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+On December 11, 2020, Singapore’s central bank, the Monetary Authority of Singapore, released a new regulatory framework for stablecoins. The new guidelines provide a clear framework for businesses and investors to operate in this new, emerging asset class. The new policy establishes a licensing framework for stablecoin operators and requires the submission of an application for regulatory approval. The new rules are intended to protect consumers and ensure an orderly and stable market. The MAS also defined clear requirements on the management of customer funds, anti-money laundering, and terrorism financing policy, as well as cybersecurity measures. The new regulations are seen as a milestone for the industry, highlighting the country’s commitment to encouraging innovation and developing a digitally-driven economy.
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