Tag: Mas

Singapore’s MAS Unveils Stablecoin Regulatory Framework

by Blockchain News

The Monetary Authority of Singapore (MAS) has unveiled its finalized regulatory framework for stablecoins. This development follows a public consultation in October 2022 and a parliamentary inquiry on 20 March 2023 regarding MAS’ stance on cryptocurrency trading risks and stablecoin development. Senior Minister in charge of MAS, Mr. Tharman Shanmugaratnam, emphasized the consultation papers’ intent to reduce consumer risks from cryptocurrency trading and ensure stablecoin value stability. The consultation period, which concluded on 21 December 2022, saw MAS receiving extensive feedback.

Stablecoins, as defined by MAS, are digital payment tokens that aim to maintain a consistent value against one or more specified fiat currencies. When properly regulated, these tokens can act as a reliable medium of exchange, especially for the “on-chain” purchase and sale of digital assets.

The new framework will be applicable to single-currency stablecoins (SCS) that are pegged to the Singapore Dollar or any G10 currency and are issued within Singapore. Key requirements for issuers of such SCS include:

Value Stability: SCS reserve assets will have specific requirements related to their composition, valuation, custody, and audit. This is to ensure a high degree of value stability.

Capital: Issuers are mandated to maintain a minimum base capital and liquid assets. This is to mitigate the risk of insolvency and facilitate an orderly cessation of operations if required.

Redemption at Par: Issuers are obligated to return the par value of SCS to holders within a five-day window from a redemption request.

Disclosure: Issuers must offer transparent disclosures to users. This includes details on the SCS’s value stabilizing mechanism, rights of SCS holders, and the audit outcomes of reserve assets.

Furthermore, only those stablecoin issuers that meet all the stipulated requirements can apply to MAS for their stablecoins to be officially recognized and branded as “MAS-regulated stablecoins”. This distinction will help users differentiate between MAS-regulated stablecoins and other digital payment tokens.

Any misrepresentation of a token as an “MAS-regulated stablecoin” could result in penalties, which might range from financial fines to imprisonment for individuals. Such entities or individuals may also be added to MAS’ Investor Alert List. MAS advises users to be well-informed of the risks when dealing with stablecoins that fall outside of their regulatory purview.

Ms. Ho Hern Shin, Deputy Managing Director (Financial Supervision) at MAS, commented on the framework’s objectives, stating that it is designed to “facilitate the use of stablecoins as a credible digital medium of exchange, and as a bridge between the fiat and digital asset ecosystems.”

Globally, there’s a discernible trend towards stricter regulations for cryptocurrencies and stablecoins.

The Taiwan Financial Supervisory Commission (FSC) has drafted guidelines to oversee virtual asset platforms. Although not yet finalized, the draft encompasses thirteen principles, accompanied by relevant appendices. These guidelines are anticipated to be publicized in September 2023.

Meanwhile, officials in Hong Kong have expressed their commitment to implementing stablecoin regulations by 2024 and are concurrently reviewing rules pertaining to crypto derivatives

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Blockchain.com Obtains Digital Payment Token License in Singapore

by Blockchain News

The Monetary Authority of Singapore (MAS) has granted a Major Payment Institution License (MPI) to the popular cryptocurrency exchange Blockchain.com. With this license, the platform will be able to provide digital payment token services to institutional and accredited investors. On August 7, 2023, it was disclosed that the application had been approved, and on August 1, 2023, the license was issued.

The license comes after Blockchain.com received in-principle approval from MAS in September of the previous year. As of now, there are 3,427 companies that have been granted licenses, with distribution across five key sectors: Banking (205), Capital Markets (1,782), Financial Advisory (579), Insurance (392), and Payments (469). Among the licensees, notable names in the fintech and blockchain industries can be found, including BitRock Capital, Circle, PayPal, BlackRock, Paxos, Revolut, Blockchain Founders Fund, and Alipay. These companies reflect the diverse and growing landscape of financial technology and digital asset services in Singapore.

In a statement on Medium, Blockchain.com CEO and Co-Founder Peter Smith commended the MAS for its “transparent regulatory process that prioritizes crypto industry oversight while allowing innovation to thrive.” The company also expressed its view of Singapore as an attractive city-state for investment and growth, particularly for its institutional customers.

