MAS to focus on collaboration in regulating digital assets and GenAI

THE Monetary Authority of Singapore (MAS) has finalised the regulatory attributes for stablecoins, and is now working on associated legislation while engaging in discussions with issuers, said managing director Chia Der Jiun on Thursday (Nov 7).

Stablecoins are a type of digital currency whose value is typically pegged to another asset class, such as a currency or a commodity like gold.

Speaking at the Singapore FinTech Festival, Chia explained that MAS is ensuring its stablecoin regulatory framework describes the attributes of a “well-regulated, sound stablecoin”, to ensure that “high-quality settlement assets” are put into the ecosystem.