Monetary Authority of Singapore: Will pilot tokenization of notes and introduce laws related to stablecoins.

According to a report by Jin10 on November 13, deep tide TechFlow news states that the top officials of the Monetary Authority of Singapore (MAS) indicated on Thursday that the Singapore Central Bank plans to advance the construction of a scalable and secure tokenized financial ecosystem. To this end, a pilot for the tokenization of MAS note issuance will be launched next year, along with relevant laws to regulate stablecoins. Chia Der Jiun, the director of the Monetary Authority of Singapore, pointed out at the Singapore FinTech Festival: “Tokenization has started, but have asset-backed tokens reached 'escape velocity'? It has not yet been achieved.” He stated that the MAS has been refining the details of the stablecoin regulatory framework and will draft relevant legislative proposals, with the core focus being on “robust reserve asset support and reliable redemption mechanisms.” Chia Der Jiun also added that the 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.