Singapore to publish crypto, stablecoin consultation feedback by mid-2023

The Monetary Authority of Singapore (MAS) aims to publish cryptocurrency and stablecoin consultations comments by the middle of this yr, it explained Monday.

See relevant posting: Singapore’s DDEx eyes stability token offerings, mulls incorporating much more cryptocurrencies

Rapid specifics

• The feed-back will follow the central bank’s two consultation papers released in October that sought reaction on proposed regulatory steps to guard consumers from hazards of investing in crypto and to guidance growth of stablecoins. 
• “MAS received significant responses from a broad selection of respondents. MAS is at present reviewing the feed-back obtained, and intends to publish our response to the session responses by mid-2023,” reported MAS Chairman Tharman Shanmugaratnam in a composed reply to a parliamentary dilemma on Monday. 
• The suggestions consultation time period shut on Dec. 21.
• Proposed regulatory measures for crypto services providers incorporated banning the use of credit history facilities and leverage by retail customers for trading. 
• For stablecoins, MAS intends to regulate the issuance of one currency-pegged stablecoins with above S$5 million (US$3.7 million) worth in circulation. MAS also designs to allow for Singapore banking institutions to difficulty these types of stablecoins. 
• Singapore has regularly maintained that crypto is a high-threat asset, likely so far as to restricting marketing and promotion of the sector and blocking crypto ATM services.
• See similar report: Singapore’s central lender claims cryptocurrencies have ‘no essential value’