Singapore Central Bank Introduces a Regulatory Framework for Stablecoins!

Creator: Mustafa Mulla Aug 15, 2023 12:12

Mustafa has been writing about Blockchain and crypto since a few years. He has earlier buying and selling expertise and has been working within the Fintech business since 2017.

Singapore’s central financial institution, the Financial Authority of Singapore (MAS), has launched a brand new regulatory framework for stablecoins, digital tokens pegged to a single forex. Below the brand new guidelines, stablecoin issuers should adjust to anti-money laundering and counter-terrorism financing legal guidelines, put client safety measures in place, and be licensed to function in Singapore. The MAS stated the transfer would guarantee regulatory readability and scale back dangers to shoppers. Stablecoin issuers can choose to use for a license or function unlicensed, however they won’t be allowed to supply their tokens in Singapore. Different international locations, just like the US and EU, have additionally launched regulatory frameworks for stablecoins.