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Singapore's excellent standing as a financial hub is predicated on the rule of law and built upon transparency and regulatory diligence. However, pressing issues have emerged in the crypto arena that demand deeper study for solutions.

This is the topic Singapore Management University Assistant Professor of Law Rachel Phang has recently devoted herself to, since she realized while in private practice that disruptive technological innovation is making financial regulation that much harder.

Moving to academia to tackle such research, Professor Phang authored in 2023 two well-regarded research papers on regulatory developments surrounding stablecoins, the second of which won an award at a prestigious industry event. Stablecoins are cryptoassets with the potential to serve as a practical medium of exchange, since they are designed to maintain a stable value.

The first paper "Singapore's Emerging Regulatory Approach to Stablecoins" critically analyzed the Monetary Authority of Singapore (MAS)'s stablecoin regulatory framework that was finalized in August 2023. Singapore, the paper sets out, "presents an especially interesting case study because of the vibrancy of its digital asset landscape, its position as a global financial center and the regulator's relatively dynamic approach."

Un-stablecoins?

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