Tuesday, August 15, 2023

"Singapore opens to stablecoins – once they jump through some hoops"

 From The Register, August 16:

After regulators are done with them, providers will look a lot like boring old banks

The Monetary Authority of Singapore (MAS) endorsed the use of stablecoins on Tuesday, when it released a regulatory framework for the digital assets that allows their use provided their operators implement protections for owners.

"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," declared MAS, the city-state's reserve bank.

MAS will allow single-currency stablecoins pegged to the Singapore Dollar or other G10 currency, issued in Singapore, with full cash withdrawals available within five days of a customer's request....