Singapore Revises Stablecoin Rules for Jointly Issued Coins

The Monetary Authority of Singapore (MAS) is revisiting its stablecoin regulations. The regulator proposes changes to allow jointly issued stablecoins, which are backed by a reserve and pegged to a currency, to be considered 'MAS-regulated' if risks are mitigated.

Under the new proposal, stablecoins issued in collaboration between a Singaporean entity and a foreign issuer could qualify for regulation. This move marks a shift from MAS's earlier stance, which required stablecoins to be issued solely within Singapore.

MAS is also considering recognizing a limited number of foreign-issued stablecoins that are regulated under comparable frameworks abroad. The regulator aims to address operational and technical challenges associated with cross-jurisdictional issuance.