Singapore, Japan review stablecoin rules; BIS probes its credibility

Homepage > News > Finance > Singapore, Japan review stablecoin rules; BIS probes its credibility Stablecoins under scrutiny again this week as Singapore’s top finance regulator tightens rules, including around yield, and Japan’s seeks to loosen tax reporting requirements. Meanwhile, the head of the Bank for International Settlements (BIS) reaffirmed the institution’s concerns around the booming sector, which in turn compelled Tether’s CEO to jump to its defense. BIS challenges stablecoins, favors tokenized deposits Singapore strengthens stablecoin rules, limits interest Japan regulator seeks stablecoin tax filing exemption BIS against stablecoins, for tokenized deposits The head of the Bank for International Settlements—an international financial institution focused on fostering monetary and financial cooperation while also serving as a bank for central banks—has doubled down on the institution’s criticism of stablecoins, arguing that they do not credibly function as a means of payment at scale, while pointing to tokenized bank deposits as a better alternative. In an August 28 speech at the Jackson Hole Economic Symposium in Kansas City, BIS General Manager Pablo Hernández...