singapore

In a significant ruling, the Singapore High Court has dismissed a claim by Do Kwon, co-founder of the now-defunct blockchain company Terraform Labs, seeking a refund of approximately S$19.4 million for a luxury penthouse on Orchard Road. The decision, handed down on July 26, 2025, marks another setback for Kwon, whose financial and legal troubles have intensified following the collapse of his cryptocurrencies, TerraUSD and Luna, in 2022. The case sheds light on the complexities of high-stakes property transactions and the legal consequences of uncompleted deals in Singapore’s competitive real estate market.
The Sculptura Ardmore Penthouse Deal
In early 2022, Do Kwon set his sights on a lavish 7,600-square-foot, four-bedroom duplex penthouse on the 19th floor of Sculptura Ardmore, an exclusive residential development on Orchard Road. Valued at S$38.8 million, the unit was one of only three penthouses in the project, developed by SC Global and completed in 2014. Kwon, a South Korean national, paid approximately S$19.4 million in option fees and subsequent payments, covering nearly half of the purchase price. However, he failed to complete the transaction by the required deadline of May 31, 2023, leading the developer to forfeit his payments and resell the penthouse for S$34.5 million.
Kwon, through his wife, argued that the forfeiture was invalid and sought to recover the S$19.4 million in the Singapore High Court. The claim contended that the developer’s actions breached contractual terms, but High Court Judge Philip Jeyaretnam rejected the application, upholding the forfeiture. The court’s decision reinforces the strict enforcement of property transaction agreements in Singapore, where developers are entitled to retain payments if buyers fail to meet contractual obligations.
Additional Legal Disputes
The penthouse dispute extended beyond the refund claim. Kwon and his wife had also signed a 16-month lease for the Sculptura Ardmore unit from February 2022 to June 2023, paying S$640,000 in rent upfront and undertaking extensive renovations. Kwon’s wife continued to occupy the property until July 25, 2023, and paid an additional month’s rent of S$40,000. The developer, however, alleged a breach of contract, claiming an additional month’s rent and S$90,000 in repair costs for damages to the property. Judge Jeyaretnam rejected the developer’s repair cost claim but awarded the additional S$40,000 in rent plus legal costs, further compounding Kwon’s financial obligations.
Context of Terraform Labs’ Collapse
The penthouse dispute is set against the backdrop of Terraform Labs’ dramatic collapse in May 2022, when its algorithmic stablecoin TerraUSD and sister token Luna lost nearly all their value, wiping out approximately $40 billion in market capitalization. The crash triggered a cascade of legal and financial challenges for Kwon, who faces ongoing litigation and regulatory scrutiny worldwide. In August 2025, Kwon pleaded guilty to conspiracy and wire fraud in a U.S. prosecution case tied to the TerraUSD collapse, agreeing to forfeit $19.3 million and certain properties as part of a plea deal, with sentencing scheduled for December 11, 2025. Additionally, 366 investors have filed a class-action lawsuit against Terraform Labs and the Luna Foundation Guard in the Singapore International Commercial Court, seeking damages ranging from $66 million to $90 million.
These legal battles have placed significant pressure on Kwon’s personal and professional finances, with the Orchard Road penthouse case representing a high-profile example of his efforts to recover substantial investments made during Terraform Labs’ peak.
Implications for Singapore’s Real Estate and Crypto Sectors
The Singapore High Court’s ruling underscores the city-state’s rigorous approach to property law, particularly in high-value transactions. Orchard Road, a premier retail and residential corridor, is known for its exclusive developments like Sculptura Ardmore, where penthouses command prices rivaling global benchmarks. For comparison, in 2017, Meta co-founder Eduardo Saverin purchased a penthouse in Singapore for S$60 million, setting a record for luxury apartments. The court’s decision to uphold the forfeiture of Kwon’s S$19.4 million payment reinforces the principle that buyers must adhere to strict contractual timelines, even in cases involving significant sums.
For the cryptocurrency industry, the case highlights the personal and financial fallout faced by prominent figures like Kwon amid market volatility. The collapse of TerraUSD and Luna not only eroded investor confidence but also exposed the risks of tying personal wealth to speculative ventures. Kwon’s failed attempt to recover his penthouse investment serves as a cautionary tale for crypto entrepreneurs navigating the intersection of digital assets and traditional markets.
Looking Ahead
The Singapore High Court’s rejection of Do Kwon’s refund claim closes a chapter in his ongoing legal saga, but it is unlikely to be the last. With his U.S. sentencing looming and the Singapore class-action lawsuit progressing, Kwon faces mounting challenges that could further impact his financial standing. For investors and observers, the case underscores the high stakes of both cryptocurrency ventures and luxury real estate in Singapore, where legal and contractual rigor remains paramount. As the crypto industry continues to evolve, the interplay between digital wealth and traditional assets will likely remain a focal point for regulators, courts, and market participants alike.

#LUNA #Singapore

Chinese energy giant PetroChina is exploring the use of stablecoins for cross-border settlement in energy trade, while Ripple’s RLUSD continues its expansion across Asia, entering both Singapore and Japan.

PetroChina Eyes Stablecoins for Cross-Border Energy Deals
At its mid-year results conference, PetroChina’s CFO confirmed that the company is analyzing how stablecoins could be integrated into international energy transactions. He also noted that the firm is closely monitoring the development of a new Hong Kong stablecoin and its licensing framework, which could streamline settlements and lower transaction costs.
This move follows ongoing pilot projects, such as the stablecoin swap system developed by Xiongdi Technology in Shenzhen. The platform enables on-chain swaps between the Hong Kong dollar and China’s digital yuan, already processing over 100,000 transactions per day.
At the same time, speculation is mounting that China may introduce its own yuan-backed stablecoin. If approved, it would mark the first official issuance of such an asset by Beijing. However, some domestic policymakers have voiced concerns: former PBOC governor Zhou Xiaochuan warned that stablecoins could create risks to financial stability rather than strengthening the economy.