The granting of the license to Blockchain.com is part of Singapore’s broader efforts to establish itself as a hub for the cryptocurrency industry. Earlier on August 7, MAS announced a commitment of approximately $112 million (around 150 million Singapore dollars) to support the financial technology sector, including those in Web3. Additionally, the regulator introduced new rules in July, requiring crypto service providers to hold customer funds in a statutory trust by the end of the year.

Singapore’s regulatory approach has been marked by a balance between oversight and encouragement of innovation. The country has been positioning itself as a favorable destination for crypto firms, with a July report by Galaxy Digital indicating that Singapore-based crypto firms were third in line for crypto startup funding in Q2 2022, trailing only the United States and the United Kingdom.

The approval of Blockchain.com’s license is a significant step in Singapore’s ongoing efforts to foster a regulated and thriving cryptocurrency ecosystem. It reflects the city-state’s commitment to thoughtful regulation that both ensures consumer protection and facilitates technological advancement in the financial sector.

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MAS Pledges S$150 Million for Tech and Innovation in Finance including Web3

by Blockchain News

Singapore’s Monetary Authority (MAS) has announced a commitment of up to S$150 million over three years to foster technology and innovation in the financial sector. This initiative, known as the Financial Sector Technology and Innovation Scheme (FSTI 3.0), was revealed on August 7, 2023, and aims to accelerate and strengthen innovation within the industry.

Key Components of FSTI 3.0

Enhanced Centre of Excellence Track: Previously referred to as the Innovation Labs track, this component will now include corporate venture capital (CVC) entities. The funding support will cover up to 50% of qualifying expenses, capped at S$2 million per project. This will enable CVCs to mentor and support start-ups, helping them scale and develop resilient business models.

Innovation Acceleration Track: Recognizing the importance of emerging technologies like Web 3.0, MAS will conduct open calls for innovative technologies in industry use cases. Grant funding will be provided to support trials and commercialization.

Environmental, Social and Governance (ESG) FinTech Track: This track aims to support the development and deployment of projects that address ESG data, reporting, and analytics needs within the financial sector. Funding support will be up to 50% of qualifying expenses, capped at S$500,000 per project.

Continued Support for Advanced Capability Development: FSTI 3.0 will also continue to support areas such as Artificial Intelligence and Data Analytics (AIDA), and Regulation Technology (RegTech), with a focus on promoting AIDA adoption in smaller financial firms and supporting less digitally mature firms in acquiring RegTech solutions.

Historical Context

Since 2015, the Financial Sector Development Fund (FSDF) has awarded $340 million as part of the FSTI program to drive technology adoption and innovation in the financial sector. Projects that MAS has piloted include SGFinDex, Project Orchid’s Purpose Bound Money, Project Veritas’ Responsible AI, green and sustainable finance through Project Greenprint, and large payment initiatives like the cross-border payment linkage with Thailand.

The FSTI 3.0 scheme represents a significant step in Singapore’s ongoing efforts to promote a vibrant technology ecosystem within the financial sector. By focusing on areas such as CVC mentorship, Web 3.0 innovation, ESG solutions, and AI and RegTech adoption, the initiative aligns with global trends and local needs. As Mr. Ravi Menon, Managing Director, MAS, stated, “With FSTI 3.0, we look forward to continued collaboration with the industry to advance purposeful financial innovation.”

Global Landscape of Web3

Hong Kong is emerging as a significant rival to Singapore in becoming a hub for Web3. On June 26, 2023, Chief Executive John Lee Ka-chiu underscored Hong Kong’s ability to leverage its status as an international financial center to foster the growth of advanced technologies, with a particular focus on Web3.0.

Further emphasizing this ambition, Financial Secretary Paul Chan, in a speech on July 9, 2023, articulated Hong Kong’s goal to become a global leader in two burgeoning fields: green finance and Web 3.0.

However, recent data paints a contrasting picture. Crunchbase’s statistics reveal a substantial decline in Web3 investment. Venture funding for Web3 startups, encompassing cryptocurrency and blockchain enterprises, plummeted in the second quarter of 2023. A total of just over $1.8 billion was raised across 322 agreements, marking a 76% drop in fundraising compared to the same period the previous year. This represents a 51% decrease in transaction flow and a more than three-quarter decline from Q2 2022, when industry entrepreneurs raised over $7.5 billion.

