Singapore restricts stablecoin options
Under the new regulations, stablecoin transfers will require up to three business days. This rule has caused bewilderment within the blockchain community. However, officials state that this restriction is consistent with the pace of standard domestic money transfers and will also apply to stablecoin redemptions. “The redemption timeline is intended to strike a balance between responsiveness to users’ requests and ensuring there is enough time for the SCS issuer to do so in an orderly manner under various stress situations,” added the regulator.
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Under the new regulations, stablecoin transfers will require up to three business days. This rule has caused bewilderment within the blockchain community.
However, officials state that this restriction is consistent with the pace of standard domestic money transfers and will also apply to stablecoin redemptions.
“The redemption timeline is intended to strike a balance between responsiveness to users’ requests and ensuring there is enough time for the SCS issuer to do so in an orderly manner under various stress situations,” added the regulator.
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