SINGAPORE - Singapore's central bank released a regulatory framework on Tuesday (Aug 15) intended to bolster the stability of single-currency stablecoins. The framework will apply to non-bank issuers of single-currency stablecoins pegged to the Singapore Dollar or any G10 currencies where their circulation exceeds $5 million, said the Monetary Authority of Singapore (MAS). These coins would be labelled as MAS-regulated...
SINGAPORE - Singapore's central bank released a regulatory framework on Tuesday intended to bolster the stability of single-currency stablecoins.
These coins would be labelled as MAS-regulated stablecoin. The central bank has to hold legislative consultations before Parliament passes amendments that would bring the framework into force. "When well-regulated to preserve such value stability, stablecoins can serve as a trusted medium of exchange to support innovation, including the 'on-chain' purchase and sale of digital assets," said the MAS in a statement.
The US is also seeking to regulate such coins, with the US House Financial Services committee advancing a bill to establish a federal regulatory framework last month.
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