with cryptocurrencies Singapore, which has taken a tough and strict attitude towards stablecoinHe began work on the regulation of the
Earlier Know Your Customer (KYC) and Anti-Money Laundering (AML) The Monetary Authority of Singapore (MAS) has turned to stablecoins that lack a clear regulatory framework.
Tharman Shanmugaratnam, head of the MAS, answered a question put to him during the parliamentary session yesterday.
to the president of MAS “Whether Singapore citizens are affected by the collapse of the TerraUSD (UST) stablecoin and LUNA, and whether MAS is actively taking measures to combat similar crises” asked.
MAS chief Shanmugaratnam pegged to fiat currency like dollar cryptocurrency He said that a regulatory regime targeting the specific characteristics and risks of stablecoins with currencies is being actively explored.
“In the cryptocurrency markets, the recent chain of failures by crypto companies, starting with the TerraUSD and LUNA collapse, illustrates the high risks in crypto investments that MAS has repeatedly warned the public about.
However, these collapses did not significantly affect the financial system and the economy.”
The MAS chief also stated that the central bank plans to consult the public for a potential regulatory regime on stablecoins in the coming months.
In a speech in mid-July, MAS managing director Ravi Menon said, TerraUST and LUNA He said that stricter regulations would be made, referring to the collapse of the country.
Menon said that the focus of these regulations will be on further tightening the access of retail investors to cryptocurrencies.