Singapore And UK Partner For Global Crypto Regulatory Standards
Singapore And UK Partner For Global Crypto Regulatory Standards
The United Kingdom and Singapore have recently come to an agreement to work collaboratively on the development and implementation of global regulatory standards for crypto and digital assets. This agreement was formed as part of their ongoing financial dialogue and partnership. The two countries have also had discussions regarding their individual approaches to central bank digital currencies (CBDCs) which is a digital version of a country’s fiat currency.
The United Kingdom and Singapore have agreed to sustain their dialogue and collaboration on the regulation of crypto and digital assets. They will also work together on other areas such as sustainable finance, fintech, and innovation. In June, the Monetary Authority of Singapore published a whitepaper that outlines a standard for the use of digital currencies, including CBDCs. This whitepaper was created in partnership with the International Monetary Fund (IMF) as well as the central banks of Italy and South Korea, among others. It is expected that this initiative will pave the way for more countries to adopt similar standards and contribute to the global evolution of digital currencies.
