The Monetary Authority of Singapore (MAS) has laid out its new regulatory framework for stablecoins, following a public consultation in October last year.
-The new framework takes into account the feedback received from the public consultation
-It will apply to single-currency stablecoins (SCS) pegged to the Singapore dollar or any of the G10 currencies that are issued in Singapore
-Issuers of SCS in Singapore will have to fulfil “key requirements” in order to be recognised and labelled as “MAS-regulated stablecoins”.
What does this mean?
“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,” comments Ho Hern Shin, deputy managing director (financial supervision), MAS.