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Japan’s FSA Joins MAS’ “Project Guardian” as First Overseas Regulator

by Blockchain News

The Financial Services Authority (FSA) of Japan has announced its participation in the Monetary Authority of Singapore’s (MAS) “Project Guardian” initiative. This collaborative project, which was established by MAS in May 2022, aims to explore the feasibility of applying digital technologies to various asset classes while ensuring financial stability and integrity.

Under the terms of the cooperation framework, the FSA will join Project Guardian in an observer capacity, leveraging its expertise and knowledge to contribute to the project’s objectives. The initiative focuses on conducting pilot experiments, including asset tokenization, in sectors such as fixed income, foreign exchange, and asset and wealth management.

Mr. Leong Sing Chiong, Deputy Managing Director of MAS, expressed enthusiasm for the FSA’s participation, emphasizing the importance of public-private collaboration in fostering a responsible and innovative digital asset ecosystem. He welcomed the opportunity for increased cooperation with the FSA to support global efforts in this area.

Mr. Mamoru Yanase, Deputy Director-General of the Strategy Development and Management Bureau at the FSA, expressed delight at joining Project Guardian. He acknowledged the growing complexity of the decentralized financial ecosystem and the need to address emerging risks. Mr. Yanase also recognized the potential of blockchain technology, including web3, as a powerful driver of innovation. He expressed eagerness to collaborate with MAS, traditional financial institutions, and fintech firms to enhance knowledge in this rapidly evolving field.

The participation of the FSA in Project Guardian is a significant milestone, highlighting the international cooperation and commitment to exploring the potential of digital assets. As governments and financial institutions worldwide recognize the transformative power of blockchain and digital technologies, initiatives like Project Guardian are instrumental in developing robust frameworks and fostering innovation in the digital asset space.

According to MAS, the Financial Services Authority (FSA) of Japan is the first overseas regulator to join “Project Guardian.” MAS stated, “MAS is also pleased to welcome the Japan Financial Services Agency (JFSA) as the first overseas financial regulator to join Project Guardian. This paves the way for MAS and the JFSA to collaborate on digital asset innovation and best practices for asset tokenization, while safeguarding against risks to financial stability and integrity.”

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MAS Proposes Open and Interoperable Framework for Digital Asset Networks

by Blockchain News

The Monetary Authority of Singapore (MAS) has unveiled a comprehensive report introducing a framework for the design of open and interoperable networks for digital assets. The report, titled “Enabling Open & Interoperable Networks,” is a collaborative effort between MAS and subject matter experts from the Bank for International Settlements’ Committee on Payments and Market Infrastructure (CPMI), with contributions from various financial institutions [1].

In addition to outlining the framework, the report explores the application of the CPMI-IOSCO principles for financial market infrastructures to evolving models of digital asset networks. It draws insights from industry pilots conducted under Project Guardian, an initiative by MAS in partnership with the financial industry. The objective of Project Guardian is to assess the feasibility of asset tokenization and Decentralized Finance, ensuring that emerging digital asset networks adhere to international standards that promote safety and efficiency within the financial market infrastructure.

As part of its ongoing efforts, MAS has expanded Project Guardian to encompass a broader range of financial asset classes. To support this expansion, MAS has established the Project Guardian Industry Group, consisting of 11 prominent financial institutions [2]. These institutions will lead industry pilots in asset and wealth management, fixed income, and foreign exchange.

Within the realm of asset and wealth management, several pilots are currently underway. HSBC, Marketnode, and UOB have successfully completed a technical pilot involving the issuance and distribution of a digitally native structured product. This pilot showcased the potential benefits of lower costs, reduced settlement times, enhanced customization, and wider distribution within the structured product chain. Another pilot, led by UBS Asset Management, is exploring the native issuance of a Variable Capital Company (VCC) fund on digital asset networks. This initiative aims to enhance fund distribution and facilitate improved secondary market trading of VCC fund shares, resulting in operational efficiencies for the industry. Additionally, Schroders and Calastone are collaborating to investigate the capabilities of a tokenized investment vehicle that can bundle and issue traditional investment securities using VCCs. Such a vehicle could provide cost-efficient investment allocation for retail and institutional investors while simplifying day-to-day operational processes.

