Monetary Authority of Singapore: Singapore will pilot tokenized bills and introduce laws related to stablecoins.

The top official of the Monetary Authority of Singapore (MAS) announced on Thursday that the central bank plans to promote the development of a scalable and secure tokenized financial ecosystem. To achieve this, MAS will launch a pilot program for tokenized MAS bills issuance next year and introduce related laws to regulate stablecoins. Chia Der Jiun, Director of the Monetary Authority of Singapore, stated in a keynote speech at the Singapore Fintech Festival, "Tokenization has started, but have asset-backed tokens reached 'escape velocity'? Currently, they have not." He mentioned that MAS has been refining the details of the stablecoin regulatory framework and will draft related legislation, with the key focus on "solid 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 settlements.