MAS Revises Stablecoin Regulatory Framework, Prepares for Industry Consultation

The Business Times2023-08-15

The Monetary Authority of Singapore (MAS) on Tuesday (Aug 15) revised its stablecoin regulatory framework as it aims to maintain a higher degree of stability within stablecoin issuers. MAS said it ...

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The amendments, however, are not expected to come soon - at least not within the next year. The new changes to the framework include allowing for stablecoin issuers to to segregate customers’ stablecoins in either licensed financial institutions licensed in Singapore, or overseas-based custodians, with minimum credit rating of “A-”. These custodians must also have a branch in Singapore regulated by MAS to provide custodial services. The changes add on to a set of requirements already proposed in the October consultation last year, which stipulates that stablecoin issuers, who wish to be “MAS-regulated”, must submit independent attestations of their reserves on a monthly basis to MAS and upload them on their website. They must also submit an audited report annually and have at least reserves equivalent or more than par value of its stablecoin in circulation at all times, valued on a mark-to-market basis daily, among others. Further, they must maintain a minimum base capital and liquid assets and return the par value of stablecoins to holders within five business days from a redemption request. Only upon fulfilling these requirements would a stablecoin issuer (and their stablecoins) be labelled “MAS-regulated”. The framework, however, only applies to single-currency stablecoins, pegged to the Singapore dollar or the G10 currencies. MAS said that the label would allow users to “readily distinguish MAS-regulated stablecoins from other digital payment tokens, including ‘stablecoins’ which are not subject to MAS’ stablecoin regulatory framework.”Stablecoin issuers who do not come under the framework proposed will still be regulated as a digital payment token service provider under the Payment Services Act. “MAS’ stablecoin regulatory framework aims to facilitate the use of stablecoins as a credible digital medium of exchange, and as a bridge between the fiat and digital asset ecosystems,” said Ho Hern Shin, deputy managing director (financial supervision), MAS.“We encourage single-currency stablecoin issuers who would like their stablecoins recognised as ‘MAS regulated stablecoins’ to make early preparations for compliance.”Amid concerns arising from heavy fluctuations in stablecoins’ value and following a series of collapses in stablecoins such as the Terra/Luna digital currencies, jurisdictions around the world have sought to keep a tighter watch on the coins’ issuers.UK, for example, last month approved a new bill to recognise crypto, including stablecoins, as a regulated activity in the country.Closer to home, the Hong Kong Monetary Authority (HKMA) is also in the process of seeking comments from the public regarding stablecoins. It aims to introduce a regulatory framework by the end of 2024.","kind":"news","is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":3,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/1147724621"}