Asia is embracing the stablecoin market, but with a lack of coordination among regulators. From Singapore to Seoul, each country is developing its own set of rules for overseeing US dollar-backed and fiat-pegged digital assets.
Unlike Western regulators, who have been focused on central bank digital currencies and post-FTX damage control, Asian supervisors are taking a pragmatic and experimental approach to stablecoins.
Asia is both forward-looking and deeply fragmented in its approach to stablecoin regulation.
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Author's summary: Asia's stablecoin regulations are diverging.