The company will hire a Singapore-based leadership team for the hub and will submit applications to obtain the applicable licenses and registrations. Facebook Twitter LinkedIn Telegram. By. 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. If you want widest range of crypto offerings, go for KuCoin. 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. On November 1, 2021, the President's Working Group on Financial Markets ("PWG"), joined by the Federal Deposit Insurance Corporation ("FDIC") and the Office of the Comptroller of the Currency ("OCC"), released a report on stablecoins. The chairman of the Central Bank of Singapore shared his stance on cryptocurrency and stated that stablecoin assets may perform a better function over traditional payment systems. Huobi Global is seeing an unstable stance in Asian markets, after which local regulations pushed the trading platform out of its home base. Please also note that the characteristics described in paragraph 2.3 are not exhaustive. Require payment stablecoin issuers to be insured depository institutions, and prohibit other entities from issuing stablecoins. 0. BOSTON, Nov. 10, 2021 /PRNewswire/ -- Circle, a global internet finance firm that provides internet-based payments and financial infrastructure to businesses of all sizes, today announced plans to establish a regional hub in the Singapore market and plans to initiate the … [6] Singapore Parliamentary Reports (14 January 2019), Vol. the stablecoin’s value consistent. As an important cog in the overall digital asset sector, stablecoins have experienced a meteoric rise over the past few years. Source: Circle.
As in, stablecoins must have 1:1 backing with their fiat counterparts, and experience regulation as assets that store value. WASHINGTON (AP) — The Biden administration is calling on Congress to pass legislation that would strengthen government regulation of stablecoins, a form of cryptocurrency that has soared in popularity in the past year. Stablecoin Legislation Congress was called upon on Monday in a 22-page report, issued by the Treasury Department, to reign in stablecoins. Related: USDC issuer Circle supports proposal to regulate stablecoin issuers as banks These Companies Could Benefit. For some time, we have discussed potential stablecoin regulation, and the impact it could have on the broader crypto market. Singapore, Singapore, 30th November, 2021, Singapore, Singapore, November 30, 2021 –The year 2021 is a significant milestone for the Avalanche protocol: its on-chain DeFi TVL has exceeded $12 billion, hitting a record high, and it has risen to be a top-five public chain in terms of TVL. Regulated stablecoins have a place in Singapores economy: central bank. Without Crypto, Singapore Risks “Being Left Behind” – MAS Director Asserts. A GUIDE TO DIGITAL TOKEN OFFERINGS MONETARY AUTHORITY OF SINGAPORE 4 2.3.5 a unit9 in a collective investment scheme10 (“CIS”), where it represents a right or interest in a CIS, or an option to acquire a right or interest in a CIS. These Companies Could Benefit. CBDCs have the potential to make a significant impact on global finance, but appropriate safeguards need to be in place, an official from the Monetary Authority of Singapore (MAS) said today. 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 issuers are mostly in favor of regulation , but many balk at the notion that only FDIC-insured institutions should be allowed to issue stablecoins. From a curtailment in marketing by exchanges to investors falling out, a lot has been happening in the country. Market expansion will see the development of a licensed hub & stablecoin Lighthouse Project. The Financial Stability Board has warned that stablecoin regulation is becoming too fragmented as countries take divergent approaches, which is creating “underlaps” of oversight. 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. The report even disappointed groups that typically support more regulation. 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. TLR also features guest commentary and articles from the world's leading competition law and antitrust practitioners. The company is working with the Monetary Authority of Singapore (MAS) to initiate the rollout of the USDC for the country’s large corporations. 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 … TLR (The Law Reviews) is the world's leading antitrust and competition law journal and news service. India’s lack of regulatory clarity on the question of cryptos has left many stakeholders in limbo. 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. It was found that Tether reserves include billions of short-term dollar loans granted to Chinese corporate giants. regulation can help crytpo come of age The third condition is a credible regulatory framework. BankInfoSecurity.com reported that “Congress [should] act promptly to … Circle also plans to offer support for the growth in stablecoins for payments and is currently hiring professionals to fill up its Singapore headquarters to make USDC “one of the first global stablecoins to be licensed in Singapore.” Regulators are increasingly aware of systemic risk, given the rapid growth of the stablecoin market. According to a report by CB Insights, the overall value of stablecoin assets has crossed well over $20 billion in late 2020. 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. The Bank of Thailand (BOT) is set to draft regulations on stablecoins by the end of 2021. Circle opens Singapore office. Singapore’s Central Bank managing director reveals ambition to make the country a global crypto hub. TLR provides breaking news, daily updates and in-depth monthly features covering antitrust and competition enforcement in countries around the world. November 4, 2021. Singapore’s PM Says Omicron Could Lead to Return of Some Curbs.
Da Roza adds that regulation for global stablecoins won’t work well unless everybody has the same or similar standards. The publication of the U.S. Treasury report, “Report on Stablecoin” (RoS), earlier this month is an “indication of urgency” for the regulation of stablecoins, given their potential to become a viable payments method, Bank of America said in a research note published on Tuesday. ... earlier this month that stablecoin issuers become insured depository institutions subject to the same supervision and regulation as banks. The publication of the U.S. Treasury report, “Report on Stablecoin” (RoS), earlier this month is an “indication of urgency” for the regulation of stablecoins, given their potential to become a viable payments method, Bank of America said in a research note published on Tuesday. 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. The regulator also acknowledged the role that regulated. The long-awaited stablecoin report that was in the works by the US Government, has finally been released featuring a recommended policy solution as well so let’s read more in our latest crypto news today.. This comes following growing criticism from financial regulations regarding unlicensed stablecoins issued by private companies. DeFi aside, the presence of regulation in the stablecoin ecosystem is but a sign of the sector’s maturity. In a 22-page report issued Monday, Nov. 1, 2021, the Treasury Department and several other regulators said the legislation should require … Along with the PS Act, the following key regulations relating to … 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). • Investment and trading (e.g., regulation as securities or commodities). StraitsX is a Singapore-based payments company that is focused on enabling businesses to accept payments and send money. By Kathryn G. Wellman.
Undertaking a detailed factual and legal assessment is a necessary step for issuers to assess relevant … Elliptic, the crypto-asset risk management and blockchain analytics platform, announced today that the Singapore dollar-backed stablecoin, XSGD, has been added to its crypto-risk monitoring solutions to assure compliance with anti-money laundering (AML) and countering the financing of terrorism (CFT) regulations.
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