The Monetary Authority of Singapore (MAS) aims to publish cryptocurrency and stablecoin consultations feedback by the middle of this year, it said Monday.
See related article: Singapore’s DDEx eyes security token offerings, mulls adding more cryptocurrencies
Fast facts
- The feedback will follow the central bank’s two consultation papers published in October that sought response on proposed regulatory measures to protect consumers from risks of trading in crypto and to support development of stablecoins.
- “MAS received substantial feedback from a wide range of respondents. MAS is currently reviewing the feedback received, and intends to publish our response to the consultation feedback by mid-2023,” said MAS Chairman Tharman Shanmugaratnam in a written reply to a parliamentary question on Monday.
- The feedback consultation period closed on Dec. 21.
- Proposed regulatory measures for crypto service providers included banning the use of credit facilities and leverage by retail consumers for trading.
- For stablecoins, MAS intends to regulate the issuance of single currency-pegged stablecoins with over S$5 million (US$3.7 million) worth in circulation. MAS also plans to allow Singapore banks to issue such stablecoins.
- Singapore has consistently maintained that crypto is a high-risk asset, going so far as to restricting advertising and promotion of the industry and blocking crypto ATM services.
- See related article: Singapore’s central bank says cryptocurrencies have ‘no fundamental value’