In the fixed income and foreign exchange sectors, pilots involving tokenized asset-backed securities, tokenized bonds, and tokenized bank liabilities are being conducted. Standard Chartered, in collaboration with Linklogis, has developed an initial token offering platform enabling the issuance of asset-backed security tokens listed on the Singapore Exchange. The pilot demonstrated the feasibility of utilizing asset-backed tokenization to grant investors access to yield-generating tokens linked to cashflows from underlying trade finance and working capital loans. Furthermore, DBS Bank, SBI Digital Asset Holdings, and UBS AG are executing a pilot repurchasing agreement (repo) utilizing natively issued digital bonds. This initiative aims to enhance flexibility, operational efficiency, settlement speed, and cross-border distribution and settlement efficiency for capital market instruments on digital asset networks. Citi is also involved in a pilot project that focuses on the pricing and execution of digital asset trades on a distributed ledger. By leveraging ledger data, this initiative aims to improve post-trade reporting and analytics.

In a significant development, the Japan Financial Services Agency (JFSA) has become the first overseas financial regulator to join Project Guardian, forging a partnership with MAS. This collaboration will facilitate knowledge exchange and the sharing of best practices in digital asset innovation and asset tokenization, while ensuring the safeguarding of financial stability and integrity.

Mr. Leong Sing Chiong, Deputy Managing Director (Markets and Development) at MAS, expressed the institution’s cautious stance on cryptocurrency speculation while emphasizing the potential for value creation and efficiency gains in the digital asset ecosystem. He highlighted MAS’s commitment to collaborating with the industry to foster a responsible and innovative

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Ripple Receives Approval for Digital Payment License from MAS

by Blockchain News

Ripple, a leading provider of enterprise blockchain and cryptocurrency solutions, has announced a significant milestone for its Singapore subsidiary, Ripple Markets APAC Pte Ltd. The company has obtained in-principle approval for the Major Payments Institution License application from the Monetary Authority of Singapore (MAS). This approval will enable Ripple to offer regulated digital payment token products and services within Singapore, while also expanding the adoption of its crypto-enabled On-Demand Liquidity (ODL) service.

In 2022, Ripple’s ODL service witnessed remarkable growth globally, with a majority of this expansion driven by its operations in Singapore. Singapore serves as the company’s Asia Pacific headquarters, and during that period, a significant portion of global ODL transactions flowed through the city-state. As a result of this exceptional growth trajectory, Ripple has doubled its workforce in Singapore over the past year across various departments including business development, compliance, finance, legal, and sales. The company plans to further increase its presence in the rapidly expanding Asia Pacific region.

Brad Garlinghouse, Chief Executive Officer of Ripple, expressed his pride in receiving the in-principle license from the MAS, highlighting the company’s commitment to the region and its ongoing collaboration with global regulators. Garlinghouse acknowledged the MAS as a global leader in establishing clear regulatory guidelines that recognize the innovation and real-world utility of digital assets, emphasizing their benefits to the global financial system. Ripple aims to strengthen its partnership with MAS to collectively drive the growth and development of the digital assets ecosystem in Singapore.

Stu Alderoty, Chief Legal Officer of Ripple, emphasized the significance of Singapore’s early leadership in developing a clear regulatory framework for cryptocurrencies. He stated that the in-principle regulatory approval from the MAS will enable Ripple to better support forward-thinking customers seeking to leverage blockchain and crypto technologies in building a more inclusive and borderless financial system.

As part of its ongoing engagement with MAS, Ripple’s CEO Brad Garlinghouse will be speaking at the Point Zero Forum in Zurich, Switzerland on June 27, 2023. The event will provide a platform for discussing the resurgence of innovation in digital assets through investment and thoughtful regulation.

Ripple is a prominent player in the enterprise blockchain and crypto solutions industry. The company’s solutions are designed to revolutionize how value is moved, managed, and tokenized worldwide. By addressing long-standing inefficiencies, Ripple’s business solutions offer speed, transparency, and cost-effectiveness. Through collaboration with partners and the larger developer community, Ripple identifies use cases where crypto technology can inspire new business models and create opportunities for more individuals. 

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New York Federal Reserve Partners With MAS to Research on wCBDCs

by Blockchain News

A new collaboration between the Federal Reserve Bank of New York’s New York Innovation Center (NYIC) and the Monetary Authority of Singapore (MAS) has been confirmed to be targeted toward research into wholesale Central Bank Digital Currencies (wCBDCs).

