In addition, the New York State Department of Financial Services has provided approval and regulation for two stablecoins backed by the US dollar, the Gemini Dollar (GUSD) and the Paxos Standard (PAX). The global central bank cooperative body envisions stablecoins within the context of international standards … 15 November 2021. It … XSGD is the Singapore-Dollar-backed stablecoin issued on a 1:1 basis by StraitsX, a major payment institution that is licensed for e-money issuance activity. These Companies Could Benefit. Share with your friends. India’s lack of regulatory clarity on the question of cryptos has left many stakeholders in limbo. It sits at over $130 billion right now, up from $37 billion at the beginning of 2021, with some of the more popular stablecoins being Tether ( USDT-USD ), BinanceCoin ( BNB-USD) and Paxos. November 4, 2021. ... Federal officials say regulation should match that of traditional financial institutions - … On November 1, 2021, the President’s Working Group on Financial Markets, joined by the Office of the Comptroller of the Currency (OCC) and Federal Deposit Insurance Corporation (FDIC), issued its expected report (Report) on stablecoins, a type of digital asset that has recently grown significantly in market capitalization and importance … Stablecoin Runs: To address risks to stablecoin users and guard against stablecoin runs, legislation should require stablecoin issuers to be insured depository institutions, which are subject to appropriate supervision and regulation, at the depository institution and the holding company level. ... but the basic idea is to require stablecoin issuers to be regulated as a … The FSB, an international body charged by the G20 for monitoring and making recommendations regarding … Globally, cryptocurrency adoption continues to grow. The Stablecoin Tethering and Bank Licensing Enforcement (STABLE) Act, seeks to provide protection to unbanked and … Stablecoin Legislation Congress was called upon on Monday in a 22-page report, issued by the Treasury Department, to reign in stablecoins. Circle expects stablecoin usage growth, including the booming decentralized finance (DeFi) and forex markets. Aymeric Salley, the head of StraitsX, said that the stablecoin is FATF travel rule-compliant, an initiative involving the PSN01 guidelines set by the Monetary Authority of Singapore. Stablecoin Regulation Is Coming. The past few years have seen numerous crypto projects — from Neo to Solana — threaten to dethrone Ethereum as the world’s leading decentralized app (Dapp) platform. Under the guidelines, asset managers must assess environmental risk factors. Payments company and stablecoin operator Circle announced a range of measures around financial inclusion on Wednesday, as global regulators increasingly debate how to supervise the $130bn industry. For a dollar-pegged stablecoin, someone would exchange $1 for 1 stablecoin. In this article, we look at the regulatory developments following the commencement of the Payment Services Act 2019 (“PS Act”) on 28 January 2020. Guest Post Op-ed: How Algorand is gearing up to become a contender to Ethereum. Designating them as “systemically risky” and thus eligible for oversight is one option available, the article said. The US may crack down on 'stable' cryptocurrencies. By. FinTech startup and stablecoin issuer Circle intends to invest in the Singapore market and begin the application process necessary to … While stablecoin issuance has surged about four times in 2021, ... and with clearer regulation, we have a lot to lose. 0. Thailand Consulting With Stakeholders on Stablecoins Regulation This latest development was revealed by the Central Bank's assistant governor,… For example, under current US regulations, if a stablecoin issuer deposits fiat currency reserves at an FDIC-insured bank in a manner that meets all the requirements for "pass-through" deposit insurance coverage, the deposit would generally only be insured to each stablecoin holder individually for up to $250,000. The global central bank cooperative body envisions stablecoins within the context of international standards … Increasing concerns about the lack of oversight and policy within the expanding $110 billion stablecoin market have led to the possibility of stablecoin issuers such as Tether and Circle being soon subjected to bank-like regulations. Digital currencies have a place in the future of Singapores financial industry, but only if they are well regulated, the countrys central bank has said. Circle opens Singapore office. Please also note that the characteristics described in paragraph 2.3 are not exhaustive. The Bank of Thailand (BOT) is set to draft regulations on stablecoins by the end of 2021. 