SINGAPORE - Singapore-licensed stablecoin issuers will have to meet requirements including having a minimum amount of reserves and allowing investors timely redemption at par value. Read more at straitstimes.com.
SINGAPORE - Singapore-licensed stablecoin issuers will have to meet requirements including having a minimum amount of reserves and allowing investors timely redemption at par value.
Issuers’ valuation of their reserve assets have to be at least 100 per cent of the outstanding single-currency stablecoins in circulation at all times. Instead of the original suggestion to have custody of assets by only locally-based custodians, overseas-based custodians will now be allowed. These overseas custodians must have a minimum credit rating of “A-”, and must have a branch in Singapore that is regulated by MAS.
At the same time, they will need to hold liquid assets that are valued at more than half of their annual operating expenses, or an amount needed to achieve recovery or an orderly wind-down. This comes after MAS published in Oct 2022 two consultation papers that outlined proposed rules for stablecoins, as well as measures to restrict retail crypto speculation and regulate the business conduct of crypto service providers.
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