Monetary Authority of Singapore Launches Public Consultation on Stablecoin Regulation

The Monetary Authority of Singapore has opened a public consultation on proposed amendments to the Payment Services Act 2019 to establish a regulatory framework for stablecoins in Singapore. It is also soliciting public feedback on further regulatory measures, drawing on developments in the stablecoin industry since 2023. The consultation additionally seeks views on policy positions concerning multi-jurisdictional issuance and the recognition of offshore-issued stablecoins. The consultation closes on October 16.