SINGAPORE Law and Practice Contributed by: Tju Liang Chua and Ulanda Oon, Drew & Napier LLC
7. Tokenisation and Real-World Assets 7.1 Treatment The Singapore legal regime focuses on evaluating the substance and characteristics of the underlying asset when assessing whether the asset falls within the relevant regulatory remit. Accordingly, tokenised assets and real-world crypto-assets are not regulated that much more differently from the non-blockchain equivalents. See also 1.1.3 Regulation of Blockchain Technology and 2.2 Crypto-Asset Regulatory Frame- works .
Algorithmic Stablecoins and 2.2 Crypto-Asset Regu- latory Frameworks ), there is no explicit prohibition on the payment of interest, whether by the issuer or any other related entity. 6.2.4 Special Considerations A stablecoin arrangement in Singapore is considered systemic if its disruption could significantly impact users, the financial system or public confidence. Factors include transaction volume, stablecoin value in circulation, user base, market share, interconnec- tions with FIs, operational complexity and alternatives. According to the initial consultation on the single cur- rency stablecoin framework in 2022, MAS does not consider any stablecoin arrangement in Singapore to be likely to qualify as posing a systemic risk.
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