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Crypto

Singapore monetary authority chief says tokenised payments must be backed by central bank money

Monetary Authority of Singapore managing director Chia Der Jiun said settlements in tokenised financial markets should be backed by central bank money. He said large-scale settlements in tokenised markets require safe and reliable digital currency, adding that central bank money would ultimately underpin monetary stability. MAS is pursuing the use of wholesale central bank digital currency for settlements of tokenised MAS bills. It is also pushing legal revisions on stablecoins.

Crypto

Singapore crypto market jumps 55 percent, led by institutional trading

Singapore’s cryptocurrency economy was estimated at $284 billion, up 55.4 percent over a year, diverging from a 6.8 percent contraction in the Central and Southern Asia and Oceania region. Growth was led by institutional platform activity, which rose 94 percent to $60 billion and was concentrated among a small number of market makers, OTC firms and institutional brokerages. Elsewhere in Southeast Asia, smaller P2P transfers and stablecoin use stood out.

Crypto

Singapore, Hong Kong, Japan emerge as test beds for stablecoin payment networks

Asia is emerging as the first large-scale testing ground for stablecoin payment and settlement networks. Singapore, Hong Kong and Japan are building regulatory zones that allow stablecoins for payments and settlement under supervision. Singapore has included firms such as Circle and Coinbase as major payment institutions. Hong Kong has started licensing fiat-backed stablecoin issuers and granted its first licences. Japan has expanded its crypto travel rule requirements for transfers.