Tharman Shanmugaratnam, the minister responsible for the Central Bank of Singapore (MAS), announced that they are considering introducing a regulatory law involving stablecoins. While crypto money and the technologies it depends on continue to develop rapidly; Countries that cross paths with cryptocurrency economies are preparing regulations.
MAS chief Shanmugaratnam, during the parliamentary session on Monday; He said that they are considering the drafting of a regulatory law that addresses certain characteristics and risks of stablecoins, which are pegged cryptocurrencies.
MAS Plans Public Consultation
Actively working to establish regulatory laws for stablecoins around the world, including major economies such as the European Union, the United Kingdom, and the United States.
Working in this direction, MAS is also potentially investigating regulatory reserve requirements, as well as the stability of the stablecoin unit. The Central Bank of Singapore plans to consult the public on a potential regulatory law involving stablecoins in the coming months.
Recalling the stablecoin crashes, Shanmugaratnam said:
“There is a high-profile chain of failures in the cryptocurrency markets, starting with the collapse of the TerraUSD and Luna tokens. This demonstrates the high risks in cryptocurrency investments, which MAS has repeatedly warned the public about.”
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