They can only regulate the on/off ramps for paper currency. The rest cannot and should not be regulated. Think of this, paper dollars were never regulated. You could bury them, burn them, or stuff them under your mattress. Nobody cares.
🧵/2. The monetary authority of Singapore has decided to have regulatory authorities over stablecoins in the country as they're looking to attract the businesses that're leaving US amidst the regulation confusion by providing incentives
🧵/3. They've announced certain rules that are needed to be ensured by the stablecoins to get the backing from the government itself. At the moment the entire stablecoin industry in worth more than $125 million and is largely unregulated
They can only regulate the on/off ramps for paper currency. The rest cannot and should not be regulated. Think of this, paper dollars were never regulated. You could bury them, burn them, or stuff them under your mattress. Nobody cares.
🧵/2. The monetary authority of Singapore has decided to have regulatory authorities over stablecoins in the country as they're looking to attract the businesses that're leaving US amidst the regulation confusion by providing incentives
🧵/3. They've announced certain rules that are needed to be ensured by the stablecoins to get the backing from the government itself. At the moment the entire stablecoin industry in worth more than $125 million and is largely unregulated
End of🧵/4. Check out this article where I have shared more details on the same topic -
https://leofinance.io/@sayu907/a-beacon-of-certainty-singapores-blueprint-for-regulating-stablecoins