Singapore proposes to stabilize the new currency to cover overseas issuers and interest

THE SINGAPORE FINANCE AUTHORITY (MAS) ISSUED AN ADVISORY DOCUMENT ON 1 SEPTEMBER PROPOSING AMENDMENTS TO THE PAYMENT SERVICES ACT, 2019 TO INCORPORATE A STABLE CURRENCY FRAMEWORK INTO THE LAW AND TO INTRODUCE NEW REGULATIONS FOR OVERSEAS ISSUERS, INTEREST PAYMENTS AND THE ISSUER LIQUIDATION PLAN. THROUGH THIS CONSULTATION, MAS WOULD LIKE TO GATHER FEEDBACK ON HOW ISSUERS QUALIFY IN THEIR SINGLE-CURRENCY STABILIZATION CURRENCY FRAMEWORK AND USE THE MAS REGULATORY STABILIZATION CURRENCY LABEL. THE PROPOSAL WILL IMPLEMENT THE FRAMEWORK FIRST ESTABLISHED IN 2023 AND EXTEND TO AREAS WHERE STABLE CURRENCIES ARE INCREASINGLY IMPORTANT IN THE PAYMENT AND MONETIZATION FINANCIAL MARKETS。