- The Monetary Authority of Singapore (MAS) consults Ripple Labs on new stablecoin regulations.
- Ripple supports MAS’s focus on in-country issued single-currency stablecoins but urges broader oversight.
- Ripple advocates for a unified label, “regulated stablecoin,” to boost user confidence.
In a significant move towards refining the digital currency landscape, Singapore’s regulatory body, the Monetary Authority of Singapore (MAS), has been actively seeking insights on its forthcoming stablecoin regulations. Among the consulted entities is blockchain giant Ripple Labs.
The MAS’s primary focus has been the single-currency stablecoins (SCS), directly pegged to the Singapore Dollar. Ripple, in its response, expressed support for MAS’s concentration on domestically issued SCS. However, the firm also highlighted potential risks from the burgeoning SCS market outside Singapore, emphasizing the need for comprehensive regulations.
Ripple’s stance is clear: regulations should be consistent, advocating the principle of ‘same risk, same activity, same treatment.’ Furthermore, Ripple endorsed the idea of additional regulations for payment services related to SCS issuance, ensuring it encompasses all parties involved in SCS creation and dissolution.
On the topic of labeling, Ripple championed the term “regulated stablecoin,” emphasizing that a unified label, irrespective of the issuer, would bolster user trust, ensuring they are transacting with a product under stringent oversight.
As the digital currency realm continues to evolve, Ripple and XRP are poised to play pivotal roles. With proactive involvement in regulatory discussions, like the one with Singapore’s MAS, Ripple showcases its commitment to fostering a transparent and regulated crypto environment.
The future for Ripple and XRP looks promising, with the potential to revolutionize cross-border transactions and set new benchmarks in the crypto space.
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