Singapore will pilot tokenized bills and introduce stablecoin-related legislation

BlockBeats News, November 13th: The Monetary Authority of Singapore (MAS)’s top official stated on Thursday that the Singaporean central bank plans to build a scalable and secure tokenized financial ecosystem. To this end, next year it will conduct a pilot issuance of MAS tokenized notes and introduce relevant laws to regulate stablecoins.

Singapore's Monetary Authority Director Chia Der Jiun pointed out at the Singapore Fintech Festival: "Tokenization has started, but has asset-backed tokenization reached 'escape velocity'? Not yet." He stated that MAS has been refining the details of the stablecoin regulatory framework and will subsequently draft relevant legislative proposals, with the core focus on "robust reserve asset backing and reliable redemption mechanisms."

Chia Der Jiun also added that MAS is concurrently supporting various pilot projects under the "Blue Initiative," which aims to explore the use of tokenized bank liabilities and regulated stablecoins for settlement. (INSIDE)