BREAKING: Singapore watchdog finalizes stablecoin rules
MAS said the framework aims to ensure “a high degree of value stability for stablecoins regulated in Singapore,” inThe watchdog had kicked off a public consultation on the framework in October last year and said it factored feedback into the new rules’ design.
The framework will apply to any single-currency stablecoins that are pegged to the Singapore Dollar or any other G10 currency and issued in Singapore.MAS said potential issuers will need to meet several key requirements.
Ms Ho Hern Shin, Deputy Managing Director at MAS, said in a written statement, “MAS’ stablecoin regulatory framework aims to facilitate the use of stablecoins as a credible digital medium of exchange, and as a bridge between the fiat and digital asset ecosystems. We encourage SCS issuers who would like their stablecoins recognised as 'MAS regulated stablecoins' to make early preparations for compliance.
© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Kevin Costner claims ex avoiding divorce discussions, requests monetary sanctionsKevin Costner filed a new divorce order in Santa Barbara claiming ex Christine Baumgartner refuses to admit or deny questions about their premarital agreement.
Read more »
Russian rouble sinks, Kremlin blames loose monetary policyPresident Vladimir Putin's economic adviser rebuked the central bank as the rouble slid past 101 per US dollar, blaming its 30% year-to-date slump on loose monetary policy and revealing growing discord among Russia's monetary authorities
Read more »
NYC’s Port Authority reveals emotional reunion of migrant families with relativesIn emotional scenes outside Manhattan’s Port Authority bus terminal, multiple asylum seekers who stepped off a newly arrived bus were spotted quickly being embraced by waiting family and frie…
Read more »
Philadelphia Parking Authority employee shot with BB gun in Center CityDaily News | Philadelphia Parking Authority employee shot with BB gun in Center City
Read more »
A Philadelphia Parking Authority employee was shot with a BB gun in Center CityA Philadelphia Parking Authority employee was shot with a BB gun in Center City on Monday, officials said. The tow-truck operator was struck with BB pellets in the face and back on the 100 block of North 11th Street around 11 a.m., according to police.
Read more »
How to help those impacted by the Maui firesHawaii officials say the best way to assist Maui wildfire victims is to send monetary donations.
Read more »