SINGAPORE (July 1): The Monetary Authority of Singapore has raised questions about Facebook’s plan to launch its own digital currency, in particular about whose regulatory oversight it would fall under.

“We’ve just made provisions for the regulation of virtual currencies, electronic money and wallets and so on. Now, we need to figure out where Libra fits in in this,” says MAS managing director Ravi Menon at a media briefing on June 27. MAS is rolling out the Payments Services Act, which will be in force by year-end.

Have a premium account? Sign in to continue reading.

Unlimited access to all stories from $99.9/year*

The latest reporting and analysis from business and investments to news and views on social issues.

Bonus:

  • Simultaneous logins across all devices
  • Instant access to past digital issues
  • Unlimited access to The Edge Malaysia
  • *For annual subscription plan only. T&Cs apply

Subscribe

Stay updated with Singapore corporate news stories for FREE

Follow our Telegram | Facebook