Singapore central bank proposes legislative framework for stablecoins
What's happening
The Monetary Authority of Singapore (MAS) published a consultation paper proposing legislative amendments to the Payment Services Act 2019 that would establish a dedicated regulatory framework for stablecoins and set out how stablecoin issuers can qualify for MAS regulation. The consultation would create requirements for issuers to qualify as MAS-regulated stablecoin providers and allow a new MAS 'stablecoin' label limited to licensed issuers. The move comes as industry players like Visa join MAS-led initiatives, for example BLOOM (Borderless, Liquid, Open, Online, Multi-currency), to test stablecoin settlement models in Singapore.
Why it's trending
MAS has turned consultation into concrete draft law changes as industry pilots (like Visa in BLOOM) push stablecoin use cases closer to production.
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Singapore just put proposed law changes on the table that say who can call themselves a MAS-regulated stablecoin issuer and what they must do to get that label, here's how that will change things for payments teams today.
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Original sources5
- Singapore’s MAS proposes stablecoin legislative changes
The Monetary Authority of Singapore (MAS), the central bank and integrated financial regulator, has opened a public consultation on legislative changes intended to bring its stablecoin regulatory framework into force. The consultation paper, published today, proposes amendments to the Payment Services Act 2019 that will set out how stablecoin issuers can qualify for MAS regulation […] The po
FinTech GlobalSep 1 - Singapore Moves Closer to Adopting Stablecoin Regulatory Framework
Singapore’s financial regulator is closer to implementing a regulatory framework for stablecoins. The Monetary Authority of Singapore (MAS) on Tuesday (Sep. 1) published new proposed legislative amendments to the Payment Services Act, which would establish ways for stablecoin issuers to become MAS-regulated. “MAS’ proposed legislative amendments will give effect to a stablecoin framework that prom
PYMNTSSep 1 - Singapore central bank proposes legislative framework for stablecoins
The Monetary Authority of Singapore (MAS) today published a consultation paper on proposed legislative amendments to the Payment Services Act 2019 (PS Act) to implement MAS’ regulatory framework for stablecoins in Singapore.
FinextraSep 1
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