BTC PULSE
  • News
    • Altcoins
    • Blockchain
    • Bitcoin
    • Ethereum
    • NFT
    • Regulation
    • WEB 3.0
  • Price Prediction
  • Learn
  • Events
  • Advertise
No Result
View All Result
Play Now
  • News
    • Altcoins
    • Blockchain
    • Bitcoin
    • Ethereum
    • NFT
    • Regulation
    • WEB 3.0
  • Price Prediction
  • Learn
  • Events
  • Advertise
No Result
View All Result
BTC PULSE
No Result
View All Result
Play Now
Home Regulation

New Zealand and Singapore Differ on Crypto Regulation: Cautious vs. Proactive

by Dan K
Aug 24, 2023 - 6:00 pm
in Regulation
New Zealand and Singapore flags symbolizing their contrasting approaches to cryptocurrency regulation.

New Zealand’s Cautious Approach to Crypto

The Finance and Expenditure Committee of the New Zealand House of Representatives recently unveiled a detailed report stemming from a 2021 study on the potential effects of digital assets in the nation’s payment mechanism. This 99-page dossier acknowledged both the vulnerabilities and potential benefits of these digital entities.

Benefits and Concerns of Digital Assets

While the report acknowledged potential risks like susceptibility to security infringements and the digital assets’ inherent volatility, it didn’t fail to spotlight their myriad benefits. Of significant note is the potential of blockchain technology in bolstering transparency and efficacy in the payment realm.

Avoiding Overregulation

However, the committee counsels against hurried and rigorous regulations. They contend that excessive interference might deter innovation in digital asset platforms, ultimately denting New Zealand’s payment arena.

The committee underscores the essence of equipping government bodies with apt resources and tools to draft an all-encompassing regulatory framework. They suggest a phased oversight of digital assets, ensuring that regulators can tackle emerging challenges adaptively.

This incremental approach should align with pre-existing rules on digital assets, as proposed by a prominent University of Auckland law professor.

But while the Reserve Bank of New Zealand reverberates this stance, there are apprehensions that a lethargic regulatory approach might backlash.

The longer that crypto functions outside of any kind of official framework, the longer that bad actors will continue to have an influence over participants and expose the market to higher risks than necessary.

Philipp Pieper

Industry Experts Weigh In

Philipp Pieper, a luminary from Swarm Markets, shared with CryptoNews that New Zealand, given its current pace, risks lagging behind its counterparts, especially as powerhouses like the UK and EU are advancing with all-encompassing regulatory designs.

Singapore’s Proactive Take on Stablecoins

The Monetary Authority of Singapore (MAS), in a marked contrast to New Zealand, has unfurled its progressive and broad regulatory agenda concerning stablecoins.

Detailed Stablecoin Guidelines

Post an extensive public discourse, MAS has presented its structure for stablecoin regulation. This schema targets single-currency stablecoins, which are tethered to the Singaporean dollar or leading G10 currencies. Such issuers have to meet specific criteria concerning value constancy, capital, and redemption protocols.

Those eyeing regulatory sanction in Singapore must retain a base capital not less than 1 million Singapore dollars and guarantee redemption within a five-day window post-request.

Singapore Leads the Way

While myriad global jurisdictions are struggling with stablecoin regulatory frameworks, Singapore has surmounted challenges, offering lucidity and directives for this burgeoning sector.

Tags: BlockchainCryptocurrencyRegulation
Dan K

Dan K

Dan K, the chief editor, is a visionary wordsmith, shaping narratives with finesse. His discerning eye for detail creates literary masterpieces.

Related Posts

Image of Circle's logo with a gavel and Binance's logo, signifying the court's involvement.

Circle weighs in on SEC vs. Binance case, argues stablecoins are not securities

September 29, 2023

Circle, behind the USDC stablecoin, argues in a court filing that assets pegged to the USD aren’t securities...

Coinbase CEO Brian Armstrong leading a group of crypto founders during the "Stand with Crypto" campaign in Washington.

Coinbase Advocates for Clearer US Crypto Regulations: The “Stand with Crypto” Campaign

September 29, 2023

Coinbase spearheads the “Stand with Crypto” campaign in Washington, urging for clear and fair regulations in the ever-evolving...

Roberto Campos Neto stands at a podium, speaking to parliamentary officials about new crypto regulations.

Brazil’s Central Bank Clamps Down on Crypto: New Regulations on the Horizon

September 28, 2023

Brazil's central bank signals tighter crypto regulations following a significant increase in cryptocurrency adoption and potential associated risks.

Binance logo with a backdrop of a dimming euro symbol, representing the ongoing European debanking issues.

Binance Faces European Debanking: Asks Paysafe Users to Switch from Euros to USDT

September 28, 2023

Crypto exchange Binance instructs its Paysafe users to convert euros to Tether by October's end after recent disruptions...

Press Releases

David Ferrucci next to the Elemental Cognition brand emblem.

BM Watson’s Lead Developer Secures $60M for New AI Venture, Elemental Cognition

August 18, 2023

David Ferrucci, has raised a remarkable $60M for his AI startup. The company brings forward two pioneering chatbot solutions designed...

pulse5

Amsterdam Gets with the Dutch Blockchain Days the Biggest Event of the Benelux in the Field of Blockchain, Crypto Currencies, NFTs and Other Web3 Developments

May 8, 2023

Discover the future of blockchain, crypto, NFTs, and Web3 at Dutch Blockchain Days, the largest event in Benelux.

pulse4

Korea Blockchain Week 2023 Set to Push the Boundaries after Record-Breaking 2022 Event

May 8, 2023

Korea Blockchain Week 2023 returns after a highly successful 2022 event, featuring leading experts and the latest trends in blockchain...

pulse3

Istanbul Will Be Hosting Eurasia’s Largest Blockchain Event Once again on May 8–11, 2023

May 8, 2023

Join Eurasia's largest blockchain event, the Blockchain Economy Istanbul Summit, May 8-11, 2023, and discover the future of financial technology.

View All
BTC-Pulse LogoTransparent

© 2023 BTC-PULSE. Disclaimer: The content is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice.

News

  • Altcoins
  • Bitcoin
  • Ethereum
  • NFT
  • Regulation
  • WEB 3.0

Info

  • Learn
  • Price Prediction
  • Events
  • Press Releases
  • Sitemap

Company

  • About Us
  • Terms of Service
  • Privacy Policy
  • Contact Us
  • Advertise

©2023 BTC-PULSE – All right Reserved.

No Result
View All Result
  • News
    • Altcoins
    • Blockchain
    • Bitcoin
    • Ethereum
    • NFT
    • Regulation
    • WEB 3.0
  • Price Prediction
  • Learn
  • Events
  • Advertise