences in financing costs: the company secured $3.65 billion in GPU financing in June at a blended interest rate of 6%; in August, it completed another $2.4 billion financing with a fixed interest rate of 9%. The two agreements correspond to different projects and are not directly comparable, but they show that even within the same company, borrowing costs can vary significantly. Financing arrangements may also incur costs beyond interest; in another transaction involving Cipher Digital, Google guaranteed a $1.4 billion lease obligation in exchange for warrants representing a 5.4% equity stake in Cipher, with exercising the warrants potentially diluting existing shareholder equity.The rise in financing demand highlights the overall challenges mining companies face in entering the AI market. Data from VanEck shows that during the peak of the Bitcoin bull market in October last year, mining company debt surged by approximately 500% compared to the second quarter of 2024.

From October 9 to 11, Gate, as the official sponsor and long-term partner of the F1 Red Bull Racing Team, hosted a VIP exclusive hospitality event during the 2026 F1 Singapore Grand Prix, inviting dozens of global VIP clients, core partners, and special guests to experience the unique charm of top-level motorsport. During the event, Red Bull Racing driver Max Verstappen started from pole position and ultimately won the race, achieving Pole to Win, while invited guests witnessed this exciting moment and shared in the joy of victory.This VIP hospitality event combined race viewing, premium reception, and exclusive brand experiences, providing invited guests with F1 Paddock Club luxury box viewing and brand interaction experiences. The Gate brand logo appeared in several key locations, including the rear wing, front wing, driver helmets, and race suits of the Red Bull Racing cars, showcasing the depth of the collaboration between the two parties. Previously, Gate had invited Red Bull Racing drivers Max Verstappen and Isack Hadjar to participate in a driver meet-and-greet and exclusive handprint ceremony during the TOKEN2049 event in Singapore, and hosted VIP private events to further enrich the forms of collaboration.From the TOKEN2049 international industry event to the F1 Singapore Grand Prix, Gate deeply integrates global top-tier event resources with high-end customer experiences, deepening its strategic cooperation and global partnership with the Red Bull Racing Team, expanding brand international influence, and promoting the integration of Web3 with mainstream culture.

Artificial intelligence researcher, OpenAI co-founder, and former Tesla AI director Andrej Karpathy stated on X that the gap in public understanding of the capabilities of large language models is widening, evolving from two groups talking past each other to a steeper funnel. He reiterated related posts from April and provided a layered estimate based on exposure.Karpathy noted that approximately 6 billion people (about 75% of the global population) have had little to no exposure to large language models; around 1 to 2 billion people (about 20%) only occasionally use free versions of ChatGPT-like products, often viewing them as better search or writing aids, with many non-technical individuals and professionals outside of mathematics and coding considering their utility limited. About 20 million people (0.2%) use cutting-edge models professionally in mathematics and coding, witnessing complex projects that previously took weeks or months being completed by agents under prompts, including building, copying, translating applications, and decompiling applications from binary. He mentioned that less than a year ago, he was still manually writing code word by word.Karpathy also stated that around 5,000 people (about 0.00006%) have internal access to cutting-edge systems. The previews seen externally involve thousands of agents collaborating for weeks on large software projects, cybersecurity, scientific discoveries, and mathematical frontiers, with human reviews starting to lag behind; for instance, events related to OpenAI and Hugging Face are still being sorted out months later, and mathematicians may spend a long time studying 722 cutting-edge mathematical manuscripts. He believes that this funnel is driven by the scale of problems and time spans, the prominence of capabilities in digitizable and verifiable fields, and the differences between free, paid, and internal access.

On October 9, the decentralized stablecoin USDD sponsored and attended the Cointelegraph CONNECT event held in Singapore. USDD's Head of Communication Yvonne Chia will participate in a thematic discussion alongside executives from projects such as ether.fi, Mercuryo, and FinHarbor. This discussion focuses on how stablecoins can truly enter daily consumption scenarios through payment infrastructures like cards and wallets.USDD is a multi-chain decentralized over-collateralized stablecoin, currently issued simultaneously on the TRON network, Ethereum Chain, and BNB Chain. Leveraging its seamless compatibility with major DeFi protocols and multi-chain layout advantages, USDD is committed to building a secure, transparent, and efficient decentralized stablecoin product, while continuously exploring the greater value of stablecoins in the real economy.

On October 9, with the full launch of the 2026 F1 Singapore Grand Prix, F1 Red Bull Racing's official sponsor and long-term partner Gate officially kicked off an exclusive hospitality event for VIP clients and invited guests. Dozens of VIP clients have arrived in Singapore, and many core partners are deeply involved on-site.The Gate brand logo appears on the car's rear wing, nose, headrest, wheel hub covers, chassis, team racing suits, and four-time champion Max Verstappen's helmet. Gate will create a deeper F1 event experience for invited guests, focusing on race viewing, VIP hospitality, and exclusive brand experiences.Previously, Gate collaborated with the Red Bull Racing team to conduct a series of events during TOKEN2049 in Singapore. On October 7, Max Verstappen and driver Isack Hadjar participated in an exclusive handprint commemorative ceremony and interacted with guests at the Gate Lounge; on October 8, team CEO and principal Laurent Mekies attended the invitation-only private event "RACING THE FUTURE Vol 3," sharing the team's tactical planning and event operation experiences. In the future, Gate will continue to leverage the F1 platform to deepen connections with the Red Bull Racing team and global partners.

