MAS Consults on Legislative Amendments to Implement Stablecoin Regulatory Framework
MAS
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[1] in Singapore. The amendments will set out how stablecoin issuers may qualify to be MAS-regulated, and the safeguards they must meet to support value stability and user protection. The MAS Single-Currency Stablecoin (MAS-SCS) framework permits only issuers licensed under the framework to describe themselves as licensed MAS-regulated stablecoin issuers and represent their stablecoins as “MAS-regulated stablecoins”. This helps users distinguish well-regulated stablecoins from other cryptocurrencies that purport to be “stablecoins” but are not subject to MAS regulation to keep their value stable. Non-MAS-regulated stablecoins will be treated as Digital Payment Tokens (DPTs) and be subject to the same consumer protection safeguards that apply to DPTs[2].
