Singapore's Monetary Authority Launches Public Consultation on Stablecoin Regulatory Framework

Odaily News: The Monetary Authority of Singapore has opened a public consultation on proposed legislative amendments to the Payment Services Act 2019, aiming to establish a stablecoin regulatory framework for Singapore. The authority is also seeking public feedback on related proposals for further regulatory requirements, which take into account developments in the stablecoin industry since 2023. The consultation also covers policy positions on the issuance of stablecoins across multiple jurisdictions and the recognition of stablecoins issued overseas. The consultation period ends on October 16.