{"id":137688,"date":"2023-09-02T05:15:32","date_gmt":"2023-09-01T23:45:32","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=137688"},"modified":"2023-09-02T05:15:32","modified_gmt":"2023-09-01T23:45:32","slug":"singapore-unveils-stablecoin-regulatory-framework-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/singapore-unveils-stablecoin-regulatory-framework-crypto-news\/","title":{"rendered":"Singapore unveils stablecoin regulatory framework &#8211; Crypto News"},"content":{"rendered":"<p><\/p>\n<div>\n<p>The Monetary Authority of Singapore (MAS) unveiled a regulatory framework for stablecoins on Tuesday as the Southeast Asian city-state aims to become a global hub for the crypto industry.<\/p>\n<p><strong><em>See related article:<\/em><\/strong> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/forkast.news\/paypal-stablecoin-watershed-moment-crypto\/\">Is PayPal\u2019s new stablecoin a watershed moment for crypto?<\/a><\/p>\n<h2 class=\"wp-block-heading\">Fast facts<\/h2>\n<ul>\n<li>A <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.mas.gov.sg\/news\/media-releases\/2023\/mas-finalises-stablecoin-regulatory-framework\">MAS announcement<\/a> on Tuesday said the proposed regulation will apply to Singapore-issued single-currency stablecoins (SCS). The SCS will be pegged to the Singapore Dollar or Group of 10 currencies, including the U.S. dollar, the euro and the U.K. pound.<\/li>\n<li>Under the framework, key requirements for stablecoin issuers include value stability, a minimum base capital level, guarantees of redemption at par value and guarantees of user disclosure related to issues including holder rights and auditing results.\u00a0<\/li>\n<li>\u201cWhen well-regulated to preserve such value stability, stablecoins can serve as a trusted medium of exchange to support innovation, including the \u2018on-chain\u2019 purchase and sale of digital assets,\u201d MAS wrote in the announcement.<\/li>\n<li>Stablecoins that meet all the requirements can be recognized and labelled as \u201cMAS-regulated stablecoins\u201d to distinguish them from other tokens that are not subject to the regulatory framework.<\/li>\n<li>The MAS stablecoin regulatory framework \u201caims to facilitate the use of stablecoins as a credible digital medium of exchange, and as a bridge between the fiat and digital asset ecosystems,\u201d said MAS Deputy Managing Director Ho Hern Shin in the announcement.\u00a0<\/li>\n<li>Singapore is not the only economy seeking to regulate stablecoins. Hong Kong, which launched its regulatory framework for crypto exchanges in June, is working on a <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/forkast.news\/headlines\/hong-kong-to-mandate-stablecoin-licensing-as-early-as-this-year\/\">licensing regime<\/a> for stablecoin issuers that could be unveiled as early as this year. The U.S. Congress is also processing a <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.reuters.com\/technology\/us-congressional-committee-fails-reach-deal-stablecoin-bill-chair-says-2023-07-27\/\">stablecoin bill<\/a> that was proposed in April 2023.<\/li>\n<li>\u201cTogether with Paypal\u2019s recent <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/forkast.news\/headlines\/paypal-usd-stablecoin-ethereum\/\">announcement<\/a> of its stablecoin, PYUSD, the MAS announcement puts additional pressure on the U.S. Congress to act,\u201d said Chris Perkins, president and managing partner at investment firm CoinFund in an emailed comment.\u00a0<\/li>\n<li>\u201cWhile companies like Paypal and Circle have found a roadmap to issue stablecoins despite a lack of coherent, nuanced legislation in the U.S., we expect to see stablecoin activity and innovation move offshore if thoughtful policies are not passed in the U.S. immediately,\u201d Perkins added.<\/li>\n<li>Last week, private wealth management firm Bernstein <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.cnbc.com\/2023\/08\/09\/bernstein-says-crypto-may-finally-have-its-killer-application.html\">said<\/a> it expects regulation to help grow tokenized stablecoins into a US$2.8 trillion market over the next five years.<\/li>\n<li>\u201cStablecoins are one of the most exciting areas of innovation across global finance as we enter an era of tokenization,\u201d CoinFund\u2019s Perkins said. \u201cThe stakes are high, and jurisdictions that get their policies right stand to benefit; those who do not will be left behind. \u201d\u00a0<\/li>\n<\/ul>\n<p><strong><em>See related article:<\/em><\/strong> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/forkast.news\/headlines\/singapore-crypto-customer-assets-trust\/\">Singapore to require crypto firms to hold customer assets in a trust; restricts lending, staking by retail users<\/a><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The Monetary Authority of Singapore (MAS) unveiled a regulatory framework for stablecoins on Tuesday as the Southeast Asian city-state aims to become a global hub for the crypto industry. See related article: Is PayPal\u2019s new stablecoin a watershed moment for crypto? Fast facts A MAS announcement on Tuesday said the proposed regulation will apply to [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":137689,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[173],"tags":[201,248,251,246,257,255,250,252,247,253,249,256,254],"class_list":["post-137688","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-others","tag-blockchain","tag-bsc","tag-chainlink","tag-coin","tag-cryptocurrency","tag-gta","tag-looks-rare","tag-oracle","tag-polygon","tag-quickswap","tag-safe-moon","tag-wallet","tag-wordpress"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/137688","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=137688"}],"version-history":[{"count":1,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/137688\/revisions"}],"predecessor-version":[{"id":137690,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/137688\/revisions\/137690"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/137689"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=137688"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=137688"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=137688"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}