Outcome of Consultation to Reduce Risks to Consumer While Supporting Development of Cryptocurrency Trading

Mr Desmond Choo asked the Prime Minister (a) what is the outcome of the consultation on proposals to reduce risk of consumer harm from cryptocurrency trading and to support the development of stablecoins; and (b) what are the salient insights from the consultation.

Mr Tharman Shanmugaratnam (for the Prime Minister): We thank Mr Choo for his interest in the consultation papers that the Monetary Authority of Singapore (MAS) published, which proposed regulatory measures to reduce the risk of consumer harm from cryptocurrency trading and to require stablecoin issuers to maintain a high degree of value stability.

The consultation period closed on 21 December 2022 and MAS received substantial feedback from a wide range of respondents. MAS is currently reviewing the feedback received and intends to publish our response to the consultation feedback by mid-2023.