Singapore Floats New Regulatory Framework for Stablecoins
MAS said that the framework will be applicable to the non-bank issuers of single-currency stablecoins pegged to the Singapore Dollar or any fiat of the G10 countries, with a circulation value exceeding S$5 million. the central bank would label these coins as MAS-regulated stablecoins. advertisement However, to bring the framework into force, the Monetary Authority of Singapore will need to hold legislative consultations before the Parliament passes the amendments. Single-currency stable coins belong to a category of cryptocurrencies tied to conventional assets such as national currencies. Currently, Singapore has only introduced one stablecoin. Speaking on the development, the MAS noted: “When well-regulated to preserve such value stability, stable coins can serve as a trusted medium of exchange to support innovation, including the ‘on-chain’ purchase and sale of digital assets”. Singapore and Crypto Regulations With the growing partic...