Singaporean financial watchdog to consult public on stablecoin regulation
The financial regulator admits it’s high time to shift the focus from the KYC/AML issues to more nuanced risks, poised by stablecoins. 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....
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As U.S. lawmakers push for the urgent regulation of stablecoins, the Financial Stability Oversight Council (FSOC) and the Federal Reserve Board warn about the risks of stablecoin runs that threaten the country’s financial stability. Treasury Secretary Janet Yellen brought up the terrausd (UST) fiasco as an example of why a comprehensive regulatory framework is urgently needed.
Treasury Secretary Janet Yellen Testifies Before Senate Committee
Stablecoins have become a hot topic in Washington. Following Monday’s terrausd (UST) fiasco, U.S. lawmakers are calling for....
A commissioner with the U.S. Securities and Exchange Commission (SEC) expects to see stricter regulation on stablecoins. However, Treasury Secretary Janet Yellen says stablecoins are currently “not a real threat” to the country’s financial stability. SEC Commissioner on Stablecoin Regulation The regulation of stablecoins has been a hot topic this week following the Terra fiasco which saw UST losing its U.S. dollar peg and LUNA plunging to near zero. A commissioner with the U.S. Securities and Exchange Commission (SEC), Hester Peirce, talked about cryptocurrency....
The move is part of a broader effort by the Singaporean watchdog to regulate advertising cryptocurrency to the public. The Monetary Authority of Singapore has reportedly decided to shut down cryptocurrency automatic teller machines in the city-state.According to Bloomberg, to comply with new regulations issued by the Monetary Authority of Singapore (MAS), Singapore’s central bank, cryptocurrency ATM operators in the country were forced to shut down their operations on Tuesday.The new clampdown on cryptocurrency ATMs sparked several reactions from the city’s cryptocurrency operators, with....
Japan’s top financial regulator, the Financial Services Agency (FSA), is reportedly planning to propose legislation to restrict stablecoin issuance to banks and wire transfer companies. Crypto service providers involved in stablecoin transactions, including wallets, will also be brought under the financial regulator’s oversight.
Japan to Tighten Stablecoin Regulation
Japan’s Financial Services Agency (FSA) is planning to tighten the regulation of stablecoins by imposing strict rules on their issuers, Nikkei reported Monday, stating:
The Financial....
U.K. watchdog, the Financial Conduct Authority (FCA), has told firms running crypto ATMs in the country that they are operating illegally and must therefore shut down their machines. Operators that fail to heed the warning will face enforcement action, the FCA said. Crypto ATM Providers Operating Illegally The U.K. financial sector watchdog, the Financial Conduct Authority (FCA), has said it asked cryptoasset service providers that operate crypto ATMs to “shut their machines down or face enforcement action.” The watchdog insisted that since none of the crypto firms that it....