WEEX Exchange announced that the platform will appear as a platinum sponsor at TOKEN2049 Singapore 2026 from October 7 to 8, marking WEEX's third consecutive year participating in this top industry event. At the event, WEEX showcased its AI Trading features and set up interactive experiences such as the Trading MBTI trading personality test; during the live broadcast segment, they connected with the Dubai team to introduce the Trading House plan aimed at traders and content creators. In addition, WEEX collaborated with the Pudgy Penguins community to launch TOKEN2049 limited co-branded merchandise and participated in hosting the "Inside the Igloo" community event.

From October 7 to 8, the decentralized stablecoin USDD participated in the TOKEN2049 Singapore conference, and its booth attracted a large number of attendees for interaction and communication. During the conference, USDD announced that it would reveal more important ecological partners and strategies.In addition, USDD's supply and TVL both reached new highs during the event, reaching $1.68 billion and $2.39 billion, respectively. TOKEN2049 is one of the largest events in the global cryptocurrency industry, bringing together top projects, platforms, and practitioners from around the world. This TOKEN2049 Singapore conference attracted 25,000 attendees from 160 countries.

On October 7th, Token2049 in Singapore is in full swing, and B.AI is engaging with attendees face-to-face at the Tron booth to discuss AI infrastructure and distribute exclusive limited merchandise.Users who cannot attend can also participate in the B.AI × Token2049 online challenge. Leave your favorite AI model and exclusive invitation link in the comments, and include #BAIinToken2049 for a chance to win one of 30 limited merchandise gift packs (including a Mid-Autumn Festival selection gift box). Online and offline interactions are happening simultaneously, and you are welcome to visit the booth or participate in the online activities.

According to The Business Times, Hong Qi Yu, the former CEO and founder of the collapsed cryptocurrency exchange Tokenize Xchange, and his ex-wife Erin Koo, have had nearly SGD 53 million in assets frozen under a court asset freeze order. This amount corresponds to the total claims made by 249 former customers in the lawsuit.The injunction prohibits the two from selling, disposing of, transferring, mortgaging, pledging, or otherwise diminishing the value of the related assets. The couple, both 36 years old, failed to lift the injunction during a hearing presided over by Judge Mohamed Faizal at the Singapore High Court on September 28, and the injunction remains in effect. Hong Qi Yu denies being the sole decision-maker and driving force behind AmazingTech, the operating entity behind Tokenize.

According to The Block, Standard Chartered Bank's Singapore branch plans to provide custody services for specific crypto assets, stablecoins, and tokenized real-world assets to institutional investors.The bank stated that this service will expand its existing crypto asset custody business, which currently covers the UAE, Luxembourg, and Hong Kong.

Hyperliquid Labs confirmed to the Financial Times that its registered headquarters is located in Singapore, but the Monetary Authority of Singapore (MAS) stated that due to Hyperliquid's decentralized nature, it does not consider the platform to fall under its regulatory jurisdiction. MAS indicated that it is not aware of Hyperliquid being regulated in any major jurisdiction.Hyperliquid stated that it is currently in an unregulated status, has never claimed to have obtained permission or authorization from MAS, and is willing to engage in constructive cooperation with regulatory authorities. According to FT, a team of about 11 people led by co-founder Jeff Yan has relocated to Singapore in 2024, and company documents along with recent recruitment information also indicate that it has an office in Singapore.Previously, on June 26, MAS had listed Hyperliquid on its investor warning list, which is used to alert the public about entities that may be mistakenly believed to be licensed or regulated by MAS. Hyperliquid responded at that time that being listed does not constitute a ban, enforcement action, or determination of misconduct, and described itself as an unlicensed infrastructure. Singapore will require local companies providing digital token services only to overseas clients to obtain a license starting from June 30, 2025, and MAS stated that such licenses will only be issued in very limited circumstances.

Trader Frogman confirmed on platform X that assets worth 4 million dollars were stolen. He also stated, "I'm not sure how it happened yet, but I'm currently in Singapore. Thanks to the teams and individuals helping with the investigation. I will share more information as much as I can."This morning's news reported that trader Frogman's wallet, containing approximately 4 million dollars in assets, was transferred and sold, exchanged for ETH, BNB, and SOL, and then dispersed using tools like Privacy Cash and Chainflip.The stolen assets involve 9 types of tokens, including 1.43 million BP, valued at approximately 1.77 million dollars; 13.96 million MarsCoin, valued at approximately 1.55 million dollars; and 3.7 million Cash Cat, valued at approximately 510 thousand dollars. The address of the stolen wallet has been flagged.

On October 6, GasFree will launch a lucky money-drawing interactive experience at Token2049 in Singapore on October 7. Attendees can shake and draw on-site for a chance to win lucky draws, limited merchandise, and surprise rewards.You are welcome to visit the GasFree booth to check in, shake the lucky money-drawing machine, try your luck, and take home exclusive good fortune, limited merchandise, and surprise rewards.

TOKEN2049 Singapore Conference officially opens today, with the event taking place from the 7th to the 8th. This year's event features 6 venues and has attracted 25,000 participants from 160 countries. The speakers include Polymarket founder Shayne Coplan, Hyperliquid Labs CEO Jeff Yan, Eric Trum, Nasdaq Chairman Adena Friedman, Bitmine Chairman Tom Lee, and Franklin Templeton CEO Jenny Johnson, along with hundreds of top founders, corporate executives, investors, and project builders from around the world.