1fast1 Supersonic July 12, 2022 Share July 12, 2022 1 hour ago, Playtime said: Well if he really fled... not saying he already did.. , I wonder about his GCBs, not exactly can bring along. And his infant son's GCB too. Not sure his wife is singaporean or also ex prc🤔. But he surely has multiple crypto wallets. I wonder about his wife's GCB. And I'm not talking property. 😁 ↡ Advertisement 5 Link to post Share on other sites More sharing options...
Starry Supercharged July 12, 2022 Share July 12, 2022 (edited) 2 hours ago, Throttle2 said: Agent huat! Being property agent is the bestest job in SG! shiok ah! Huat ah! Yeah, but not easy to pass that RES exam to get the license! Many friends gave up after trying many times! Edited July 12, 2022 by Starry 1 Link to post Share on other sites More sharing options...
Volvobrick Supersonic July 12, 2022 Share July 12, 2022 1 hour ago, Jamesc said: If he structured his trust properly I think creditors cannot touch. Unless the creditors can prove he used ill-gotten gains to put into the trust. I think. 1 Link to post Share on other sites More sharing options...
Playtime Twincharged July 12, 2022 Share July 12, 2022 4 hours ago, Enye said: wah...he run road and gave up all his properties here ah most likely means he has 10x or 100x stashed away whereever he is liao the assets he gave up here are probably spare change 😬 Don't even need to bring his trezor or ledger... just the seed phrases. Literally can be a billion on a small piece of paper. And no govt or courts will ever know. Link to post Share on other sites More sharing options...
Playtime Twincharged July 12, 2022 Share July 12, 2022 4 hours ago, Starry said: Yeah, but not easy to pass that RES exam to get the license! Many friends gave up after trying many times! A rather successful agent friend of mine said that give also he dare not do those GCBs.. cos you gotta move and cultivate in the right circles. And that circle takes ALOT of money to play in. He actually advised against joining cos competition is too strong now and new comers likely to fail. 2 Link to post Share on other sites More sharing options...
Windwaver Turbocharged July 12, 2022 Share July 12, 2022 4 hours ago, Turboflat4 said: I wonder about his wife's GCB. And I'm not talking property. 😁 Hmmm, that sounds like a part of the human anatomy right? 2 Link to post Share on other sites More sharing options...
Windwaver Turbocharged July 12, 2022 Share July 12, 2022 11 minutes ago, Playtime said: A rather successful agent friend of mine said that give also he dare not do those GCBs.. cos you gotta move and cultivate in the right circles. And that circle takes ALOT of money to play in. He actually advised against joining cos competition is too strong now and new comers likely to fail. Your friend is very honest, this kind of friend can keep 1 Link to post Share on other sites More sharing options...
ToyotaShuttle 5th Gear July 13, 2022 Share July 13, 2022 14 hours ago, Playtime said: Don't even need to bring his trezor or ledger... just the seed phrases. Literally can be a billion on a small piece of paper. And no govt or courts will ever know. don't need that lol. just memorize it. or email it to yourself (securely) 1 Link to post Share on other sites More sharing options...
Kar_lover Supercharged July 13, 2022 Share July 13, 2022 20 hours ago, Throttle2 said: Agent huat! Being property agent is the bestest job in SG! shiok ah! Huat ah! Who knows the agent may also not have been paid yet lol... Link to post Share on other sites More sharing options...
ToyotaShuttle 5th Gear July 13, 2022 Share July 13, 2022 4 hours ago, Kar_lover said: Who knows the agent may also not have been paid yet lol... Agent is usually paid once the sale goes thru isn't it? I remember I bought my place and I issued cheque to seller/lawyer as well as seller's agent. Link to post Share on other sites More sharing options...
Meanmachine 6th Gear July 14, 2022 Share July 14, 2022 19 hours ago, ToyotaShuttle said: Agent is usually paid once the sale goes thru isn't it? I remember I bought my place and I issued cheque to seller/lawyer as well as seller's agent. Nope, for sale transaction it takes approx 3 months to complete the deal, both conveyancing lawyers could take time to do the 7 compulsory checks prior to payment. Link to post Share on other sites More sharing options...
