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Singapore central bank chief sees no place for private crypto in the monetary scene

Ravi Menon says the country is instead clearing a path for CBDCs and regulated stablecoins. There will not be a place for private cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH) in the monetary scene as many of them fail the “fundamental tests of financial services,” Monetary Authority of Singapore’s managing

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Singapore to restrict retail crypto speculation with new rules

In response to the feedback received on its proposed Digital Payment Token (DPT) regulations, the Monetary Authority of Singapore (MAS) laid down measures for DPT service providers to discourage speculation in cryptocurrency investments.The de facto central bank of Singapore, MAS announced five ways DPT service providers can help retail clients avoid

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Singapore mulls new crypto rules, wants to ban retail traders from incentives and credit cards

The Monetary Authority of Singapore is seeking new limitations to harden crypto speculation. Singapore’s financial watchdog, the Monetary Authority of Singapore, is set to impose new rules on retail crypto investors in a bid to safeguard customers from highly speculative assets. In a statement published on Thursday, Nov. 23, MAS proposed new

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Singapore unveils regulatory framework for stablecoins

The Monetary Authority of Singapore (MAS) recently unveiled a regulatory framework aimed at enhancing the stability of single-currency stablecoins. The framework, according to Bloomberg, is set to be applicable to non-bank issuers of single-currency stablecoins linked to the Singapore dollar or any G10 currencies, provided their circulation surpasses S$5 million. Singapore’s

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Singapore central bank to trial live wholesale CBDC for settlements

A pilot program for a live Singapore dollar-based central bank digital currency (CBDC) was unveiled by Singapore’s central bank with a wholesale CBDC to be used by local banks for settlements. “I am pleased to announce that MAS will pilot the ‘live’ issuance of wholesale CBDCs to instantaneously settle payments across

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Paxos to Issue New US Dollar-Backed Stablecoin in Singapore

The in-principle approval granted by the Monetary Authority of Singapore positions Paxos to offer digital payment token services, marking a significant step towards establishing a foothold in the Singaporean market. Blockchain infrastructure firm Paxos has announced plans to issue a US dollar-backed stablecoin for its customers in Singapore. The initiative comes after

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