Derived from The Daily Hodl, the Monetary Authority of Singapore (MAS) has expressed optimism about the potential of stablecoins as a widely adopted payment method. In an interview with The Business Times, MAS managing director Chia Der Jiun highlighted the importance of regulations to ensure stablecoins maintain their linked value. MAS has finalized a regulatory approach focusing on the value stability risk of single-currency stablecoins. The authority is working on legislative amendments to the Payment Services Act to implement this framework, allowing only compliant issuers to have their stablecoins regulated by MAS. Despite this, MAS does not see a need for a central bank digital currency (CBDC) in Singapore, citing the efficiency of existing cashless payment systems.
Singapore's MAS Sees Potential in Stablecoins with Regulatory Framework
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