The five-business-day detail in Singapore’s stablecoin framework
Singapore’s 2023 framework announcement put redemption, reserves and disclosure at the centre of its proposed stablecoin label.
From the archive · 15 Aug 2023
A retrospective written for Chain Perspective. It describes the source at that date and does not imply current availability or status.
Reported development: · AI-assisted, source-linked brief
In brief
- The framework covered Singapore-issued tokens pegged to SGD or G10 currencies.
- Its requirements included returning par value within five business days.
The development
The Monetary Authority of Singapore set out its finalized stablecoin framework in August 2023. It covered Singapore-issued single-currency stablecoins pegged to the Singapore dollar or a G10 currency. Requirements addressed reserves, capital, disclosure and redemption. One concrete provision called for issuers to return a token’s par value within five business days of a redemption request. Issuers meeting the requirements could apply for the framework’s regulated label.
Why it matters
The practical issue is what a stable value promise means when someone wants their money back. Reserve descriptions alone do not explain the redemption process. This framework announcement connected the two, while distinguishing qualifying tokens from other digital payment tokens. It should be read as a historical policy announcement, not as a claim that any particular token currently holds approval. A framework’s publication and its later implementation are separate events.
Sources and verification
Based on an official announcement
Based on the dated primary source. This retrospective does not establish current availability or subsequent outcomes.
- MAS Finalises Stablecoin Regulatory Framework ↗Monetary Authority of Singapore · Primary document · 15 Aug 2023
Prepared with AI assistance from the linked sources. This is not a claim of independent field reporting or human review. How we publish · Report a correction
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