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Singapore Bank DBS Debuts Tokenized Structured Notes on Ethereum

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In brief

  • Singapore bank DBS is tokenizing structured notes on Ethereum.
  • The notes will give investors exposure to crypto markets.
  • DBS is the latest TradFi institution to move into the tokenization space.

Singaporean bank DBS will tokenize structured notes using Ethereum, the company announced Thursday.

The bank said it had partnered with digital platforms ADDX, DigiFT, and HydraX to distribute the product.

Structured notes blend debt securities and derivatives contracts to provide investors with exposure to a range of assets, including stocks and commodities. They are linked to an underlying asset and pay the investor a regular return. 



With DBS’s latest product, the underlying asset will be cryptocurrencies. 

“The note structure provides investors with a cash payout when cryptocurrency prices rise, enabling them to build exposure to the asset class without having to manage any cryptocurrency,” the bank said. “The note is also structured to mitigate potential losses should cryptocurrency prices decline.”

DBS said that by tokenizing such assets, they can become “more fungible and easier to trade.” 

“Asset tokenisation is the next frontier of financial markets infrastructure,” DBS’ Head of Foreign Exchange and Digital Assets, Global Financial Markets, Li Zhen, said. 

“Our first tokenised product, a crypto-linked note, also addresses the growing institutional appetite for digital assets,” he added. 

DBS did not immediately respond to Decrypt’s request for comment.

The bank isn’t the first to offer such a product. Wall Street giant BlackRock, the world’s biggest fund manager, debuted its first tokenized fund last year. Its USD Institutional Digital Liquidity Fund runs on Ethereum. And BlackRock CEO and one-time crypto skeptic Larry Fink has repeatedly spoken about tokenizing assets. 

Other major financial services firms are also exploring tokenization initiatives, including Bank of America and Citi. In a report this May, the World Economic Forum said that tokenization had “the potential to unlock the next generation of value exchange in financial markets.”

“While barriers remain, momentum continues to build, and financial institutions, policy-makers and technology providers need to coordinate regulation, interoperability and consumer protections to safely usher in this evolution,” the authors of “Asset Tokenization in Financial Markets: The Next Generation of Value Exchange” wrote. 

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Volkswagen Singapore Lets Customers Pay In Crypto Via Fomo Pay
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Volkswagen Singapore Lets Customers Pay in Crypto via FOMO Pay

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Volkswagen Singapore is moving fast to transform car buying by letting customers pay with cryptocurrencies. The company partnered with FOMO Pay, a local firm, to allow customers to make payments using Bitcoin (BTC), Ethereum (ETH), and stablecoins like USDT and USDC. 

As per the release, a survey done recently shows that about one in four Singaporeans now own digital assets, highlighting a growing interest in digital currencies. Volkswagen Singapore is responding by offering more modern and flexible ways to pay.

The integration with FOMO Pay ensures secure and efficient transactions. Dr. Kurt Leitner, Managing Director of VGS, explained, “An increasing number of consumers today are digital natives. 

They expect speed and convenience across all touchpoints, including how they pay.” The partnership targets partial payments for new vehicles and aftersales services, with daily transaction limits of SGD 4,500 and a maximum of SGD 13,500 to prevent misuse.

How VGS Implements Crypto Payments

VGS handles digital assets transactions through the enterprise architecture of FOMO Pay. The gateway makes sure that there is alignment with local regulations and offers up-to-the-minute currency rates. This means customers can enjoy easy payments, while the business maintains a clear and open operation.

Furthermore, this integration supports Singapore’s goal of creating a digital economy. Rose Wang, Head of Digital Payments at FOMO Pay, noted, “As Singapore advances toward becoming a smart financial center, we believe digital assets will continue to play an important role in improving customer experience.”

However, VGS also emphasizes customer choice. FOMO Pay accepts hybrid and fiat payment methods for both online and offline purchases. The multi-channel strategy helps VGS be dedicated to providing a mobility experience.

Volkswagen Singapore is making it easier for customers to pay with digital currencies. This shift is changing the way people engage with premium brands. By embracing cryptocurrency, VGS is not only offering greater convenience and security but also adding flexibility to the mix, all while modernizing its payment systems for a fresh, contemporary experience.

Also Read: Solana Expands to Dubai With First Official Hub



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Singapore Court Extends Wazirx Moratorium Beyond June 6
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Singapore Court Extends WazirX Moratorium Beyond June 6

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WazirX just dropped a new update, trying to revive whatever hope its users still have. On June 24, they tweeted that the Singapore Court has allowed them to submit more arguments for their proposed restructuring plan, the same plan users have been waiting on for months. 

