Singapore has finished developing rules for stable coins

MAS is the Monetary Authority of Singapore. The regulator has finished working on regulatory documents that will ensure the high stability of stable coins regulated in the state.

What the regulator declares

The agency points out that stable tokens mean digital assets that use fiat currencies (one or more) to maintain their constant value.

The developed rules will begin to be used for single-currency stable coins, the so-called SCS, which are tied to the local dollar or other currency of the countries belonging to the "Big Ten".

The regulator also established a number of requirements:

  1. Companies need to take into account the parameters of the composition of stable coins.
  2. Companies need to store them properly.
  3. Assets need to be provided with at least minimal capital.
  4. Additional liquidity is needed to reduce the risks of bankruptcy.
  5. Companies must repay the nominal value of the coin 5 days after receiving the application.
  6. Issuers are required to provide all information to users about the coins.

The deputy Managing Regulator stated that the developed regulations for stable coins will help simplify their use as a digital method of exchange or as a bridge between fiat and cryptocurrencies.

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