RLUSD Expands Into Singapore and Japan
Meanwhile, Ripple is pushing RLUSD deeper into Asia. In Singapore, Ripple’s stablecoin has partnered with fintech firm Tazapay, which recently closed its Series B funding round backed by Ripple, Circle Ventures, and Peak XV Partners.
📌 Tazapay has already surpassed $10 billion in annual payment volume, marking a 300% year-over-year increase. By supporting transactions via both virtual accounts and stablecoins, the company is emerging as a crucial gateway for RLUSD adoption in the region.
Ripple and Circle already hold licenses for digital payment tokens from the Monetary Authority of Singapore, and Tazapay is now seeking its own license. This further strengthens Singapore’s status as a regulated hub for stablecoin adoption in Asia.
At the same time, Ripple officially launched RLUSD in Japan, partnering with long-time ally SBI Holdings, which plans to integrate the stablecoin into its financial platform.

Stablecoins Drive Momentum Across Asia
The rapid development of stablecoins highlights how Asia is becoming a global epicenter for digital payment innovation. With China, Singapore, and Japan taking the lead, regulatory frameworks in the region could fundamentally reshape the future of cross-border payments and global energy trade.

#RLUSD , #Stablecoins , #china , #Singapore , #CryptoNews

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Singapore, a country famous for its technology-friendly environment and financial innovation, is undergoing a strong transformation in its approach to the cryptocurrency market. The Monetary Authority of Singapore (MAS) has just issued a stern "ultimatum": unlicensed crypto exchanges must cease all activities targeting overseas customers from Singapore by June 30, 2025.

The Ministry of Trade and Industry (MTI) has cut Singapore's 2025 growth forecast to 0% to 2% ahead of the tariff war between the U.S. and China, while some economists warned of the possibility of a technical recession in 2025.
MTI's new forecast announced on April 14 is a reduction from the previous 1% to 3%. Singapore's economy is expected to grow by 4.4% in 2024.
On the same day, the Monetary Authority of Singapore continued to slow the appreciation of the local currency against the trade-weighted index to respond to reducing inflation and rising risks to economic growth.

The past week has witnessed many notable events in the cryptocurrency and fintech sectors, from national policies to technological advancements. Below are the highlights:
1. Donald Trump Bans CBDC in the U.S.
Former President Donald Trump signed the first executive order of his term, officially banning the issuance and use of central bank digital currency (CBDC) in the United States. Trump emphasized that #CBDC is a "dangerous threat to freedom" and committed to supporting stablecoins as an alternative.

Singapore, Independent Reserve (IR), Singapore’s 🇸🇬first licensed cryptocurrency exchange for all investors, has announced its pioneering role in listing Ripple’s USD-backed stablecoin, Ripple USD (RLUSD). Starting from 22 December 2024, customers in Singapore will be able to trade RLUSD on the platform.
As the first exchange in Singapore to offer RLUSD, Independent Reserve is bringing this stablecoin to its order book and OTC desk, providing a seamless and efficient liquidity solution for cross-border transactions. This addition allows clients to conduct global transactions with greater speed and reduced costs, further enhancing the exchange’s offerings.
RLUSD is a stablecoin pegged 1:1 to the US dollar, issued on both the XRP Ledger and Ethereum networks. It is designed for a wide range of applications, from cross-border payments to decentralized finance (DeFi), offering a secure, fast, and scalable alternative for users in the growing stablecoin market.
Lasanka Perera, CEO of Independent Reserve Singapore, commented: “The stablecoin market has experienced tremendous growth, demonstrating that stablecoins are becoming integral to modern financial systems. They have proven to be a viable solution for payment transactions and supporting DeFi ecosystems. RLUSD offers a compelling option for investors and financial institutions, providing a more efficient and secure way to move capital globally."
He continued, “As long-standing partners of Ripple, we are proud to be the first regulated exchange to offer Ripple USD in Singapore. This decision reflects the strong trust and mutual support we have cultivated over the years. By listing RLUSD, Independent Reserve continues its commitment to transforming financial services through crypto and blockchain technology.”
Secure and Accessible Stablecoin Opportunities in Singapore
Customers of Independent Reserve in Singapore can now buy and sell RLUSD using either Singapore dollars (SGD) or US dollars (USD) on the exchange’s order book and OTC desk.
RLUSD is issued under the New York Department of Financial Services (NYDFS) limited-purpose trust charter, one of the most stringent regulatory frameworks in the financial industry. Fully backed by the US dollar, the Ripple USD Reserve is maintained through a combination of USD fiat and cash equivalents, including government money market funds and short-term US Treasury Bills, held by US-based financial institutions. Ripple also commits to providing monthly third-party attestations of RLUSD’s reserve assets, conducted by an independent auditing firm, ensuring transparency and security for investors.
Independent Reserve’s listing of RLUSD marks a significant step forward in expanding stablecoin accessibility in Singapore, offering a regulated and secure environment for users to trade and leverage the benefits of Ripple’s USD-backed stablecoin. #Singapore #Ripple #RippleUpdate #Ripple💰 #SingaporeCryptoTrend $XRP