1 year ago
The Monetary Authority of Singapore (MAS) announced a regulatory model for single-currency stablecoins (SCS) regulated successful the Asian country, according to an Aug. 15 statement.
The fiscal regulator stated that the regulations would use to single-currency stablecoins (SCS) pegged to the Singapore Dollar (S$) oregon immoderate G10 currency whose circulation surpasses S$5 million. Some G10 currency includes the euro, the British pound, and the United States dollar.
Ho Hern Shin, the lawman managing manager of MAS, said the “regulatory model aims to facilitate the usage of stablecoins arsenic a credible integer mean of speech and arsenic a span betwixt the fiat and integer plus ecosystems.”
The MAS further wrote that:
“When well-regulated to sphere specified worth stability, stablecoins tin service arsenic a trusted mean of speech to enactment innovation, including the ‘on-chain’ acquisition and merchantability of integer assets.”
The caller regularisation is coming connected the heels of Circle’s announcement that its subsidiary, Circle Singapore, received a Major Payment Institution (MPI) licence from the authorities. The licensing would let the institution to connection integer outgo token services, cross-border wealth transportation services, and home wealth transportation services.
Key requirements for registration
According to the MAS, stablecoin issuers indispensable fulfill captious requirements to beryllium recognized successful the city-state. These requirements see assuring the asset’s stability, capital, redemptions capability, and proviso of due disclosure measures.
MAS continued that lone issuers whose stablecoins fulfill each requirements nether the model tin use for their assets to beryllium recognized and labeled arsenic “MAS-regulated stablecoins.”
Shin urged SCS issuers to marque aboriginal preparations for compliance if they privation their stablecoins to beryllium recognized arsenic MAS-regulated.
Meanwhile, the regulator sternly warned that issuers who are non-compliant with the regulations but misrepresent their tokens arsenic being regulatory compliant would beryllium taxable to penalties and placed connected MAS’ Investor Alert List.
The station Singapore monetary authorization releases regulatory model for G10-pegged stablecoins appeared archetypal connected CryptoSlate.
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