Stablecoins and the global crypto regulatory arms race: What’s at stake for Singapore?

STABLECOINS are moving into the financial mainstream, as signalled by the growing attention from regulators across the world.

On May 21, Hong Kong’s Legislative Council passed a Stablecoins Bill, which aims to establish a licensing and regulatory regime for Fiat-Referenced Stablecoins (FRS). A month later, the US Senate passed the Genius Act, a Bill that creates a regulatory framework for stablecoins.

Yet, governments are not the only ones interested in stablecoins, which are cryptocurrency tokens that have their values pegged to the US dollar.