Panel Discussion with Mr Leong Sing Chiong, Deputy Managing Director (Markets and Development), Monetary Authority of Singapore, at the Point Zero Forum on 26 June 2023
In response to a forum letter on the cryptocurrency landscape in Singapore, MAS said that it is progressively putting in place measures to mitigate the risks posed by cryptocurrencies to retail customers. As these measures are implemented, Singapore will soon be home to one of the strictest regulatory regimes in the world governing retail access to cryptocurrencies.
Mr Ravi Menon, Managing Director, MAS, spoke on MAS' efforts to build three foundational digital infrastructures, as well as MAS’ collaboration with UNDP to maximise opportunities for MSMEs.
MAS announced the features of a new regulatory framework that seeks to ensure a high degree of value stability for stablecoins regulated in Singapore. The regulatory framework takes into account feedback received, following an October 2022 public consultation.