Cake DeFi, the most transparent platform to put your cryptocurrencies to work, has recently announced its participation in The Association of Cryptocurrency Enterprises and Start-ups Singapore (ACCESS), an industry group comprising over 400 crypto and blockchain-related businesses allowing Cake to have a better knowledge of industry standards and practice for the cryptocurrency and blockchain industry in Singapore.
The Association is aimed at assisting market development, regulatory compliance, and enhancing crypto industry conduct, and members of ACCESS range from exchanges to merchant transaction service providers, who all abide by a well defined Code of Conduct. The Association works closely with Singapore’s financial regulator the Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (ABS).
In addition to joining ACCESS, Cake has strengthened its compliance efforts by hiring Ezra Tay as General Counsel & Head of Compliance. Tay has substantial fintech experience and was previously General Counsel at Capital Match, a peer-to-peer lending and invoice financing platform based in Singapore. He was also Legal and Compliance Counsel at CXA Group, an insurtech startup based in Singapore.
“As one of the most innovative blockchain startups, Cake DeFi forges the path ahead with our groundbreaking products and services. But Cake’s primary focus is our users. We want our users to understand what we do for them and what the risks are,” said Tay.
Tay’s professional experience spans across fintech to banks such as Credit Suisse and Industrial and Commercial Bank of China. Tay holds a Masters of Law from the National University of Singapore and a Bachelor of Laws from the University of Southampton.
“Cake’s management wants to ensure that Cake is able to fully understand the legal and compliance frameworks that apply to us and that we would be able to be as transparent and as accessible as possible in the exciting new world of Decentralized Finance.”
Singapore Balances Innovation and Regulation
In 2019, the World Economic Forum ranked Singapore as the most competitive economy in the world. As a global financial center, Singapore and its regulators are committed to upholding FATF standards. However Singaporean regulators believe that innovation is critical to the Singaporean economy. Cake is committed to working with Singaporean regulators to maintain the careful balance between innovation and regulation.
Cake has applied for a Payment Service Provider Licence with the MAS, which has adopted a new framework for regulating payment services, including cryptocurrency exchanges and service providers.
Cake is one of the few cryptocurrency platforms that has a full-time General Counsel and Compliance professional with a wealth of financial services experience, differentiating the platform from competitors.
The fact that the company has hired a full-time General Counsel shows that the Company is not an experimental and unaudited project such as YAM that was launched without the necessary checks and safeguards. The Company is incorporated and has competent new hires listed publicly on its website as opposed to being anonymous and open-source. This should give users further assurance that their crypto assets are in good hands.
Overall, Cake choosing to be based in Singapore and Tay’s hire shows that Cake takes user trust and regulatory oversight seriously in order to ensure the reliability and integrity of Cake’s products and services.
Cake is currently paying an unprecedented yield of up to 9% APY on bitcoin and ethereum holdings. Those who wish to utilize Cake’s products to get closer to their financial goals can sign up on the Cake DeFi website to access interest-bearing products as well as staking services.