Monetary Authority of Singapore: Will pilot tokenized notes and introduce stablecoin-related laws

Singapore's central bank plans to move forward with building a scalable and secure tokenised financial ecosystem by launching a pilot tokenised MAS note offering next year and introducing legislation to regulate stablecoins, the Monetary Authority of Singapore's (MAS) top official said on Thursday. "Tokenisation has started, but have asset-backed tokens reached'escape velocity '? Not yet," Chia Der Jiun, director-general of the Monetary Authority of Singapore, said at the Singapore Fintech Festival. He said the Monetary Authority of Singapore has been refining the details of the stablecoin regulatory framework and will follow up with relevant draft legislation, with a core focus on "robust reserve asset backing and reliable redemption mechanisms". Chia Der Jiun added that the Monetary Authority of Singapore is also supporting various pilot projects under the "Blue Initiative", which aims to explore the use of tokenized bank liabilities and regulated stablecoins for settlement. (Jin Ten)