BanCoe Hypersonic July 14, 2022 Share July 14, 2022 20 hours ago, ToyotaShuttle said: Agent is usually paid once the sale goes thru isn't it? I remember I bought my place and I issued cheque to seller/lawyer as well as seller's agent. i think in the ol days they used to do that; these days the Lawyers for the Vendor will deduct the Agents Comm. proceeds to him (agent) according to the TnC agreed upon 1 Link to post Share on other sites More sharing options...
Kar_lover Supercharged July 15, 2022 Share July 15, 2022 23 hours ago, BanCoe said: i think in the ol days they used to do that; these days the Lawyers for the Vendor will deduct the Agents Comm. proceeds to him (agent) according to the TnC agreed upon I am sure the commission is sky high, even more reason for the payments to be at least partially delayed.... and who knows, in the end not paid.... Link to post Share on other sites More sharing options...
BanCoe Hypersonic July 15, 2022 Share July 15, 2022 30 minutes ago, Kar_lover said: I am sure the commission is sky high, even more reason for the payments to be at least partially delayed.... and who knows, in the end not paid.... Cannot be like not paid as the property agent will put that payment clause in the S&P ......... maybe @Mercs will be in better position to shed light on comm payments for sure 1 Link to post Share on other sites More sharing options...
steveluv Twincharged July 19, 2022 Author Share July 19, 2022 https://asia.nikkei.com/Spotlight/Cryptocurrencies/Singapore-set-to-get-tougher-on-crypto-companies?utm_campaign=GL_asia_daily&utm_medium=email&utm_source=NA_newsletter&utm_content=article_link&del_type=1&pub_date=20220719190000&seq_num=8&si=44594 Singapore set to get tougher on crypto companiesMonetary Authority puts industry on notice about tightening rules Singapore's central bank on July 19 reported a loss of 4.7 billion Singapore dollars ($3.37 billion) as the strong dollar undermined the value of other currencies in its portfolio. © Reuters DYLAN LOH, Nikkei staff writerJuly 19, 2022 16:24 JST SINGAPORE -- Singapore is set to get tougher on cryptocurrency companies in the coming months, as the central bank plans to start talking with industry players by September or October with a view to drawing up tighter regulations for the emerging sector. The Monetary Authority of Singapore's Managing Director Ravi Menon signaled this on Tuesday with the release of the financial regulator's annual report, saying the process of consultation in the coming months will touch on broadening the scope of its rules to cover more activities in the industry. "So, players who are doing some of these activities but are currently not caught, may well be caught," he told journalists. "When we put out the consult, when we say what are the additional areas that we will regulate, it will capture a wider ambit of players." Menon noted that cryptocurrency companies with a presence in Singapore have been under strain, naming TerraForm Labs and Three Arrows Capital as outfits that are either not licensed or have not come under the city-state's rules applicable to digital token service providers. Led by prominent crypto evangelists, the co-founders of Terra, Do Kwon, and Three Arrows' Su Zhu and Kyle Davies, are high-profile casualties of recent plunges in token prices that have set off a crisis in the industry. Investors and creditors blame them for massive investment losses that appear unrecoverable, with some going as far as to accuse the entrepreneurs of defrauding clients. Singapore regulates the crypto sector primarily for money laundering and terrorism financing risks, but it has taken a largely hands-off approach when it comes to setting rules on crypto assets as investments. The Monetary Authority has, however, asked crypto companies to stop mass marketing activities and warned repeatedly of the pitfalls of digital tokens as financial assets. The central bank is set to go further, planning to draw up rules governing retail participation in crypto activities. "We want to take this targeted approach, and that's why we want to explain our overall approach to the industry," Menon said Tuesday. "It's a targeted effort to contain the risk and overexposure of retail investments in cryptocurrencies." Beyond the crypto sector, Singapore's central bank on Tuesday also reported a loss of 4.7 billion Singapore dollars ($3.37 billion) on its official foreign reserves balance sheet, as the strong dollar undermined the value of