TechFlow news, November 13 — According to Jinshi Data, the top official of the Monetary Authority of Singapore (MAS) said on Thursday that the central bank plans to advance the development of a scalable and secure tokenized financial ecosystem. To this end, it will launch a pilot program for issuing tokenized MAS bills next year and introduce relevant legislation to regulate stablecoins. Speaking at the Singapore FinTech Festival, MAS Managing Director Chia Der Jiun stated, "Tokenization has started, but have asset-backed tokens reached 'escape velocity'? Not yet." He noted that MAS has been refining the details of its stablecoin regulatory framework and will subsequently prepare draft legislation focusing on "sound reserve backing and reliable redemption mechanisms." Chia Der Jiun also added that MAS is supporting various pilot projects under the "Blue Initiative," a program aimed at exploring the use of tokenized bank liabilities and regulated stablecoins for settlement.
