Singapore Sounds The Alarm: Are Stablecoins The Next Financial Threat?
Singapore’s top financial regulator has signaled a tougher stance on stablecoins, saying only fully supervised tokens should be treated as reliable money for big transactions. Related Reading: From Burgers To Bitcoin: Why The McDonald’s McRib Season Has Traders Talking Bullish Regulators are moving to separate settlement-grade instruments from the rest of the market. The message […]
Related News
In a rare move, Singapore is going to introduce restrictions on certain Russian financial transactions and crypto operations aimed at evading sanctions. The decision comes amid officially expressed concerns that Moscow’s invasion of Ukraine is a threat to the security of small states around the world. Singapore Becomes First Southeast Asian Nation to Impose Sanctions on Russia For the first time in decades, as acknowledged by a former diplomat, Singapore is taking steps to sanction another nation without approval from the United Nations Security Council. The city state is preparing....
While the Bitcoin community fixates on the upcoming halving and wavy interest in spot exchange-traded funds (ETFs), a looming threat could hinder its growth and adoption of the world’s most secure network: fragmentation of token standards. Token Issuing Standards On Bitcoin Fragmented In a post on X, one analyst pointed out the proliferation of competing token […]
A state-backed digital currency like the U.S. dollar doesn’t necessarily have to be a competitor to a decentralized cryptocurrency, one industry exec believes. Central bank digital currencies (CBDC) do not pose any direct threat to cryptocurrencies like Bitcoin (BTC) but are still associated with risks in relation to stablecoins, one industry executive believes.According to Mikkel Morch, executive director at the digital asset hedge fund ARK36, a state-backed digital currency like the U.S. dollar doesn’t necessarily have to be a competitor to a private or a decentralized....
Financial authorities in Singapore have proposed new regulations designed to protect consumers from risks associated with cryptocurrency investment and trading. The measures, which also aim to expand regulations for stablecoins, will be discussed with the industry before their adoption. Singapore Prepares to Tighten Cryptocurrency Regulations, Limit Public Access to Digital Assets The Monetary Authority of Singapore (MAS) has put forward draft regulations that aim to restrict crypto trading for retail investors with the stated goal of reducing risks for consumers associated with....
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....