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This joint experiment seeks to assess the possibilities and the use cases of wCBDCs as payment for cross-border transactions and in this case, with the use of multiple currencies (cross-border cross-currency transactions). 

Ultimately, the project aims to mitigate settlement risk which has been a problem in cross-border payments. 

The experiment which has been dubbed ‘Project Cedar Phase II x Ubin+’ is in different phases which will unfold gradually. It will look into the introduction of wCBDCs in enhanced designs for atomic settlements of these cross-border cross-currency transactions. The interoperability of the wCBDC across several networks while maintaining autonomy is crucial to the experiment. 

Michelle Neal, Head of the Markets Group at the New York Federal Reserve stated “Experimentation across the central banking community is vital to leverage the full potential of digital assets and CBDCs in particular. Building off Phase I, the Project Cedar Phase II x Ubin+ collaboration will provide further visibility into the functionality and interoperability of multi-currency ledger networks utilizing their own unique designs.”

Also speaking of the interoperability of these central digital currencies across networks, the Deputy Managing Director (Markets & Development) at MAS Leong Sing Chiong outlined “The project takes a practical approach and designs for any future wholesale CBDC to be interoperable across networks while maintaining each network’s autonomy.”

New York Fed Contributes to CBDC Discussions

Noteworthy, the New York Fed laid much emphasis on the fact Project Cedar Phase II x Ubin+ is not out to advance or boost any particular policy outcome. 

Also, the entity pointed out that it is not advocating for either a retail CBDC or a wholesale CBDC nor is it dictating the most appropriate design for a central digital currency. It is only making its technical contribution to the broader and transparent public discussions about CBDCs.

However, the U.S Federal reserve has been weighing the pros and cons of a potential Digital dollar for some time. 

They are considering how beneficial or destructive the CBDC will be to the American economy. For now, the collaboration with MAS has led to the discovery that the use of a wCBDC under blockchain technology will speed up the transaction as well as guarantee a level of safety for customers.

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MAS Launches First DeFi Pilot Tests With Polygon and Aave

by Blockchain News

The Monetary Authority of Singapore (MAS) has announced that it has succeeded in conducting wholesale transactions launching with a focus on exploring both digital assets and the Decentralized Finance (DeFi) ecosystem.

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The concluded pilot program accounts for one of the apex banking regulators of testing the application of asset tokenization and DeFi across a broader range of use cases in the financial sector. 

As revealed by the MAS, mainstream financial services players including DBS, JPMorgan Chase & Co, and SBI Digital Asset Holdings conducted foreign exchange and government bond transactions against liquidity pools comprising tokenized Singapore Government Securities Bonds, Japanese Government Bonds, Japanese Yen (JPY) and Singapore Dollar (SGD). 

A major highlight of the pilot test as confirmed by JPMorgan’s Ty Lobban is that the MAS built the test environment around two of the industry’s most used blockchain protocols including Polygon, a Layer-2 protocol on the Ethereum network as well as Aave, one of the pioneering DeFi lending protocols.

Riding on the capabilities of DeFi protocols to eliminate middlemen by powering transactions directly between two entities using smart contracts, the MAS said the first pilot tests helped cut off transaction costs and the delay experienced through Clearing and Settlement Intermediaries respectively.

Advancing Project Guardian

The MAS launched the DeFi pilot test under Project Guardian and it has outlined avenues to continually participate in industry pilots, studying regulatory and risk management implications as well as helping to develop technical standards that can help foster a robust crypto ecosystem.

“The live pilots led by industry participants demonstrate that with the appropriate guardrails in place, digital assets and decentralised finance have the potential to transform capital markets,” said Sopnendu Mohanty, Chief FinTech Officer of the MAS. 

“This is a big step towards enabling more efficient and integrated global financial networks. Project Guardian has deepened MAS’ understanding of the digital asset ecosystem and has contributed to the development of Singapore’s digital asset strategy. We look forward to working with more institutions to advance global learning on policies, standards, and best practices for digital asset regulation and responsible innovation.”

The MAS comes off as one of the most proactive central banks whose interest to help develop blockchain and crypto-related solutions are made evident by its targeted activities. Considering the recent collapse of the Terra ecosystem and its impact on the broader market, the MAS is showing more commitment to tightening its grip on the industry, but not so bad as to harm innovations.

