The FSB has released a report setting out high-level recommendations for the regulation and supervision of so-called “global stablecoins” (i.e., those operating across multiple jurisdictions and in widespread use). Flexible and proportionate to the risks, this approach seeks to minimise the possibility of arbitration while adhering to the “same business, same risk, same rules” principle. The FSB recommends using the existing international rules and standards, albeit adapted in practice to the services provided and the features and risks of global stablecoins. It highlights the importance of ensuring suitable governance and proper transparency around these products for users and the market, including, in particular, whether or not users enjoy redemption rights against the issuer or the reserve assets. It also stresses that the authorities should not allow such arrangements to be launched before confirming that all of the relevant requirements have been met. 27  C. Conesa. (2019), “Bitcoin: a solution for payment systems or a solution in search of a problem?”, Occasional Paper No 1901, Banco de España. 28 Chainalysis (2022), “2022 Crypto Crime Report”, April, available at: https://go.chainalysis.com/2022-Crypto-CrimeReport.html. 29  See, for example, Statista (2021), “Number of identity-verified cryptoasset users from 2016 to 2021”, available at: https://www.statista.com/statistics/1202503/global-cryptocurrency-user-base/. 30  https://www.fsb.org/2020/10/regulation-supervision-and-oversight-of-global-stablecoin-arrangements/ 8  Currently, the FSB continues to work both on identifying and resolving possible regulatory gaps relating to global stablecoins and on regulatory approaches relating to unbacked crypto-assets, such as Bitcoin.

https://www.mas.gov.sg/news/speeches/2021/pushing-ahead-with-sor-sora-transition-in-2021  4/7  12/02/2021  "Pushing Ahead with SOR-SORA Transition in 2021" - Keynote Speech by Mr Leong Sing Chiong, Deputy Managing Director (Markets …  Encouraging active transition 17 Fourth, notwithstanding the possible discontinuation of SOR in mid-2023, we will strongly encourage active transition from SOR to SORA during the second half of this year. This is a specific window where we expect both SOR and SORA markets to continue to be liquid, and transition from SOR to SORA will be the most conducive for market participants. There are two key aspects. 18 On derivatives, key banks remain committed to winding down the bulk of their SOR exposures by end-Q3 2021, as announced by SC-STS last October. This will involve active participation in vendor-provided compression and conversion services, to reduce SOR exposures at an industry level. Broadly speaking, the compression exercises facilitate the multilateral netting or reduction of gross SOR derivatives exposures, while conversion cycles provide a multilateral mechanism for counterparties to convert their SOR derivatives to a SORA reference. This is already in progress. The first SGD compression cycle for this year will be held this week. SC-STS plans to publish an advance calendar of the relevant SOR compression and conversion cycles in 2021, oﬀered by various vendors. SC-STS strongly urges all SOR derivatives participants to utilise these cycles. Having a critical mass of industry participants will enhance the multilateral netting eﬀects and put the industry in a stronger position to meet its wind-down targets.