21 August 2023

MAS firms up regulatory framework for stablecoins

Written By FinTech Alliance

MAS firms up regulatory framework for stablecoins

The Monetary Authority of Singapore (MAS) has laid out its new regulatory framework for stablecoins, following a public consultation in October last year.

In brief:

-The new framework takes into account the feedback received from the public consultation

-It will apply to single-currency stablecoins (SCS) pegged to the Singapore dollar or any of the G10 currencies that are issued in Singapore

-Issuers of SCS in Singapore will have to fulfil “key requirements” in order to be recognised and labelled as “MAS-regulated stablecoins”.

What does this mean?

“MAS’ stablecoin regulatory framework aims to facilitate the use of stablecoins as a credible digital medium of exchange, and as a bridge between the fiat and digital asset ecosystems,” comments Ho Hern Shin, deputy managing director (financial supervision), MAS.

Read more here.

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