Written reply to Parliamentary Question on MAS' cryptocurrency and stablecoins consultations
Date: For Parliament Sitting on 20 March 2023
Name and Constituency of Member of Parliament
Mr Desmond Choo, Tampines GRC
To ask the Prime Minister (a) what is the outcome of the consultation on proposals to reduce risk of consumer harm from cryptocurrency trading and to support the development of stablecoins; and (b) what are the salient insights from the consultation.
Answer by Mr Tharman Shanmugaratnam, Senior Minister and Minister in charge of MAS:
1. We thank Mr Choo for his interest in the consultation papers that MAS published, which proposed regulatory measures to reduce the risk of consumer harm from cryptocurrency trading and to require stablecoin issuers to maintain a high degree of value stability.
2. The consultation period closed on 21 December 2022, and MAS received substantial feedback from a wide range of respondents. MAS is currently reviewing the feedback received, and intends to publish our response to the consultation feedback by mid-2023.