Photo credit: Monetary Authority of Singapore
The UK and Singapore have agreed to work together on developing and implementing global regulatory standards for crypto and digital assets as part of their ongoing financial dialogue and partnership.
The two countries have also discussed their respective approaches toward central bank digital currencies (CBDCs) – a digital version of a country’s fiat currency.
Both countries highlighted the need for these efforts as part of international standard setting bodies such as the International Organization of Securities Commissions and the Financial Stability Board.
The UK and Singapore also agreed to continue their dialogue and collaboration on crypto and digital assets regulation as well as in other areas such as sustainable finance, fintech, and innovation.
In June, the Monetary Authority of Singapore released a whitepaper outlining a standard for use of digital currencies, including CBDCs. The whitepaper was written in partnership with the International Monetary Fund as well as the central banks of Italy and South Korea, among others.
Editing by Lorenzo Kyle Subido
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