📢 Update on Proposed Scheme of Arrangement

The Singapore Court has granted our request to present further arguments in our application for the Court’s sanction of the proposed Scheme of Arrangement. Additionally, the Court has extended the moratorium granted in HC/OA 1284/2024… pic.twitter.com/QdozZHnWVX

— WazirX: India Ka Bitcoin Exchange (@WazirXIndia) June 24, 2025

Alongside that, the Court also extended the legal moratorium (HC/OA 1284/2024) beyond its earlier expiry date of June 6, 2025, offering the company continued legal protection until a final decision is made on these further submissions.

At first glance, this may seem like positive progress.

But scratch the surface, and for many affected users, the update lands more like déjà vu than direction. Because they’ve heard this all before.

A Timeline Full of Gaps, Not Clarity

Back on June 6, WazirX had informed users that the Court would decide on the restructuring plan, amidst objections from Zettai Pte. Ltd., the key investor opposing the scheme, within 14 days. That timeline puts the expected decision date around June 20.

Yet, four days past that window, no formal word came from WazirX. Social media was flooded with tweets, tags, and DMs asking one simple question: “What’s the update?” But there was no response. Not even an acknowledgment.

Then came today’s email and tweet, announcing not a decision, but yet another extension.

A New Window or the Same Old Delay?

In its official email to users, WazirX said the Court had granted:

  • Permission to make further arguments concerning HC/SUM 940/2025 (“SUM 940”), and
  • Extension of the moratorium granted in OA 1284, from June 6 until the final disposal of these arguments.

Their legal team, Rajah & Tann Singapore LLP, is currently awaiting formal directions from the Court on how to proceed. Until then, it’s another waiting game.

But that’s precisely the problem.

For users, this doesn’t feel like forward movement; it feels like another loop in an endless cycle. This whole mess really started on July 18, 2024, the day WazirX finally admitted it had been hacked. In seconds, crores worth of user funds were gone. And with that, the trust people had in one of India’s biggest crypto exchanges just collapsed.

It’s about students who lost their entire savings overnight. Traders who spent years building their portfolios, now can’t even access their own funds, no clarity, no timelines, nothing. Parents who put their money into crypto hoping it would help their kids someday, now just sitting with empty inboxes, waiting for updates that never show up.

Behind every wallet is a human story, and they’ve all been left hanging.

And now, they’re being asked to be patient again.

For many users, today’s message from WazirX doesn’t signal progress. It triggers memories of months of vague statements, of “we’re doing our best” tweets, and of zero accountability for the loss they suffered.

What Comes Next?

That’s the question no one seems to be answering.

With the Court now allowing more arguments, and WazirX still waiting on instructions, there’s no fixed date for when this will be resolved. There’s no clarity on how long users will be stuck under the extended moratorium. There’s still no clear word on what’s happening with Zettai’s objections, whether they’ve been resolved, changed, or simply pushed aside.

At this point, users don’t want another vague “update.” They need real answers. Clear timelines. And most importantly, honesty.

Legally, this might seem like a step forward for WazirX. But for those still waiting on their stolen funds from the 2024 hack, it doesn’t feel like progress. It feels like the same old story.

Also Read: WazirX Co-Founder’s Venture Shardeum Sinks 60% Post Listing





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Wazirx, Zettai, Zensui Exposed In A Brutal Verdict Of Singapore Judge
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WazirX, Zettai, Zensui Exposed in a Brutal Verdict of Singapore Judge

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It’s been exactly 11 months since WazirX was hacked on July 18, 2024. Rs 2,000 crore worth of crypto vanished overnight. 4.4 million users were left scrambling for answers. They waited for justice, they waited for transparency, but above all, they waited for a word, just a single word, from Nischal Shetty.

They got silence.

And now, from a courtroom thousands of miles away in Singapore, came the voice they never expected, but so desperately needed. Judicial Commissioner Kristy Tan didn’t just rule on a restructuring proposal. 

She uncovered a rotten scheme, built on lies, fake governance, and hidden control. While Indian authorities fumbled and the WazirX leadership vanished, it was a Singaporean judge who finally exposed the truth.

The Vote Was a Lie. The Scheme Was a Façade.

WazirX and Zettai put forward what they called a “user vote”—a decision-making process on how the platform should proceed post-hack. But as per Judge Kristy Tan, it was all smoke and mirrors.

“Why weren’t putative scheme creditors informed of this plan so that they could make an informed vote?”

