The Monetary Authority of Singapore (MAS) has initiated a significant collaboration with financial regulators from Japan, Switzerland, and the United Kingdom to foster the development of cross-border digital currency products and services. In a statement released on October 30, 2...
The Monetary Authority of Singapore (MAS) has initiated a significant collaboration with financial regulators from Japan, Switzerland, and the United Kingdom to foster the development of cross-border digital currency products and services.
According to the regulator, these projects have also led to an increased demand for regulators to establish common rules and standards for cross-border use of digital tokens.
“As the pilots grow in scale and sophistication, there is a need for closer cross-border collaboration among policymakers and regulators,”
Earlier in August 2023, the MAS finalized regulations designed to ensure the reliability of stablecoins or any digital tokens pegged to the Singapore dollar and other major currencies for various payment and transaction purposes.
@MAS_sg has announced the features of a new regulatory framework that seeks to ensure a high degree of value stability for #stablecoins regulated in #Singapore. https://t.co/j12QambGIJ pic.twitter.com/LBUoOGY16P— MAS (@MAS_sg) August 15, 2023
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