other currencies, amid gloomy global conditions that have sparked a rush for safe-haven assets. Ravi Menon, managing director of the Monetary Authority of Singapore, speaks at a news conference in Singapore on July 19. (Photo by Dylan Loh) The Monetary Authority logged the rare loss in its investments for the financial year ended March 31, its first decline in about a decade, with its most recent previous loss of SG$10.1 billion booked in 2012. It held SG$513.8 billion in official foreign reserves (OFR) as of the end of March. The authority said in its report that its investment portfolio is diversified across advanced and emerging market economies, and across different currencies. While interest income, dividends and realized capital gains helped the central bank book a gain of SG$4 billion, it lost money on its currency conversions equal to a decline of SG$8.7 billion, as the Singapore dollar strengthened significantly against the euro, yen and British pound, the authority highlighted in its report. "Negative [currency conversion] effects have no impact on us at all. It's because we report our profits in Singapore dollars, that's where you have a translation effect," Menon said on Tuesday. "There are some years when we have embarrassingly large profits -- more than 20 billion dollars -- and a good part of it is because of positive ... translation gain." The central bank spreads its holdings across a basket of currencies of Singapore's important trading partners, and the net effect of the weakening of a clutch of those currencies, amid a strong dollar, led to the SG$4.7 billion overall loss. "Investment-grade bonds in the advanced economies form the largest allocation in the portfolio," the financial regulator said in its report. "About three-quarters of the OFR are denominated in U.S. dollars, the euro, Japanese yen and pound sterling, with U.S. dollar forming the bulk." Despite the greenback forming the bulk of its portfolio, as investors flocked to it as a safe-haven asset amid uncertain global economic conditions, it was not enough to overcome the losses Singapore logged from its holdings of other weakening currencies, said Song Seng Wun, an economist at the private banking arm of Malaysian lender CIMB. "Central banks around the world will all get similar hits to their reserves, just as the Singapore central bank has, just from translation losses," he told Nikkei Asia, explaining that the recent strengthening of the dollar has only reinforced the devaluation of other currencies. "This is not structural or mismanagement, this is something almost out of our control," Song added. "So that's the problem of all central banks, which have to deal with the strong U.S. dollar." 1 Link to post Share on other sites More sharing options...
Vratenza Supersonic July 19, 2022 Share July 19, 2022 Why must wait for billion dollars to be defrauded from the people then MAS "tighten" the crypto industry? 1 Link to post Share on other sites More sharing options...
Volvobrick Supersonic July 19, 2022 Share July 19, 2022 53 minutes ago, Vratenza said: Why must wait for billion dollars to be defrauded from the people then MAS "tighten" the crypto industry? Many already knew/said crypto is a big ponzi scheme but investors/gamblers willingly went in. I won't consider it a defraud. I don't think it affect most of us, only the greedy ones. Of course MAS should tighten even though the horses have bolted. 3 Link to post Share on other sites More sharing options...
Vratenza Supersonic July 20, 2022 Share July 20, 2022 7 hours ago, Volvobrick said: Many already knew/said crypto is a big ponzi scheme but investors/gamblers willingly went in. I won't consider it a defraud. I don't think it affect most of us, only the greedy ones. Of course MAS should tighten even though the horses have bolted. Yups, I watch from sideline as people jumped into this crypto craze afraid to miss the boat... When i dare say 90% have no idea what crypto currency is. On one hand I am glad my friends and immediate family are not that greedy, on the other, I feel unjust that the people behind these crypto ponzi seem to get away with it relatively unscathed since the authorities are not willing to set boundaries and legislature from the start. I also sincerely hope our national sovereign funds have not lost our money in any of these crypto shenanigans. ↡ Advertisement 1 Link to post Share on other sites More sharing options...
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