International Journal of Science, Engineering and TechnologyAuthors: M.P.Ramaswamy
Abstract: Technological evolution enabling the offering of digital assets, particularly, using crypto technology and distributed ledger technology, have made various crypto assets viable. However, with the perception of high risks and threats posed by crypto assets, most markets around the world are yet to legalize the circulation of crypto currencies or offering of other digital assets. Even in jurisdictions that have not strictly banned crypto assets or currencies, relevant regulatory standards to enhance the legal environment governing digital assets are rare to come. However, with the efforts of pertinent international institutions, regulatory emergence could be noticed, especially in prominent financial markets like Singapore, Hong Kong and USA. The pioneering regulation in this regard are seen first in one low-risk crypto asset offerings namely the stablecoins. The present paper aims at assessing the regulatory developments governing stablecoins in Singapore as one of the first jurisdictions to introduce an exclusive stablecoins regulatory regime and assess its relative strength and potential limitations from the perspective of stablecoins business operators. The paper also aims to undertake an assessment of contemporary regulatory development in two competing jurisdictions of Hong Kong and USA that have introduced the latest legislative instruments comprehensively governing stablecoins. Three distinct parts of the paper carryout a close analysis of a selected set of regulatory standards and related developments in the three jurisdictions with some relevant references to the international regulatory efforts. The paper concludes with an analysis of the major findings relating to the regulatory standards in Singapore and certain comparative regulatory features to derive relevant implications and recommendations.
DOI: https://doi.org/10.5281/zenodo.16627473
