The Monetary Authority of Singapore (MAS) is actively researching the optimal regulatory framework for stablecoins in the country. According to Tharman Shanmugaratnam, minister in charge of the MAS, the financial regulator intends to consult the public on the possible regulations in the coming months. Existing regulation of stablecoins and other cryptocurrencies in Singapore focuses on Know Your Customer (KYC) and Anti-Money Laundering (AML) issues, but does not address the specific risks posed by stablecoins, as illustrated by the recent collapse of TerraUSD (UST). In response to this gap, the MAS is actively reviewing its approach to the regulation of stablecoins and assessing the merits of a regulatory regime tailored to the specific characteristics and risks of stablecoins. The planned consultation will focus on regulating the reserve requirements for stablecoin issuers and the stability of the peg.
Sources: https://cutt.ly/tZ2ZH8U
Sources: https://cutt.ly/oZ2XwK7
