Monetary Authority of Singapore Seeks Input from Ripple on Stablecoin Rules for Enhanced Market Stability

The Monetary Authority of Singapore (MAS) is seeking feedback from Ripple and other firms on its proposed stablecoin regulations, with Ripple expressing support for regulatory guidelines on stablecoins issued within Singapore and urging for regulations to also cover those issued outside of the country. Circle Internet Financial, the issuer of the USDC stablecoin, shared similar sentiments and supported the MAS in creating additional regulations for stablecoin issuers.

thecryptobasic.com

Relevant topic timeline:

9/7/2023

Key G20 policy paper calls for licensing of crypto services, money laundering standards on sector

A policy paper prepared under India's G20 Presidency recommends licensing crypto service providers and implementing anti-money laundering standards in the sector, while cautioning against an outright ban on cryptocurrencies due to their borderless nature. The paper also addresses concerns about stablecoins and their potential impact on financial stability.

9/7/2023

IMF, FSB release joint policy recommendations for crypto assets at request of G20

The International Monetary Fund (IMF) and the Financial Stability Board (FSB) have published a joint policy paper with recommendations for regulating stablecoins and decentralized finance (DeFi) activities, in response to the risks associated with crypto assets.

9/7/2023

USDC Issuer Circle Responds to EU’s Proposal To Expand Crypto Regulatory Oversight - The Daily Hodl

USDC stablecoin issuer Circle has responded to proposed changes to the EU's financial crime policies, expressing concerns about the lack of clarity in the terminology used and arguing that technology does not necessarily increase money laundering and terrorist financing risks.

9/14/2023

Circle Expands to Asia With Singapore Hub to Bring Stablecoins and Web3 to Region's Payments

Circle, the issuer of the USDC stablecoin, is focusing on Asia as it sees stablecoins as a way to improve cross-border payments for businesses in the region.

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Posted 8/21/2023, 10:59:18 AM

Monetary Authority of Singapore Seeks Input from Ripple on Stablecoin Rules for Enhanced Market Stability

thecryptobasic.com

Relevant topic timeline:

9/7/2023

Key G20 policy paper calls for licensing of crypto services, money laundering standards on sector

9/7/2023

IMF, FSB release joint policy recommendations for crypto assets at request of G20

9/7/2023

USDC Issuer Circle Responds to EU’s Proposal To Expand Crypto Regulatory Oversight - The Daily Hodl

9/14/2023

Circle Expands to Asia With Singapore Hub to Bring Stablecoins and Web3 to Region's Payments

Circle, the issuer of the USDC stablecoin, is focusing on Asia as it sees stablecoins as a way to improve cross-border payments for businesses in the region.