Singapore adopts rules for Stablecoins as a "medium of digital exchange"
Singapore has drawn up rules to equate stablecoins as a "trusted medium of digital exchange"
The new rules will oblige companies to take into account the criteria for the composition of stablecoins and ensure that they are properly stored
The Monetary Authority of Singapore (MAS) has finalized a regulatory framework to "ensure a high degree of resilience for the country's regulated stablecoins," saying they should become a "trusted medium of digital exchange."
Singapore's new rules are planned to apply to single-currency stablecoins (SCS), which are pegged to the Singapore dollar or any currency of the G10 nations issued in the jurisdiction.
At the same time, the regulator highlighted a number of critical requirements. In particular, companies are required to take into account the criteria for the composition of stablecoins and ensure their proper storage. Also, assets must be provided with a minimum base capital and have additional liquidity to reduce insolvency risks, the regulator said.
Earlier, the regulators of Thailand, Singapore, and South Korea simultaneously issued rules for the circulation of cryptocurrencies. It was noted that the Monetary Authority of Singapore will require Bitcoin exchanges serving users of the region to transfer client digital assets to trusts in trust.
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