Singapore Targets Stablecoin Regulation
The Monetary Authority of Singapore (MAS) is working on regulating stablecoins and has sought feedback from prominent firms including Ripple and Circle Internet Financial. Crypto influencer Crypto Eri shared the details of this development on Twitter.
Ripple’s Stance on Regulation
- Ripple supports focusing on domestically issued stablecoins linked to the Singapore Dollar.
- Ripple highlights risks in the unregulated global stablecoin market.
- Ripple advocates for comprehensive regulatory guidelines and equal treatment.
- Ripple endorses a unified “regulated stablecoin” label for clarity.
Circle’s Agreement with Ripple
- Circle Internet Financial, the issuer of USDC stablecoin, supports MAS’s efforts to introduce further regulations for stablecoin issuers.
Singapore vs. USA Stablecoin Regulations
Singapore is taking proactive measures to regulate stablecoins, while the United States is falling behind. The delay in establishing a regulatory framework for stablecoins in the US may impede economic growth and innovation.
Hot Take
Regulating stablecoins is crucial for their widespread adoption and trustworthiness. Singapore’s proactive approach can serve as an example for other countries to follow, ensuring a safe and secure digital asset ecosystem.
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