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Singapore releases regulatory framework for single-currency stablecoins

Posted on AllSides August 14th, 2023
From The Left

SINGAPORE (Reuters) – Singapore’s central bank released a regulatory framework on Tuesday intended to bolster the stability of single-currency stablecoins. The framework will apply to non-bank issuers of single-currency stablecoins pegged to the Singapore Dollar or any G10 currencies where their circulation exceeds S$5 million, said the Monetary Authority of Singapore (MAS). These coins would be labelled as MAS-regulated stablecoin. The central bank has to hold legislative consultations before Parliament passes amendments that would bring the framework into force. Single-currency stablecoins are a type of cryptocurrency pegged to a traditional...

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