Singapore central bank says three business days is ‘timely transfer’ for stablecoins
While blockchains continue to revolutionize payments by allowing instant transfers, Singapore’s central bank believes that three business days is a “timely transfer” for single-currency stablecoins (SCS), which is similar to transfer speed requirements for domestic money transfers.
On Aug. 15, the Monetary Authority of Singapore (MAS) released its regulatory framework for stablecoins in the city-state. In the newly-published guidelines, the financial regulator highlighted that it would consider three business days as a timely transfer for SCS despite some feedback calling for a shorter time frame.
According to MAS, while SCS transfers may be expected to be completed more quickly because they are done on a blockchain, transfers of MAS-regulated stablecoins may “occur on various types of blockchain infrastructure that may have different service standards.” The central bank wrote that these types of blockchain infrastructures may not always be under the control of intermediaries. MAS wrote:
“MAS will retain the proposed timeline of three business days. This would mirror the existing money transmission requirement for domestic money transfer services.”
Apart from stablecoin transfers, MAS also indicated that SCS redemptions need a longer time period. According to the document, redeeming stablecoins back to fiat will be given five business days. This response from MAS came despite some respondents arguing that redemptions must be done “within a shorter time frame, or even on a real-time basis.”
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According to MAS, it will proceed with the requirement that issuers return the value of MAS-regulated SCS to holders within five business days. The regulator explained:
“The redemption timeline is intended to strike a balance between responsiveness to users’ requests and ensuring there is enough time for the SCS issuer to do so in an orderly manner under various stress situations.”
Cointelegraph reached out to MAS for comment but did not get an immediate response.
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Plaid Cymru have won the by-election in the Senedd seat of Caerphilly for the first time.
The Welsh nationalist party secured 15,960 votes – and candidate Lindsay Whittle cried as the result was announced.
Mr Whittle is 72 years old and had stood as a Plaid candidate 13 times since 1983. He will now hold the seat until the Senedd elections next year.
This by-election was widely regarded as a two-horse race between Plaid Cymru and Reform UK, and the result marks a considerable blow for Nigel Farage.
Analysis: Reform candidate looked neglected and dejected
In a by-election in the birthplace of the comedian Tommy Cooper, it was Plaid Cymru that had the last laugh.
During the campaign, Nigel Farage and Reform UK’s candidate Llyr Powell had posed for photos in front of the statue of the legendary comic in Caerphilly.
But when the result was declared at 2.10am at the count in the town’s leisure centre, Mr Farage – who’d been campaigning for Mr Powell on polling day – was nowhere to be seen.
In fact, the joke among Plaid supporters at the count was that long before the declaration Mr Farage was halfway down the M4 on his way back to London.
His candidate Llyr Powell received 12,113 votes – denying a victory that would have strengthened claims that Reform can convert a large lead in opinion polls into election wins.
Nonetheless, the party’s performance is a marked improvement on 2021, when it received just 495 votes.
More than anything, the result is a humiliating and historic defeat for Labour, who had held Caerphilly at every Senedd election since it was created in 1999 – as well as the Westminster seat for over a century.
Its candidate Richard Tunnicliffe secured 3,713 votes and finished in third place, with Welsh Labour describing it as a “by-election in the toughest of circumstances, and in the midst of difficult headwinds nationally”.
Turnout overall stood at 50.43% – considerably higher than during the last ballot back in 2021.
Giving his acceptance speech after the result was confirmed, Mr Whittle described how he had been “absolutely heartened” by how many young people were involved in the by-election – and said the result sends a clear message.
He said: “Listen now Cardiff and listen Westminster – this is Caerphilly and Wales telling you we want a better deal for every corner of Wales. The big parties need to sit up and take notice.
“Wales, we are at the dawn of new leadership, we are at the dawn of a new beginning – and I look forward to playing my part for a new Wales, and in particular, for the people of the Caerphilly constituency. I thank you with all my heart.”
Mr Whittle quipped Plaid’s victory “was better than scoring the winning try for Wales in the Rugby World Cup”.
And looking ahead to the next year’s elections, he added: “[This] result shows what’s possible when people come together to back practical solutions and protect what matters most.
“We’ve beaten billionaire-backed Reform and, with the same determination, we can do it again in May 2026. Caerphilly has shown the way – now Wales must follow.”
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Plaid Cymru leader Rhun ap Iorwerth has everything to celebrate after winning the Caerphilly by-election.
Plaid Cymru leader Rhun ap Iorwerth told Sky News his party’s victory is the “start of a reset of politics in Wales”.
He said Plaid’s goal is to take over the Senedd for the first time in May next year.
“I want to see that through now. I’ve made it clear, said it in my conference speech a couple of weeks ago, we have to replace Labour,” he said.
“And it’s not just for its own sake, it’s so we get better outcomes for Wales. That’s what Plaid Cymru’s always about.”
Labour minister labels result ‘disappointing’
Cabinet Office minister Nick Thomas-Symonds told Sky News that “frustrations” with the “pace of change” led to Labour’s loss.
“I’m not shying away from, how disappointing the result is,” he said.
“What I found on the doorsteps was a real desire for more change, a frustration about the pace of change. That was coming through to me very strongly when I was speaking to people, I think that’s been reflected in the result.”
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Labour ‘not shying away’ from loss
Labour’s deputy first minister in the Senedd, Huw Irranca-Davies, said the prime minister must “get back to bread and butter things” such as the cost of living, instead of focussing on immigration.
“We’ve got to get better,” he said.
“If it turns out as we think, as the polls have shown tonight, after a really good campaign with a really good Labour candidate in Richard, then we’ve got to talk about how do we get back to bread and butter things: cost of living, the state of the local community, the high street, the green spaces, the money in people’s pockets.
“And that’s a task for both Welsh Labour and UK Labour as well.”
First Minister Eluned Morgan congratulated Mr Whittle on his return to the Senedd and said: “We take our share of the responsibility for this result. We are listening, we are learning the lessons, and we will be come back stronger.”
Reform’s chair David Bull suggested the party’s strong performance in the polls cost them the by-election to Plaid Cymru.
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‘Extraordinary’ result for Reform
“I actually think the problem for us was the MRP poll, which was released two or three days ago,” he told Sky News.
“It showed us on 42%, Plaid on 38%, and it changed some people’s minds. I’ve heard tales from Lib Dem supporters, even Tories, actually voting tactically for Plaid to keep us out.”
Nigel Farage added that Reform’s candidate lost to “a party that people know well and to a popular local politician”.
“The Senedd elections next year are a two-horse race between Reform UK and Plaid Cymru,” he said.
The Conservatives and the Liberal Democrats were among the parties that lost their deposits.
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