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MAS Seeks to Ban All Forms of Crypto Credits in Singapore

by Blockchain News

The Monetary Authority of Singapore (MAS) has issued a new set of guidelines in its characteristic manner to tame the risks inherent in the crypto industry to retail consumers.

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The MAS said Digital Payment Token (DPT) service providers must not issue any form of credit facilities to consumers that can facilitate their trading of digital currencies in Singapore.

 

The guidelines were detailed as the MAS launched two consultation papers as it sought industry guidance on how best to protect consumers from risks, while also enabling the growth of innovations in the space.

 

The MAS acknowledged that banning digital currencies is no longer an option as they play a very vital role in the broader digital asset ecosystem. It thus noted that it will be in the best interest of all stakeholders that DPT service providers give as robust a risk disclosure to consumers in order to enable them to gauge their risk exposures.

 

“The two sets of proposed measures mark the next milestone in enhancing Singapore’s regulatory approach to foster an innovative and responsible digital asset ecosystem. Regulations go hand-in-hand with innovation in financial services,” said Ms. Ho Hern Shin, Deputy Managing Director (Financial Supervision), MAS, 

 

“The enhanced regulatory regime for stablecoins aims to support the development of value-adding payment use cases for stablecoins in Singapore. As we continue to partner industry players to explore the potential benefits of tokenisation and distributed ledger technology, MAS will make appropriate adjustments to its regulatory regime to address the associated risks.”

 

Per its guideline for stablecoins, the MAS mandates that issuers will need to maintain adequate reserve which will be dominated by the Singaporean Dollar while disclosing redemption modalities and rights that holders have.


The MAS has played a frontline role in regulating the crypto industry, and despite its efforts, indigenous firms like the Vauld Group still collapsed. In the published guideline, the regulator said its role may not necessarily protect consumers, and as such, consumers need to approach the industry with utmost caution.

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Coinbase Enters Singapore after Gaining Licence

by Blockchain News

Coinbase has entered the Singaporean market as it has gained approval from the central bank to offer its crypto services in the city-state.

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The largest crypto exchange in the United States has gained a so-called in-principle approval, which the central bank rolled out last year for crypto firms.

The approval will allow crypto exchanges such as Coinbase to offer services that individuals and institutions can use. Still, the central bank will regulate them under its Payment Services Act.

Coinbase has said that this has been a “significant milestone”. It further added that the company currently has nearly 100 employees and has been building a robust presence in the Southeast Asian state. The largest volume of hires from Singapore is product engineers, according to Coinbase.

“We see Singapore as a strategic market and a global hub for Web3 innovation,” said Hassan Ahmed, Coinbase’s regional director for Southeast Asia.

Coinbase is among the only 17 crypto firms to receive in-principle approvals and licences from the Monetary Authority of Singapore (MAS) after an elaborate due diligence process that is still ongoing. There were about 180 crypto companies that applied for a crypto payments licence to the MAS in 2020 under a new regime.

Competitors Crypto.com and DBS Vickers – the brokerage run by Singapore’s largest bank, DBS – have also established their business in Singapore besides Coinbase.

Although Singapore has become welcoming to outside digital asset services-related firms, its local crypto hedge fund Three Arrows Capital (3AC), began liquidation in June after it was unable to meet hundreds of millions of dollars in obligations.

Nevertheless, Singapore’s positive step towards opening up to crypto firms has been attracting firms from China, India and elsewhere in the last few years, making it a major centre in Asia.

In its recent developments, Coinbase announced expanding its services in Australia to make accessing the crypto economy easier and safer, introducing three services to their Aussie clients, Blockchain.News reported.

The digital currency exchange, which first entered the Australian market in 2016, said it would be introducing a PayID feature to its Australian users. 

The announcement was disclosed in a published blog post, “First, we are introducing PayID as a way for Australians to top up their Coinbase accounts using direct Australian Dollar transfers.” Said Coinbase in the announcement.”

The crypto exchange’s cloud protocol has also partnered with decentralized oracle network Chainlink Labs to launch an NFT floor price feed service.

The partnership will introduce the NFT lowest pricing source in the Coinbase cloud service, allowing developers to access real-time NFT prices to build applications such as NFT lending marketplaces, such as NFT indices.

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