The institution outlined the need for a flexible regulatory framework for payments, one that reflects the changing face of finance amidst a period of technology upheaval.
That any exchange services within Singapore might be brought under the oversight of the MAS is not a foregone conclusion, however. A comment period for the proposal runs through 31st October, and as part of the comment period, the agency is seeking feedback on whether the move should be undertaken.
Bitcoin exchanges operating in the country, like CoinHako, Coinbase and Quoine would likely be impacted should the framework come into effect.
The MAS also proposed creating a National Payments Council that would steer policy and coordinate with industry stakeholders. Its membership, the institution said, would be drawn from both the public and private sectors in Singapore.
The proposal comes just over a year after the MAS announced that it had begun allocating funding to explore applications of the technology.
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