Daily Observation of Cryptocurrency Policies: The Monetary Authority of Singapore Advances Legislation on Stablecoins, Targeting Multi-Jurisdiction Issuance and Offshore Asset Recognition

Legislative Revision: Deeply Incorporating Stablecoins into the Payment Services Act

After exploring the early framework, Singapore is attempting to establish the compliance status of stablecoins from the underlying legal system.

The Monetary Authority of Singapore (MAS) has announced that it is officially seeking public and industry feedback on the proposed legislative amendments to the Payment Services Act 2019. The core purpose of this amendment is to establish a clear and operational regulatory framework for the entire lifecycle of stablecoins in Singapore through the highest level of financial regulation, covering key aspects such as issuance access, reserve management, and consumer protection.

Dynamic Regulation: Responding to the Rapid Evolution of the Industry Since 2023

Since 2023, the global stablecoin sector has undergone a series of dramatic changes, including the rise of interest-bearing stablecoins, innovations in decentralized architecture, and the entry of traditional payment giants.

In response, MAS is specifically seeking public feedback on the "further regulatory requirements" in this proposal. These newly proposed rules fully reference the complex evolution of the stablecoin industry in terms of technology and business models over the past three years, aiming to ensure that Singapore's compliance framework can accurately cover new collateral structures and derivative risks, avoiding regulatory disconnection.

Breaking Through Cross-Border Issues: Directly Addressing Multi-Jurisdictional Issuance and Offshore Stablecoin Recognition

The biggest highlight of this feedback document is that MAS has demonstrated a highly forward-looking global perspective.

The regulatory document specifically seeks industry opinions on two major macro policy positions: first, "Multi-jurisdictional issuance," which explores how to regulate and coordinate multinational stablecoin projects that are licensed for issuance in both Singapore and multiple overseas markets; second, "Recognition of overseas-issued stablecoins," which indicates Singapore's intention to create a regulatory pathway for compliant offshore stablecoins to enter the local payment and clearing system while ensuring risk control.

Seizing the "Institutional High Ground" for Digital Asset Clearing in Asia

Based on the regional regulatory dynamics at the beginning of September, this legislative push by the Monetary Authority of Singapore is a key move in its competition with surrounding hubs for the pricing power of Web3 payments in Asia. With the closing of the feedback window on October 16 and the subsequent implementation of the bill, Singapore is expected to take the lead in the Asia-Pacific region in establishing a set of stablecoin guidelines that are inclusive of offshore assets while strictly controlling reserve quality, further consolidating its strategic position as a global compliance hub for cross-border digital asset settlement.

Data Source: https://bbx.com/ Cryptocurrency Concept Stock Information Database, compiled based on yesterday's announcements from global listed companies and SEC/TSE disclosure documents.