Singapore central bank releases regulatory framework for stablecoins

Singapore's central bank has released a revised regulatory framework aimed at ensuring stability for single-currency stablecoins (SCS) regulated in the city-state. The Monetary Authority of Singapore announced the framework on Aug. 15, which is aimed at non-bank issued stablecoins pegged to the value of the Singapore dollar or G10 currencies such as the euro, British pound and United States dollar and whose circulation exceeds 5 million Singapore dollars ($3.7 million). Shin encouraged stablecoin issuers to prepare for compliance if they wanted their stablecoin to be labeled as MAS-regulated. MAS noted only stablecoin issuers can apply to become MAS-regulated.

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