Stablecoins and the global crypto regulatory arms race: What’s at stake for Singapore?
The race to become a leading hub of digital assets will increasingly involve cities strengthening their regulatory frameworks to favour stability over fast profits
STABLECOINS are moving into the financial mainstream, as signalled by the growing attention from regulators across the world.
On May 21, Hong Kong’s Legislative Council passed a Stablecoins Bill, which aims to establish a licensing and regulatory regime for Fiat-Referenced Stablecoins (FRS). A month later, the US Senate passed the Genius Act, a Bill that creates a regulatory framework for stablecoins.
Yet, governments are not the only ones interested in stablecoins, which are cryptocurrency tokens that have their values pegged to the US dollar.
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