a.i & blockchain

the singapore central bank suggests steps for stablecoin and cryptocurrency trading

Singapore’s central bank has proposed additional regulatory restrictions on stablecoins and cryptocurrency trading. among the restrictions outlined are a prohibition on firms lending out cryptocurrency held by retail consumers and a requirement that client assets be kept separate from their own holdings. businesses engaged in cryptocurrency trading would also not be permitted to give incentives to draw in retail consumers, accept credit card payments, or provide loans.

the monetary authority of singapore (mas) has recommended that stablecoins issued in singapore may only be tied to the singapore dollar or any other group of ten (g10) currency. Issuers of stablecoins are required to hold reserve assets in cash, cash equivalents, or short-dated sovereign debt securities equal to 100% of the par value of the scs in circulation. it is unclear when the proposed measures might be brought in, but the public has been invited to give feedback by dec.21.

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