Singapore weighs recognizing some foreign-issued stablecoins

Singapore's monetary authority opened a public consultation on potential changes to how it regulates stablecoins, signaling a possible shift toward accepting some foreign-issued tokens alongside jointly issued offerings. The proposed amendments to the Payment Services Act would expand the current framework, which previously limited recognition to domestically issued stablecoins. The consultation period runs through mid-October 2026, giving stakeholders time to weigh in on the regulatory direction.

The move reflects a recalibration of Singapore's earlier stance that confined the regime to domestic issuance alone. By considering foreign-issued stablecoins - particularly cross-border variants issued jointly - the city-state appears to be balancing openness to crypto innovation with its regulatory oversight mandate.

• MAS is consulting on amending payment services rules to potentially recognize foreign and jointly issued stablecoins, reversing prior domestic-only restrictions.
• The shift suggests Singapore may be repositioning itself to accommodate cross-border stablecoin use cases while maintaining regulatory control.
• Feedback deadline is set for October 16, 2026.