Singapore will pilot tokenized bills and introduce stablecoin-related legislation

November 13th: The top official of the Monetary Authority of Singapore (MAS) stated on Thursday that the Singaporean central bank intends to establish a scalable and secure tokenized financial ecosystem. In order to achieve this goal, it will conduct a pilot issuance of MAS tokenized notes next year and introduce relevant laws to regulate stablecoins. Singapore's Monetary Authority Director Chia Der Jiun pointed out at the Singapore Fintech Festival: "Tokenization has begun, but has asset-backed tokenization reached 'escape velocity'? Not yet." He stated that MAS has been fine-tuning the details of the stablecoin regulatory framework and will subsequently draft relevant legislative proposals, with the core focus being on "robust reserve asset backing and reliable redemption mechanisms." Chia Der Jiun also added that MAS is simultaneously supporting various pilot projects under the "Blue Initiative," which aims to explore the use of tokenized bank liabilities and regulated stablecoins for settlement. (INSIDE)