1-min read. By. FSB publishes progress report on the regulation, supervision and oversight of “global stablecoin” arrangements 5 min read The FSB today published a report on the progress made on the implementation of its high-level recommendations for Regulation, Supervision and Oversight of “Global Stablecoin” Arrangements. Stablecoin Legislation Congress was called upon on Monday in a 22-page report, issued by the Treasury Department, to reign in stablecoins. On top of this, stablecoin issuers must be classified as money services businesses and will have to abide by the appropriate tax laws for such companies. US SEC May Steer Stablecoin Regulation, New Rules to be Detailed Soon (Report) Tags: Circle Stablecoins. The Financial Stability Board (FSB) published a report Thursday outlining progress made, or lack thereof, by 48 jurisdictions on the “Regulation, Supervision, and Oversight of ‘Global Stablecoin’ Arrangements” since it was introduced by the global watchdog last year. FILE PHOTO: A general view shows The Bank of England in the City of London financial district in … Insured depository institutions such as state and federally chartered banks and savings associations are subject to appropriate supervision and regulation, at both the depository institution and the holding company level. 94, “Payment Services Bill” [7] See: MAS, “MAS warns Digital Token Exchanges and ICO Issuer” (24 May 2018); and MAS, “MAS halts Securities Token Offering for regulatory breach” (24 January 2019) [8] Bappebti, “Ministerial Regulation No. Prepared by Mitsutoshi Adachi, Matteo Cominetta, Christoph Kaufmann and Anton van der Kraaij []. “The benefit of regulation within the stablecoin market will bring a level of certainty to these bank stocks, and the market tends to respond well to certainty,” he added. Regional expansion into Singapore will form a part of Circle's global expansion plans, including hiring a regional leadership team based in Singapore. Nov. 30, 2021 11:46 am ET Order Reprints Print Article Washington is getting closer to regulating stablecoins. Nov. 30, 2021 11:46 am ET Order Reprints Print Article Washington is getting closer to regulating stablecoins. ... A stablecoin issuer issues stablecoins to a … [6] Singapore Parliamentary Reports (14 January 2019), Vol. The logo for stablecoin Tether on a smartphone. Unfortunately for crypto enthusiasts, regulation is really the only way any of these stablecoins will make it to the mainstream. It ensures big, institutional investors will involve themselves, which provides more legitimacy than most actions. And, considering cryptocurrencies are global, regulation will differ in various countries. the stablecoin’s value consistent. The Monetary Authority of Singapore (MAS) has issued three new consultations each dealing with different aspects of the regulation of digital payment tokens (DPTs) under the Payment Services Act (PSA).It has also recently clarified that where a DPT may be characterized as either a debenture or as e-money, its policy approach will be to regulate it as e-money. Stablecoins – applicable regulatory regimes Although regulation varies significantly between countries, stablecoins potentially raise at least four broad types of regulatory issues in a number of jurisdictions: • Money movement issues (e.g., money laundering, money services business regulation). Business The Bank of England said on Monday that payments with ‘stablecoins’ – a form of digital currency – would need to regulated in the same way as payments currently handled by banks if they become widespread. As of press time, DOT is trading 18% up at a price of $49.36 and a market cap of $48.38 billion. In our earlier CNPupdate article published on 9 May 2018, we discussed the regulatory approach to cryptocurrency and bitcoin exchanges in Singapore. For some time, we have discussed potential stablecoin regulation, and the impact it could have on the broader crypto market. US Stablecoin Regulation: Bringing Stablecoins Into The Regulatory Fold. “The Monetary Authority of Singapore (MAS) has been an extraordinary regulatory partner as we have looked to expand our business horizons and invest in the Singaporean market.” Jeremy Allaire In a press release, Circle said it is looking for partners to experiment in stablecoin innovations in the Singapore market as part of a Lighthouse Project, with MAS observing and … Related: USDC issuer Circle supports proposal to regulate stablecoin issuers as banks Touching upon the new headquarters in Singapore, Allaire said his firm aims to be among the first stablecoin issuers licensed to operate in the city-state. "The nonbank stablecoin issuers would be getting the bad stuff of regulation without all of the good stuff," Landy said. *Updated 11 March 2019 Singapore's financial regulatory agency – the Monetary Authority of Singapore ("MAS") – released "A Guide to Digital Token Offerings" (the "Guide") on 30 November 2018.The Guide is the primary piece of regulatory guidance by the MAS that focuses on the application of Singapore's existing financial regulatory framework to digital token issuance … In Singapore, the Monetary Authority of Singapore has granted a Major Payment Institution license for e-money issuance to Xfers, a local fintech company that issues XSGD — a stablecoin backed 1:1 by the Singapore dollar. BankInfoSecurity.com reported that “Congress [should] act promptly to … The founder of MakerDAO, Rune Christensen, believes people should “be ready for the worst” when it comes to stablecoin regulation in … Stablecoin Regulation May be Around the Corner! Mr Ravi Menon, Managing Director, MAS, spoke at the Singapore FinTech Festival 2021 on how the future of Money, Finance, and the Internet are entwined, and their potential far-reaching effects on economies and societies.
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