Singaporean Financial Watchdog to Consult Public on Stablecoin Regulation

The Monetary Authority of Singapore (MAS) regulator Tharman Shanmugaratnam revealed MAS’ current plans for stablecoins. He claimed that MAS is actively reviewing its approach to the regulation of stablecoins, as the existing framework, in which stablecoins, alongside other cryptocurrencies, are being considered digital payment tokens (DPTs), doesn’t cover the specific risks. Hence, MAS "is assessing the merits of a regulatory regime" tailored to the specific characteristics of stablecoins. It shall focus on such aspects as regulating the reserve requirements and the stability of the peg. As the response specifies, MAS intends to consult the public on the possible guidelines in the upcoming months.