The Monetary Authority of Singapore (MAS) regulators issued a press release on March 20 revealing plans to publish the final crypto and stablecoin consultation report. The MAS report revealed that the consultation report is expected to be posted by mid-2023.
The proposed crypto consultation report will necessitate the central bank of Singapore to develop suitable regulatory policies and laws. Also, the apex bank of Singapore will be required to formulate two consultation papers that outline the measure to protect the key players, including investors and consumers in the crypto world.
The central bank of Singapore has been given till October to publish the two documents.
Crypto Regulations in Singapore
According to the chairperson of MAS, Tharman Shanmugaratnam, the crypto-native community in Singapore has increased. Shanmugaratnam confirmed that the completed task of gathering valuable insights from the public concerning crypto laws was a success.
Shanmugaratnam confessed that the Singaporean actively participated in the crypto data collection process that was completed on December 21. He revealed that the information obtained from the community is currently under review, and the MAS team will publish the final consultation document in mid-year.
Scope of the Proposed Regulations
A review of MAS proposed regulations reveals that the regulators in Singapore will abolish the credit-related trading activities adopted by the retailers.
The MAS team plans to assume regulating crypto activities by mandating banks to be the primary stablecoin issuer. Currently, MAS projects to issue stablecoins worth more than $3.7 million.