Singapore central bank says three business days is ‘timely transfer’ for stablecoins
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While blockchains continue to revolutionize payments by allowing instant transfers, Singapore’s central bank believes that three business days is a “timely transfer” for single-currency stablecoins (SCS), which is similar to transfer speed requirements for domestic money transfers.
On Aug. 15, the Monetary Authority of Singapore (MAS)
According to MAS, it will proceed with the requirement that issuers return the value of MAS-regulated SCS to holders within five business days. The regulator explained:
“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.”
Cointelegraph reached out to MAS for comment but did not get an immediate response.
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