Singapore to Seoul: Stablecoin Rules Diverge Across Asia
Asia is participating in the stablecoin race, but a coordinated approach is not expected. From Singapore to Seoul, regulators are creating their own rules for overseeing US dollar-backed and fiat-pegged digital assets.
Unlike Western regulators, who have been focused on central bank digital currencies and post-FTX damage control, Asia's supervisors are approaching stablecoins with intent and pragmatic experimentation.
- Regulators in Asia are writing their own playbooks for stablecoins.
- UK, US, Swiss, and Asian banks have been involved in routing funds, according to FinCEN.
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Author's summary: Asia diverges on stablecoin rules.