MAS Seeks Feedback on Stablecoin Regulatory Framework
The Monetary Authority of Singapore (MAS) has published a consultation paper on proposed legislative amendments to the Payment Services Act 2019. The aim is to implement the MAS' regulatory framework for stablecoins in Singapore.
The amendments will set out how stablecoin issuers can qualify for MAS regulation and the safeguards they must meet for value stability and user protection.
The MAS Single-Currency Stablecoin (MAS-SCS) framework only permits licensed issuers to describe themselves as licensed MAS-regulated stablecoin issuers. Non-MAS regulated stablecoins will be treated as Digital Payment Tokens (DPTs) and subject to the same consumer protection safeguards.
MAS seeks feedback on policy positions in areas such as multi-jurisdictional issuance of stablecoins, recognition of foreign-issued stablecoins, and additional requirements for financial stability and consumer protection.