Ripple and Circle Provide Feedback on Singapore's Proposed Stablecoin Regulations

The Singapore Monetary Authority (MAS) has published a paper inviting industry input on its planned regulatory framework for stablecoins and related activities within the jurisdiction. Leading crypto companies Ripple and Circle have submitted comprehensive feedback on topics such as the regulatory scope, issuance rules for stablecoins, reserve policies, redemption practices, and systemic risk management.



MAS plans to focus its regulatory framework primarily on stablecoins pegged to a single currency (SCS) that are issued within Singapore while applying existing regulations to volatile cryptocurrencies and algorithmic stablecoins.



Ripple expresses support for MAS's initial emphasis on regulating SCS issued in Singapore. However, it warns that foreign-issued SCS could become significant and thus should not be ignored. The company


First found on: https://coinatory.com/2023/08/22/ripple-and-circle-provide-singapore/?utm_source=BG&utm_medium=Blogger+Some+Crypto+Blog&utm_campaign=SNAP