Singapore will pilot tokenized bills and introduce laws related to stablecoins
On November 13, the top officials of the Monetary Authority of Singapore (MAS) stated on Thursday that the central bank of Singapore plans to advance the construction of a scalable and secure tokenized financial ecosystem. To this end, a pilot issuance of tokenized MAS bills will be launched next year, along with relevant laws to regulate stablecoins.
Chia Der Jiun, the Director of the Monetary Authority of Singapore, pointed out at the Singapore FinTech Festival: "Tokenization has started, but have asset-backed tokens reached 'escape velocity'? They have not yet achieved that." He mentioned that the Monetary Authority of Singapore has been refining the details of the stablecoin regulatory framework and will draft relevant legislative proposals, focusing on "robust reserve asset support and reliable redemption mechanisms."
Chia Der Jiun also added that the Monetary Authority of Singapore is simultaneously supporting various pilot projects under the 'Blue Initiative', which aims to explore the use of tokenized bank liabilities and regulated stablecoins for settlement.(Jin Shi)
