FILE PHOTO: A general view shows The Bank of England in the City of London financial district in … Stablecoin Legislation Congress was called upon on Monday in a 22-page report, issued by the Treasury Department, to reign in stablecoins. 571 of the Laws of Hong Kong).and in Singapore, Institutional Investors as defined under Section 304 of the Securities and Futures Act, Chapter 289 of Singapore. ... A stablecoin issuer issues stablecoins to a … Da Roza adds that regulation for global stablecoins won’t work well unless everybody has the same or similar standards. Globally, cryptocurrency adoption continues to grow. Similarly, the Monetary Authority of Singapore (MAS) has released guidelines on environmental risk management for financial institutions (banks, insurers and asset managers)11. Singapore's New Civil Justice Regime: ... Stablecoin Regulation May be Around the Corner! The Stablecoin Tethering and Bank Licensing Enforcement (STABLE) Act, seeks to provide protection to unbanked and … CBDCs have the potential to make a significant impact on global finance, but appropriate safeguards need to be in place, an official from the Monetary Authority of Singapore (MAS) said today. Stablecoin feature in New York Times signals regulation is coming. Circle pushes financial inclusion as regulators scrutinise ... Originally a niche product consisting primarily of Tether, the market is now littered […] 5/2019” (8 February 2019) Circle, the principal operator of USD coin, is also looking for partners to test stablecoin innovations in the local market with MAS observing and guiding the project design. By. Designating them as “systemically risky” and thus eligible for oversight is one option available, the article said. Circle also plans to offer support for the growth in stablecoins for payments and is currently hiring professionals to fill up its Singapore headquarters to make USDC “one of the first global stablecoins to be licensed in Singapore.” As in, stablecoins must have 1:1 backing with their fiat counterparts, and experience regulation as assets that store value. Daren Fonda. "The nonbank stablecoin issuers would be getting the bad stuff of regulation without all of the good stuff," Landy said. Circle has announced plans to expand to and invest in the Singapore market and initiate the application process to obtain applicable Singapore licenses and registrations. Singapore Parliament ... Chief among the report's recommendations is for Congress to "urgently" pass a law that would regulate stablecoin issuers akin … Mr Ravi Menon, Managing Director, MAS, spoke at the Singapore FinTech Festival 2021 on how the future of Money, Finance, and the Internet are entwined, and their potential far-reaching effects on economies and societies. Access to our services by Singapore-based users will also be gradually phased out prior to March 31, 2022. The Monetary Authority of Singapore (MAS) has issued three new consultations each dealing with different aspects of the regulation of digital payment tokens (DPTs) under the Payment Services Act (PSA).It has also recently clarified that where a DPT may be characterized as either a debenture or as e-money, its policy approach will be to regulate it as e-money. The regulator also acknowledged the role that regulated. ... ('Saxo Markets') is a company authorised and regulated by the Monetary Authority of Singapore (MAS) [Co. Reg. “The benefit of regulation within the stablecoin market will bring a level of certainty to these bank stocks, and the market tends to respond well to certainty,” he added. According to a report by CB Insights, the overall value of stablecoin assets has crossed well over $20 billion in late 2020. The FSB, an international body charged by the G20 for monitoring and making recommendations regarding … No longer content in allowing firms to operate in a legal grey zone, a framework that can encourage consumer protections while recognizing the innovation and significant benefits that stablecoins can bring in the long term is ultimately a positive … Singapore, Singapore, 30th November, 2021, Singapore, Singapore, November 30, 2021 –The year 2021 is a significant milestone for the Avalanche protocol: its on-chain DeFi TVL has exceeded $12 billion, hitting a record high, and it has risen to be a top-five public chain in terms of TVL. Touching upon the new headquarters in Singapore, Allaire said his firm aims to be among the first stablecoin issuers licensed to operate in the city-state. StraitsX is a Singapore-based payments company that is focused on enabling businesses to accept payments and send money. I have shared some of the common crypto exchanges in Singapore in this article. The publication of the U.S. Treasury report, “Report on Stablecoin” (RoS), earlier this month is an “indication of urgency” for the regulation of stablecoins, given their potential to become a viable payments method, Bank of America said in a research note published on Tuesday. India’s lack of regulatory clarity on the question of cryptos has left many stakeholders in limbo. BankInfoSecurity.com reported that “Congress [should] act promptly to … In Singapore, the Monetary Authority of Singapore has granted a Major Payment Institution license for e-money issuance to Xfers, a local fintech company that issues XSGD — a stablecoin backed 1:1 by the Singapore dollar. The global central bank cooperative body envisions stablecoins within the context of international standards … ... earlier this month that stablecoin issuers become insured depository institutions subject to the same supervision and regulation as banks. It sits at over $130 billion right now, up from $37 billion at the beginning of 2021, with some of the more popular stablecoins being Tether ( USDT-USD ), BinanceCoin ( BNB-USD) and Paxos. However, India’s growing market seems just too lucrative for some to miss out on. The SEC chair Gary Gensler revealed that the US government finally completed its stablecoin report. ... A stablecoin issuer issues stablecoins to a … Stablecoin Regulation Is Coming. After consolidating over the last week and so, DOT has made the final push to its all-time high amid the ongoing excitement around parachain auctions. A crucial contributor to this achievement is Pangolin, […] The Stablecoin amount that is successfully received by a Coinhako address, will be credited as US Dollars (USD) to the Coinhako USD wallet – this USD wallet will now be available for all Coinhako Singapore users who have completed their account verification (or KYC) A GUIDE TO DIGITAL TOKEN OFFERINGS MONETARY AUTHORITY OF SINGAPORE 4 2.3.5 a