تدرس سنغافورة الاعتراف ببعض العملات المستقرة الصادرة عن جهات أجنبية

Singapore is considering expanding its stablecoin regulatory framework to recognize certain tokens issued outside the country, marking a shift from its earlier position that qualifying stablecoins should be issued only in Singapore.

The Monetary Authority of Singapore opened a public consultation on September 1, 2026, proposing amendments to the Payment Services Act to formally implement its single currency stablecoin framework. Under the proposal, some jointly issued stablecoins and a limited number of foreign-issued stablecoins regulated under comparable overseas regimes could qualify for recognition, provided MAS is satisfied that the relevant risks are properly managed.

الوجبات السريعة الرئيسية

• MAS is considering recognizing some foreign-issued stablecoins under its regulatory framework.
• Jointly issued stablecoins involving a Singapore issuer and a foreign issuer could qualify for the “MAS regulated stablecoin” label if risks are adequately addressed.
• MAS is also considering recognition of a limited number of foreign-issued stablecoins for wholesale cross border use.
• Regulated issuers would face requirements covering reserves, capital, redemption, disclosures, stress testing and recovery planning.
• MAS is proposing to prohibit issuers from paying interest on regulated stablecoins.
• Public comments on the proposals are open until October 16, 2026.

MAS Reconsiders Its Earlier Domestic Issuance Rule

MAS finalized its إطار عمل العملات المستقرة in 2023 for single currency stablecoins issued in Singapore and pegged to the Singapore dollar or a G10 currency. At the time, the regulator was reluctant to include stablecoins issued across multiple jurisdictions. Its concerns included difficulties assessing whether foreign regulatory frameworks offered comparable protections, coordinating with overseas regulators and determining whether reserves held outside Singapore would be sufficient to meet redemption obligations.The new consultation revisits that position.

MAS is now considering allowing a stablecoin jointly issued by a Singapore based issuer and a foreign issuer to fall within the regulated framework if the associated cross border risks can be mitigated. The regulator is also considering a separate route for a limited number of stablecoins issued entirely outside Singapore but supervised under overseas frameworks that MAS considers comparable. Those tokens could potentially be recognized for use in wholesale cross border transactions.

Regulated Stablecoins Face Reserve and Redemption Requirements

The consultation also seeks to formally implement MAS’s existing stablecoin framework through amendments to the Payment Services Act. Under the proposed regime, issuers seeking the “MAS regulated stablecoin” designation would need to meet requirements covering reserve backing, capital, value stability, redemption and disclosures. The framework is intended for qualifying single currency stablecoins pegged to the Singapore dollar or a G10 currency.

Issuers would be expected to maintain sufficient high quality and liquid reserve assets backing stablecoins in circulation and allow holders to redeem tokens at par within the required timeframe. Only issuers that meet the full framework and obtain the appropriate regulatory status would be permitted to market their tokens using the “MAS regulated stablecoin” label. Stablecoins that fall outside the dedicated framework would continue to be treated as digital payment tokens under Singapore’s existing rules.

MAS Proposes Ban on Interest Payments

Another important proposal would prevent issuers from paying interest or similar yield directly to holders of MAS regulated stablecoins. The measure would keep the regulated stablecoin category focused on payments and settlement rather than allowing issuers to position the tokens as savings or investment products.

MAS is also proposing additional safeguards around issuer resilience. Stablecoin companies would be required to conduct stress tests and maintain recovery plans showing how they could restore normal operations following a serious financial or operational disruption.

They would also need orderly wind down plans describing how the business and outstanding stablecoins would be handled if recovery was no longer possible. Customer money received before stablecoins are issued would also need to be protected under the proposed rules.

Foreign Recognition Could Support Cross-Border Payments

The potential recognition of foreign regulated stablecoins is particularly relevant to Singapore’s push to develop tokenized financial infrastructure and cross border settlement systems.

A stablecoin recognized across jurisdictions could reduce some of the regulatory fragmentation institutions currently face when using digital money for international transactions. However, MAS is not proposing automatic recognition for all foreign stablecoins.

The consultation refers to a limited number of foreign issued tokens operating under الأطر التنظيمية that Singapore considers sufficiently comparable. That means issues such as reserve quality, redemption rights, regulatory cooperation and supervision would remain important in determining eligibility. The proposal therefore represents a possible pathway rather than broad approval of overseas-issued stablecoins.

خاتمة

Singapore’s latest consultation signals a more flexible approach to cross-border stablecoin regulation while retaining strict requirements for tokens that receive the MAS-regulated designation.

The most significant change is the possibility that jointly issued and selected foreign-issued stablecoins could enter the framework if MAS is satisfied with the regulatory protections and risk controls surrounding them. At the same time, the proposed rules would impose clear requirements around reserves, redemption, capital, disclosures and operational resilience, while prohibiting issuers from paying interest to holders.

Nothing in the consultation is final yet. MAS will accept public feedback until October 16 before deciding how the proposals should be incorporated into Singapore’s stablecoin legislation.