Singaporean financial watchdog to consult public on stablecoin regulation

Singaporean financial watchdog to consult public on stablecoin regulation


The Monetary Authority of Singapore (MAS), a city-state’s principal financial regulator, assesses the merits of a regulatory regime toward stablecoins. Current guidelines focus on Know Your Customer (KYC) and Anti-Money Laundering (AML) issues and do not reflect the specific risks to which the stablecoins are entitled. 

On Monday, the MAS official portal published a written response by the regulator’s head, Tharman Shanmugaratnam, to a question posed by one of Singapore’s members of parliament. The question inquired if there is data on the extent of Singaporeans’ exposure to the recent collapse in the value of the TerraUSD Classic (USTC) stablecoin and the Luna Classic (LUNC) token, and whether the MAS is actively considering measures to tackle similar crises.

Shanmugaratnam acknowledged that the Terra collapse illustrates the high

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