Key Points

  • UK and Singapore to continue working together on developing global crypto regulatory standards
  • MAS has asked the UK to consider raising digital currency spending caps

The UK and Singapore have led in showcasing the possibility of global crypto regulatory standards as they join hands to streamline the industry. The Monetary Authority of Singapore published an article on July 27 detailing their joint efforts and goals with the UK in making the industry safer for their citizens.

Countries keep pushing for global crypto regulatory standards

For quite some time now, different leaders have spoken out on the need for international cooperation in crypto regulation. India’s Finance Minister has been particularly vocal in calling for global crypto regulatory standards to be a thing.

Now, the regulators in Singapore and the UK have agreed to contribute to each other’s efforts in developing global crypto regulatory standards as part of international; standard-setting bodies such as IOSCO and others. 

The Monetary Authority of Singapore, MAS, has published an article detailing how the two nations intend to extend their help to each other in the process detailing that they will both welcome suggestions from each other. An excerpt from the article reads.

“ The UK and Singapore agreed to contribute to efforts to develop global regulatory standards for crypto and digital assets as part of international standard setting bodies such as IOSCO, and working groups under the Financial Stability Board (FSB), and welcomed the FSB recommendations on crypto-assets including stablecoins.”

The article also indicated that the two countries aim to “continue discussions and share insights and experiences” in the crypto regulation process. The MAS added that the UK agreed to consider “future collaboration” in opportunities within the “private-public sector collaborative initiative to test the potential and feasibility of asset tokenisation.”

Additionally, the MAS said that the UK welcomed its review of e-wallet caps, which includes the need to increment the relevant limits imposed on e-wallets. The UK had communicated in February this year that Brotons would be limited to spending 20,000 digital pounds if the country was to introduce a digital currency. This move had been heavily criticized.

Now, the MAS has convinced the country to consider raising such caps to give Britons more freedom over their monies. Keep watching Fintech Express for more updates on this and other fintech-related developments.