Latest news with #SuvashreeGhosh
Bloomberg
07-08-2025
- Business
- Bloomberg
Red-Hot World of Stablecoins Still Has Plenty to Prove
It's stablecoin season in Asia, with authorities across the region going into overdrive to forge pathways for issuers to create local currency-pegged tokens, writes Suvashree Ghosh. But can they compete? Stablecoin efforts in Asia are taking on greater urgency after US President Donald Trump in July passed legislation that will promote wider use of dollar-backed tokens.
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Business Standard
18-06-2025
- Business
- Business Standard
Standard Chartered faces RBI scrutiny over lapses in derivatives sales
The banking regulator has also flagged issues relating to Standard Chartered's maintenance of reserves and the accounting treatment of forward rate agreement trades in previous financial years Bloomberg By Anto Antony and Suvashree Ghosh Standard Chartered Plc is facing regulatory scrutiny in India after lapses were spotted in the sale of derivatives and problems identified in the bank's risk controls, according to people familiar with the matter. The Reserve Bank of India raised concerns about processes at the London-based lender following sales to small and medium-sized enterprises of target redemption forwards, a product that can cause significant losses, the people said. Buyers of those contracts were not adequately informed about the risks involved, they said, asking not to be identified discussing private information. The RBI's review of Standard Chartered is ongoing, with focus on derivative products and risk governance, according to the people. There is no indication of any formal enforcement actions at this time, they said. The banking regulator has also flagged issues relating to Standard Chartered's maintenance of reserves and the accounting treatment of forward rate agreement trades in previous financial years, the people said. 'The RBI conducts annual inspection of banks,' a Mumbai-based spokesman for Standard Chartered said in an emailed statement. 'While we don't want to comment on specifics, observations, if any, are highlighted and addressed as part of normal process.' It's part of the RBI's routine examination of all banks in India to ensure compliance and soundness of the financial system. While inspection reports are not made public, it's not too uncommon for the RBI to issue directives or actions on their findings. Standard Chartered has been operating in India for more than 165 years, making it one of the oldest foreign banks in the country, according to its website. It operates a network of 100 branches across 42 cities with its primary business segments in the country being corporate and investment banking, as well as wealth and retail banking.
Yahoo
12-06-2025
- Business
- Yahoo
Singapore order leads unlicensed crypto exchanges to weigh exit
By Suvashree Ghosh (Bloomberg) — A final warning from Singapore's regulator has prompted major crypto exchanges operating in the country without a permit to plan for a hasty exit. Bitget and Bybit – top-10 exchange operators by volume with a presence in Singapore but no local license – plan to reorganise their teams, according to people familiar with the matter. Bitget will shift staff to jurisdictions including Dubai and Hong Kong, while Bybit is weighing similar moves, said the people, who refused to be identified as the plans are confidential. Singapore is among Asia's foremost crypto hubs and a regional base for major global players such as Coinbase and But it still bears the scars of a string of local blow-ups from the last industry downturn in 2022. Even as it doles out licenses, authorities in the city-state have warned consumers against trading cryptocurrencies and restricted related advertisements. Other digital-asset firms in the country warn that hundreds of jobs could be at stake. The companies hit hardest by the MAS deadline are offshore exchanges. Collectively, such firms have a 'significant number' – in the hundreds – of staff based in Singapore, according to Arthur Cheong, founder and CIO of DeFiance Capital LLC. In its 30 May announcement, the Monetary Authority of Singapore (MAS) set a deadline of 30 June for crypto firms based in the city-state and offering services offshore to cease activities, refusing to allow transition time and warning that further licenses would be granted under 'extremely limited' circumstances. Firms with front-office functions including sales and business development based in Singapore or with customers located overseas both fall within the scope of the regulation, MAS said. 'It's quite severe,' said Patrick Tan, general counsel at ChainArgos, a blockchain intelligence firm that isn't affected by the notice. 'This is almost is as good as an evacuation procedure.' Representatives of Bitget and Bybit declined to comment on their plans. 'This move should also not come as a surprise to the industry as we have consistently communicated our position on such service providers on various occasions,' said an MAS spokesperson in response to questions from Bloomberg News. They added that licensed entities are not impacted by the new regulations. The recent notice from the MAS follows on from the Financial Services and Markets Act, passed in 2022, in which the watchdog had warned of a crackdown on unlicensed crypto companies. In a 6 June clarification, the MAS sought to quell industry concerns stemming from its 30 May announcement by specifying that only a 'very small' number of providers would be affected. But questions remain as to which firms must pay heed to the June 30 deadline. 'Calls are at all hours given the impact on businesses headquartered outside Singapore,' said Chris Holland, partner at Singaporean consulting firm HM. 'Queries range from regulated firms wanting to confirm there is no unexpected operational impact to offshore businesses needing to derisk their Singapore activities.' Crypto firms have a long history of leaving their base of operations ambiguous, posing challenges for would-be regulators. Binance Holdings Ltd., the world's largest digital-asset exchange, has never named a global headquarters. Its Chief Executive Officer Richard Teng said in 2024 that it had held talks with a number of jurisdictions on the matter, but more recently he described Binance employees as 'remote-first'. Binance has been on Singapore's investor alert list since 2021. A company spokesperson said the firm is committed to respecting local policies and regulations worldwide, without elaborating on its presence in the city-state. Crypto entities that make use of Singapore-based teams 'to support offshore operations without clear service delineation' is another gray area, said Grace Chong, head of financial regulatory practice in Singapore at Drew & Napier LLC. The MAS may assess such arrangements on a case-by-case basis, she added. More stories like this are available on ©2025 Bloomberg L.P.
Bloomberg
06-05-2025
- Business
- Bloomberg
Eric Trump Touts Crypto Stablecoin in Dubai's Power Lounges
Suvashree Ghosh reports on Eric Trump rubbing elbows with some big shots of the crypto world at last week's conference in Dubai. The scene looked like a gathering of the first family of crypto.
Bloomberg
22-04-2025
- Business
- Bloomberg
A 325% Stock Surge Greets a Tiny Company's Strategy to Buy Solana
Suvashree Ghosh sizes up the risks inherent in the latest efforts to turn public companies into crypto piggybanks. Michael Saylor-led Strategy's Bitcoin-accumulation plan is finding more and more fans. Companies are imitating this simple looking, cash churning model by raising funds to buy crypto tokens at a time when volatile digital assets are outrunning stocks.