Source: X

The scheme to restructure WazirX was dated March 12, 2025. Zensui, the secret entity operating behind Zettai, was incorporated just two days earlier. Users were never told. Even the Court wasn’t informed at a crucial hearing on May 13. What kind of ‘vote’ hides the most essential facts from the very people who are supposed to decide?

“If I not raised the questions I did yesterday,” Judge Tan stated, “would Zensui’s role have remained concealed from the Court and platform users? I strongly suspect so.”

This wasn’t incompetence, it was manipulation.

Zettai: Operating Illegally, With Full Knowledge

WazirX’s operational partner, Zettai, was declared illegal. The company had no Digital Token Service Provider (DTSP) license to run crypto services in Singapore. Shockingly, their counsel, R&T, admitted they never even intended to apply for one.

“The proposed scheme cannot be affected by Zettai without Zettai acting illegally if it does not obtain a DTSP license.”

Source: X

Operating without a license in Singapore is a criminal offense. Zettai not only violated the law, they did so knowingly. This is not mismanagement; it’s willful defiance.

Zensui: The Hidden Panama Link

But the most damning detail? Zensui, the Panama-registered entity secretly pulling the strings.

For months, users were made to believe Zettai was in charge. In reality, the court discovered that Zensui had full operational control. This deliberate concealment was, in the judge’s words, an ‘abuse of judicial process.’

Why the lies? Why the delays? The answer is heartbreakingly clear now: to buy time and avoid accountability.

Source: X

“If the scheme was sanctioned, would scheme creditors even know that despite the terms of the scheme, there was limited practical recourse against Zettai since operations had been transferred to Zensui?”

WazirX’s Blatant Non-Compliance in India Too

The betrayal didn’t stop at Singapore’s borders. Judge Tan also noted that WazirX has never registered with India’s Financial Intelligence Unit (FIU): a mandatory requirement for crypto exchanges.

So now what users have:

  • No DTSP license in Singapore.
  • No FIU-IND compliance in India.
  • No transparency to users.
  • No answers from the founder.

This is not a coincidence. This is a pattern.

Fake Townhalls. Fake Governance. Real Heartbreak.

Throughout 2024 and 2025, WazirX organized digital townhalls and conducted what they claimed were community votes. Victims clung to every update, hoping for a breakthrough. But now we know the truth: it was all theatre. A grand production to keep hope alive while the real story stayed buried.

The Singapore Court’s findings have left the Twitter community shattered. “We fought for months. And now we learn it was all fake?” wrote one user. Another said, “Kristy Tan did what no one else dared to do—she told us the truth.”

Where is Nischal Shetty?

While millions of users waited, Nischal Shetty disappeared. No statements. No townhalls. No apologies. Just silence.

For a year, users cried out. They wrote threads, contacted media, filed cases. But no response ever came from the man they once trusted.

Now, it’s a judge from another country who has finally broken the silence.

What Happens Next?

After the Judge rejected Zettai’s restructuring scheme on June 4, the company filed a formal request on June 6 seeking “further arguments” (case HC/SUM 940/2025). Under Singapore law, the same judge has until June 20 to decide whether to reverse her own decision.

But the damage is already done. The public knows the truth.

This was never a recovery plan. This was a cover-up.

The Verdict That Shook the Crypto World

In what reads more like a financial crime thriller than a court order, the Singapore Supreme Court has laid bare the reality:

  • Illegal operations by Zettai.
  • Hidden ownership through Zensui.
  • A fake vote was used to mislead 4.4 million users.
  • Zero compliance with Indian and Singaporean laws.

The hope of recovering funds from the Rs 2,000 crore WazirX hack feels even more distant now. Users are heartbroken, yes, but they are also furious. This isn’t just about crypto anymore. It’s about justice, accountability, and truth.

Also Read: Rise and Fall of WazirX: Mapping India’s Biggest Crypto Hack



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Singapore
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Singapore Bans Crypto Service Exports Starting June 30

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Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Local crypto firms in Singapore must stop serving overseas clients with token services by June 30, 2025. The Monetary Authority of Singapore (MAS) made the move clear after listening to feedback on its new rules under the Financial Services and Markets Act of 2022.

Any company, individual or partnership registered in Singapore that offers token services abroad needs to pause or shut down those operations unless it grabs a license in time.

License Requirement For Crypto Services

According to MAS, firms that fall under Section 137 of the FSM Act are treated as operating from Singapore, even if most of their work happens overseas.

That means even if token services aren’t your main thing, you still need a license to keep going. No extra time is coming—MAS says they won’t offer any transition period. Acting after June 30, 2025 without proper approval could lead to serious trouble.

