MAS proposes bringing stablecoin issuance under Singapore’s Payment Services Act, strengthening oversight of single-currency stablecoins

MAS has launched a consultation on proposed amendments to the Payment Services Act to implement Singapore’s regulatory framework for stablecoins. The proposals would establish a dedicated regulated activity for the issuance of qualifying single-currency stablecoins in Singapore, building on the framework previously developed by MAS and bringing issuers within the payments regulatory perimeter. The regime is intended to support the use of…