In separate developments, the Monetary Authority of Singapore (MAS) and the UK’s HM Treasury will collaborate on developing global regulatory standards for crypto and digital assets; Singapore’s ACRA will review the country’s accounting regulatory framework; and Gobi Partners and HSBC have signed an MoU to explore opportunities in Hong Kong and ASEAN
UK, Singapore to develop global regulatory standards for crypto
The Monetary Authority of Singapore (MAS) and the United Kingdom’s HM Treasury will contribute to developing global regulatory standards for crypto and digital assets, according to a press release.
During the eighth UK-Singapore Financial Dialogue in London this week, Singapore shared its perspectives on regulatory developments around stablecoins and consumer protection measures for Digital Payment Token Services.
The countries also discussed their approaches towards Central Bank Digital Currency (CBDC), with the UK updating on the “Digital Pound” consultation and plans for the current design phase while Singapore shared its approach towards exploring use cases for a digital Singapore Dollar. Singapore also shared the latest developments on its private-public sector collaborative initiative to test the potential and feasibility of asset tokenisation.
ACRA plans to review accounting framework
Singapore’s Accounting Corporate and Regulatory Authority (ACRA) plans to review the country’s accounting regulatory framework, The Straits Times reported. The review is an attempt to keep up with the changing business environment and to maintain accounting standards.
ACRA will take inputs from stakeholders and conduct public consultations before making proposals to amend the law.
Gobi Partners, HSBC to strengthen cooperation in HK and ASEAN
Malaysian venture capital firm Gobi Partners has signed an MoU with the Hong Kong chapter of HSBC to further their partnership.
Gobi Partners and HSBC will jointly explore opportunities to drive business and financial connectivity between the Greater Bay Area and ASEAN, promote “TaqwaTech” ventures within the Islamic economy, push innovation aligned with the United Nation’s Sustainable Development Goals, and empower diverse entrepreneurs.
The MoU was signed during a luncheon hosted by the Hong Kong Special Administrative Region (HKSAR) government for the Malaysian business community in Kuala Lumpur.