unit9 in a collective investment scheme10 (“CIS”), where it represents a right or interest in a CIS, or an option to acquire a right or interest in a CIS. Aymeric Salley, the head of StraitsX, said that the stablecoin is FATF travel rule-compliant, an initiative involving the PSN01 guidelines set by the Monetary Authority of Singapore. These Companies Could Benefit. Stablecoin issuers are mostly in favor of regulation , but many balk at the notion that only FDIC-insured institutions should be allowed to issue stablecoins. could play, including easing cross-border funds transfers. Circle expects stablecoin usage growth, including the booming decentralized finance (DeFi) and forex markets. The US may crack down on 'stable' cryptocurrencies. Business The Bank of England said on Monday that payments with ‘stablecoins’ – a form of digital currency – would need to regulated in the same way as payments currently handled by banks if they become widespread. Although regulation varies significantly between countries, stablecoins potentially raise at least four broad types of regulatory issues in a number of jurisdictions: • Money movement issues (e.g., money laundering, money services business regulation). • Investment and trading (e.g., regulation as securities or commodities). The logo for stablecoin Tether on a smartphone. Market expansion will see the development of a licensed hub & stablecoin Lighthouse Project. TLR also features guest commentary and articles from the world's leading competition law and antitrust practitioners. Facebook Twitter LinkedIn Telegram. Stablecoins – applicable regulatory regimes Although regulation varies significantly between countries, stablecoins potentially raise at least four broad types of regulatory issues in a number of jurisdictions: • Money movement issues (e.g., money laundering, money services business regulation). ... Federal officials say regulation should match that of traditional financial institutions - … Regional expansion into Singapore will form a part of Circle's global expansion plans, including hiring a regional leadership team based in Singapore. Singapore's Richest. Regulators are increasingly aware of systemic risk, given the rapid growth of the stablecoin market. On November 1, the President’s Working Group on Financial Markets (“PWG”), joined by the Federal Deposit Insurance Corporation (“FDIC”) and the Office of the Comptroller of the Currency … Require payment stablecoin issuers to be insured depository institutions, and prohibit other entities from issuing stablecoins. The Financial Stability Board (FSB) published a report Thursday outlining progress made, or lack thereof, by 48 jurisdictions on the “Regulation, Supervision, and Oversight of ‘Global Stablecoin’ Arrangements” since it was introduced by the global watchdog last year. FinTech startup and stablecoin issuer Circle intends to invest in the Singapore market and begin the application process necessary to … From a curtailment in marketing by exchanges to investors falling out, a lot has been happening in the country. Then, there is the disproportionately heavy emphasis placed on stablecoin regulation in the proposal. President’s Working Group Issues Report on Stablecoins Outlining Stablecoin Risks and Requesting Congress Pass Urgent Legislation Regulating Stablecoins. Along with the PS Act, the following key regulations relating to … No. A regulatory and financial stability perspective on global stablecoins. For example, under current US regulations, if a stablecoin issuer deposits fiat currency reserves at an FDIC-insured bank in a manner that meets all the requirements for "pass-through" deposit insurance coverage, the deposit would generally only be insured to each stablecoin holder individually for up to $250,000. “We will be closing the accounts of all Singapore-based users on March 31, 2022. 0. Click for PDF. It was found that Tether reserves include billions of short-term dollar loans granted to Chinese corporate giants. 94, “Payment Services Bill” [7] See: MAS, “MAS warns Digital Token Exchanges and ICO Issuer” (24 May 2018); and MAS, “MAS halts Securities Token Offering for regulatory breach” (24 January 2019) [8] Bappebti, “Ministerial Regulation No. ... (Cap. The company is working with the Monetary Authority of Singapore (MAS) to initiate the rollout of the USDC for the country’s large corporations. By Kathryn G. Wellman. Daren Fonda. Without Crypto, Singapore Risks “Being Left Behind” – MAS Director Asserts. Nov. 30, 2021 11:46 am ET Order Reprints Print Article Washington is getting closer to regulating stablecoins. FSB publishes progress report on the regulation, supervision and oversight of “global stablecoin” arrangements 5 min read The FSB today published a report on the progress made on the implementation of its high-level recommendations for Regulation, Supervision and Oversight of “Global Stablecoin” Arrangements. The publication of the U.S. Treasury report, “Report on Stablecoin” (RoS), earlier this month is an “indication of urgency” for the regulation of stablecoins, given their potential to become a viable payments method, Bank of America said in a research note published on Tuesday. For a dollar-pegged stablecoin, someone would exchange $1 for 1 stablecoin. BIS Issues Consultation on Stablecoin Regulation By Latham & Watkins LLP on October 19, 2021 Posted in Cryptoassets. In this article, we look at the regulatory developments following the commencement of the Payment Services Act 2019 (“PS Act”) on 28 January 2020. Members of the US Congress announced on December 2 the proposal of a new consumer protection bill to increase the oversight and regulation of existing stablecoin issuers, potential stablecoin issuers, and stablecoin-related service providers. ... but the basic idea is to require stablecoin issuers to be regulated as a … In a 22-page report issued Monday, the Treasury Department and several other regulators said the legislation should require that stablecoin … Stablecoin Regulation Is Coming. Prepared by Mitsutoshi Adachi, Matteo Cominetta, Christoph Kaufmann and Anton van der Kraaij []. The long-awaited stablecoin report that was in the works by the US Government, has finally been released featuring a recommended policy solution as well so let’s read more in our latest crypto news today.. “Almost a third of the whole proposal is basically covering stablecoins and e-money tokens,” said Hansen, former head of blockchain at German technology trade association Bitkom and current lead of strategy and growth at Unstoppable Finance.
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