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FinanceMAS proposes amendments to payments legislation to recognize foreign-issued stablecoins
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The Monetary Authority of Singapore (MAS) has proposed amendments to its payments legislation to regulate multi-jurisdictional and foreign-issued stablecoins. On September 1, MAS published a consultation paper seeking feedback on how issuers could use returns earned on pools of backing assets. The proposed changes would update the stablecoin regulatory framework implemented in 2023, expanding recognition to include stablecoins issued in multiple jurisdictions or by foreign entities. This move aims to adapt Singapore's regulatory environment to the evolving global stablecoin landscape.
Source report
Amendments would see multi-jurisdictional and foreign stablecoins recognised
Monetary Authority of Singapore
The Monetary Authority of Singapore (MAS) has proposed changes to regulate multi-jurisdictional and foreign-issued stablecoins, while seeking feedback on how issuers could use the returns earned on pools of backing assets.
The MAS today (September 1) published a consultation paper on proposed amendments to Singapore’s payments legislation that would update the stablecoin regulatory framework implemented in 2023. In addition to multi-jurisdictional stablecoins, the MAS said it would seek feedback on:
- Returns earned on pools of backing assets
- Other aspects of the stablecoin regulatory framework
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Singapore proposes stablecoin regulations banning yield payments and recognizing foreign issuers