Singapore introduces regulations for single-currency stablecoins
Singapore’s Monetary Authority (MAS) has rolled out a regulatory framework for single-currency stablecoins linked to the Singapore Dollar or other G10 fiat currencies. With this new setup, any token with a circulation value over S$5 million will earn the MAS-regulated stablecoin designation. @MAS_sg has announced the features of a new regulatory framework that seeks to ensure a high degree of value stability for #stablecoins regulated in #Singapore. https://t.co/j12QambGIJ pic.twitter.com/LBUoOGY16P — MAS (@MAS_sg) August 15, 2023 While Singapore currently hosts only one stablecoin, this regulatory stride supports its broader objective of fostering digital asset innovation and ensuring its stability. The MAS believes that, with proper regulation to ensure value stability, stablecoins can enable innovative methods like on-chain digital asset trading. You might also like: Singapore Red Cross to allow crypto donations Singapore’s crypto regulations Wi...