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Singapore's Central Bank Releases Stablecoin Regulatory Framework
Stablecoins must hold minimum base capital 1 million Singapore dollars ($740,000) and provide redemption within no more than five business days of a request
Updated Aug 15, 2023, 11:43 a.m. Published Aug 15, 2023, 11:42 a.m.
In this article
- The central bank's framework will apply to single-currency stablecoins pegged to the Singaporean dollar or any G10 currency.
- Issuers of such stablecoins seeking regulation in Singapore must meet certain requirements related to value stability, capital and redemption capitals.
The Monetary Authority of Singapore (MAS) has unveiled its framework for regulating stablecoins following a public consultation in October last year.
The central bank's framework will apply to single-currency stablecoins pegged to the Singaporean dollar or any G10 currency, which would include the U.S. dollar, the euro and the British pound among others.
STORY CONTINUES BELOW
Issuers of such stablecoins seeking regulation in Singapore must meet certain requirements related to value stability, capital and redemption capitals, the MAS outlined in an announcement on Tuesday.
Stablecoins, for example, must hold minimum base capital 1 million Singapore dollars ($740,000) and provide redemption within no more than five business days of a request.
The Singapore affiliate of stablecoin issuer Circle obtained a license for digital payment token services from the MAS in June.
Multiple jurisdictions have or are in the process of establishing regulatory frameworks for stablecoins. In the U.S., a bill for such a framework is currently making its way through Congress.
Read More: Singapore's MAS Proposes Design Framework for Interoperable Digital Asset Networks
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