City-state Singapore, one of the world’s most important financial centers, has taken another step towards cryptocurrency regulation. The country’s central bank, The Monetary Authority of Singapore (MAS), has shared its stablecoin arrangement.
In a statement today, MAS stated that stablecoin issuers operating in Singapore must meet certain requirements. Among the conditions set by the Central Bank are issues such as value stability and required reserves.
MAS emphasized that the regulation in question applies to cryptocurrencies pegged to the currency of the G-10 countries. These currencies include assets such as the dollar, the euro and the British pound. Authorities announced that they have given a maximum of 5 days for the redemption (repayment) of stablecoin units.
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