Singapore's Monetary Authority (MAS) has proposed amendments to the Payment Services Act to include a stablecoin framework, covering foreign issuer regulation, interest payment bans, and exit plans. The public consultation runs until October 16. New rules require stress tests, recovery plans, and orderly exit procedures.
Singapore's Monetary Authority (MAS) has proposed amendments to the Payment Services Act to formally incorporate a stablecoin regulatory framework, according to Techub News citing crypto.news. The proposal addresses oversight of foreign stablecoin issuers, a ban on interest payments, and requirements for orderly market exit. A public consultation is open until October 16.
The measures allow stablecoins jointly issued by Singaporean and foreign entities to receive regulatory recognition under controlled risk conditions. MAS also considers recognizing a limited number of foreign stablecoins subject to equivalent overseas regulatory frameworks. Issuers would be required to conduct stress tests, develop recovery plans, and meet orderly exit requirements.
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