The Monetary Authority of Singapore (MAS) goals to publish cryptocurrency and stablecoin consultations suggestions by the center of this 12 months, it stated Monday.

See associated article: Singapore’s DDEx eyes security token offerings, mulls adding more cryptocurrencies

Fast information

• The suggestions will observe the central financial institution’s two consultation papers printed in October that sought response on proposed regulatory measures to guard customers from dangers of buying and selling in crypto and to assist growth 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,” stated MAS Chairman Tharman Shanmugaratnam in a written reply to a parliamentary query on Monday. 
• The suggestions session interval closed on Dec. 21.
• Proposed regulatory measures for crypto service suppliers included banning using credit score amenities and leverage by retail customers for buying and selling. 
• For stablecoins, MAS intends to manage the issuance of single currency-pegged stablecoins with over S$5 million (US$3.7 million) value in circulation. MAS additionally plans to permit Singapore banks to subject such stablecoins. 
• Singapore has constantly maintained that crypto is a high-risk asset, going as far as to restricting advertising and promotion of the trade and blocking crypto ATM services.
• See associated article: Singapore’s central bank says cryptocurrencies have ‘no fundamental value’