The Monetary Authority of Singapore (MAS) says that stablecoins have the potential to become a widely adopted means of payment. In an interview with The Business Times, MAS managing director Chia Der Jiun says stablecoins have immense potential provided that regulations are in place to keep the crypto assets from straying from their linked value. […]
The post Singapore’s Central Bank Sees Good Potential for Stablecoins To Become Widely Used Payment Instrument appeared first on The Daily Hodl.
The Monetary Authority of Singapore (MAS) says that stablecoins have the potential to become a widely adopted means of payment. In an interview with The Business Times, MAS managing director Chia Der Jiun says stablecoins have immense potential provided that regulations are in place to keep the crypto assets from straying from their linked value. […]
The post Singapore’s Central Bank Sees Good Potential for Stablecoins To Become Widely Used Payment Instrument appeared first on The Daily Hodl.
The Monetary Authority of Singapore (MAS) says that stablecoins have the potential to become a widely adopted means of payment. In an interview with The Business Times, MAS managing director Chia Der Jiun says stablecoins have immense potential provided that regulations are in place to keep the crypto assets from straying from their linked value. […]
The post Singapore’s Central Bank Sees Good Potential for Stablecoins To Become Widely Used Payment Instrument appeared first on The Daily Hodl.
Bitcoin has recaptured its Short-Term Holder (STH) cost basis of $61,900 following the Federal Reserve’s recent 0.5% interest rate cut, according to Glassnode’s recent analysis. Despite the market’s ongoing consolidation, the report suggests new investors have demonstrated notable confidence in the long-term market outlook. Report Shows Despite Consolidation, New Bitcoin Investors Display Strong Market Confidence […]
Singapore is investigating unauthorized Worldcoin account sales as regulators raise concerns over data misuse and criminal activity.
Worldcoin, the controversial cryptocurrency project known for capturing identity data, is under investigation in Singapore for potential involvement in money laundering and financing terrorism.
On Sept. 9, Gan Kim Yong, the deputy prime minister of Singapore and chairman of the Monetary Authority of Singapore (MAS), revealed an ongoing investigation into a group of individuals offering third-party sales and purchases of Worldcoin accounts and tokens.
During a parliamentary discussion, Yong said that seven individuals were under police investigation for offering Worldcoin-related services without licenses, which is considered an offense under the Payment Services Act 2019:
Paxos will partner with Southeast Asia’s largest bank, DBS, for the stablecoin launch.
Paxos International blockchain and tokenization platform has received full regulatory approval from the Monetary Authority of Singapore (MAS).
The Singapore wing of Paxos, the issuer of the gold-backed stablecoin Pax Gold (PAXG), has received approval to offer digital payment token services as a Major Payments Institutions.
The regulatory approval enables Paxos to launch a stablecoin in line with MAS’ upcoming regulatory framework.
The rating agency will provide its perspective on risk mitigation in tokenized fixed income transactions.
S&P Global Ratings is the latest institution to join the Monetary Authority of Singapore’s (MAS) massive Project Guardian. The two-year-old project examines the role asset tokenization can play in the liquidity and efficiency of financial markets.
Project Guardian seeks to establish standards and policy guidelines and to develop a commercially oriented digital asset ecosystem. S&P Global will participate in fixed-income pilot projects. S&P Digital Assets analytical lead Andrew O'Neill said in a statement:
Within the fixed-income pilots, institutions are conducting foreign exchange and bond transactions against liquidity pools of tokenized bonds and currencies. They are also carrying out repurchase agreements with digital bonds an developing a listing framework for debt securities and an initial token offering for digital tokens offered on the Singapore Exchange.
Singapore’s central bank, the Monetary Authority of Singapore (MAS), has announced amendments to the Payment Services Act to impose additional requirements on digital payment token service providers and broaden the scope of regulated services. The central bank warned that entities that do not fulfill the requirements must cease the activities when the amendments come into […]
The head of Singapore’s central bank doesn’t think crypto has a future in financial services. Ravi Menon, the managing director of the Monetary Authority of Singapore (MAS), said in a speech earlier this month that cryptocurrencies have “failed the test of digital money.” “They have performed poorly as a medium of exchange or store of […]
The post Central Banker Says Crypto ‘Miserably’ Failed Test of Money, Will Make Way for CBDCs and TradFi Products: Report appeared first on The Daily Hodl.
The USD-backed token will comply with Singapore’s upcoming stablecoin laws and be issued through a new local Paxos entity that’s received initial approval.
Crypto infrastructure firm Paxos has secured in-principle approval from Singapore’s regulator for a new entity that’s planning the launch of a U.S. dollar-backed stablecoin.
In a Nov. 15 statement, Paxos said it received an initial nod from the Monetary Authority of Singapore (MAS) for its new entity Paxos Digital Singapore Pte. Ltd. The new firm can offer digital payment token services and plans to issue a USD stablecoin cleared under the MAS’ proposed stablecoin regulations.
Upon receiving full approval, Paxos said it will be able to partner with enterprise clients to issue the stablecoin in Singapore.
“Global demand for the U.S. dollar has never been stronger, yet it remains difficult for consumers outside the U.S. to get dollars safely, reliably and under regulatory protections,” said Paxos head of strategy Walter Hessert. “This in-principle approval from the MAS will allow Paxos to bring its regulated platform to more users around the world.”
On Aug .15, MAS announced its final framework for regulating stablecoins aimed at non-bank issued tokens pegged to the value of the Singapore dollar or G10 currencies such as the euro, British pound and U.S. dollar and whose circulation exceeds 5 million Singapore dollars ($3.7 million).
@MAS_sg has announced the features of a new regulatory framework that seeks to ensure a high degree of value stability for #stablecoins regulated in #Singapore. https://t.co/j12QambGIJ pic.twitter.com/LBUoOGY16P
— MAS (@MAS_sg) August 15, 2023
Related: Tether credits USDT growth surge to ETF excitement, emerging markets
On Aug. 7, PayPal launched its USD-backed stablecoin — PYUSD — issued by Paxos.
Paxos formerly minted Binance’s now-defunct BUSD stablecoin but was ordered by the New York Department of Financial Services to cease issuance of the token after the agency declared the stablecoin an unregistered security.
Paxos clarified that all of its stablecoins are fully backed by the U.S. dollar and cash equivalents, adding that it issues monthly attestations and reserve reports to ensure compliance.
Magazine: Unstablecoins: Depegging, bank runs and other risks loom