BTC is now trading at $106,629. Chart: TradingView

Hefty Penalties For Non-Compliance

Based on reports, local token service providers that ignore the rule could face fines up to SGD 250,000 or about USD 200,000. They could also see jail time reaching three years.

Only businesses that already have a spot under existing financial laws—like the Securities and Futures Act, the Financial Advisers Act or the Payment Services Act—can carry on without worrying about the new DTSP rules. That limits how many outfits can still serve overseas clients without significant changes.

A scenic view of Singapore. Image: Expedia.

Exec Says Licenses Will Be Rare

Hagen Rooke, a partner at Gibson, Dunn & Crutcher, warned that MAS will hand out new DTSP licenses only in very rare cases. He said these kinds of services bring extra concerns around anti-money laundering and stopping terrorist financing.

That means most firms will find it hard to qualify. MAS will grant licenses under the new framework only in extremely limited circumstances, Rooke wrote on LinkedIn. He urged local outfits to look at ways to strip out their Singapore links or move parts of their operations elsewhere to avoid falling under these strict rules.

Industry Faces Restructuring Decisions

Small and mid-sized firms that built a global user base from Singapore now face a tough choice: scale back to serve local customers only, or shift their headquarters outside Singapore’s borders.

For many, it may come down to cost. The extra work needed to meet tighter checks could be more than what fledgling teams can handle. Some business owners worry this will push talent away, as engineers and compliance officers might follow jobs to friendlier crypto hubs.

Big players, including established banks or deep-pocketed startups already licensed under other Acts, are better placed to survive these changes.

Featured image from Unsplash, chart from TradingView

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.



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NFT Gaming

Singapore Financial Watchdog to Ban Overseas Crypto Services Without License

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In brief

  • Singapore’s financial authority has set a June 30 deadline for crypto firms operating overseas from Singapore to obtain a license or shut down, citing financial crime risks.
  • The new rules apply to firms incorporated or staffed in Singapore serving only foreign clients, with no exemptions or transition period.
  • The move follows similar global crackdowns, including a recent AUSTRAC penalty against crypto exchange Cointree over delayed money laundering reports.

Crypto firms serving Singapore customers from outside the country must obtain a license or shut down by June 30, as the Monetary Authority of Singapore crack down on financial crime risks.

In a policy response published on May 30, MAS confirmed it would proceed with the full implementation of Section 137 of the Financial Services and Markets Act (FSM Act), which allows the regulator to license Digital Token Service Providers (DTSPs) operating from Singapore, a leading hub for digital asset businesses.

That includes companies incorporated locally or with staff based in Singapore that serve only overseas users.

“There will be no transitional arrangement,” the regulator said, warning that firms continuing operations without a license after June 30 would be guilty of an offence and subject to penalties.

MAS said a 4-week notice period issued alongside the document constituted sufficient lead time, urging all affected firms to act immediately.

The document was released in response to industry feedback on a consultation paper first published in October 2024, which sought views on how to regulate DTSPs that operate cross-border.

MAS said most respondents supported licensing such entities, but several pushed for exemptions, especially for firms engaged in proprietary trading, OTC services, or those using overseas infrastructure.

The watchdog rejected those suggestions, saying that technology-neutral, activity-based regulation was needed to close regulatory gaps that could otherwise be exploited.



It justified its decision by citing heightened “money laundering and terrorism financing risks” associated with the borderless nature of digital token services.

The regulator also flagged “reputational risks” to Singapore if crypto businesses were allowed to operate internationally without controls simply because they had no domestic footprint.

Firms will be required to hold at least  $185,000 (SGD 250,000) in base capital, re-onboard customers with fresh due diligence, implement the FATF Travel Rule, and comply with stringent technology risk standards.

MAS also warned that individuals working as independent consultants or freelancers for foreign crypto firms may fall under the licensing requirement, depending on the nature of their role and whether they are deemed to be conducting regulated business from Singapore.

As Singapore closes its doors on unlicensed players, other jurisdictions are stepping up enforcement too.

Last month, AUSTRAC fined Melbourne-based exchange Cointree $75,120 for late filings of suspicious matter reports linked to potential money laundering, saying the delay hampered swift law enforcement action.

As of June 2, 2025, the Monetary Authority of Singapore (MAS) has issued 33 digital payment token licenses, with major players like Coinbase, and Anchorage among the recipients.

Cumberland SG, the Asia subsidiary of U.S.-based crypto trading firm Cumberland, has received in-principle approval in March but has not yet been granted a full license.

Edited by Stacy Elliott.

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