MAS grants IPA to three entities issuing regulated stablecoins, to step up CBDC experiments

The Monetary Authority of Singapore (MAS) has granted in-principle approval under the Payment Services Act (PSA) to three entities that will issue stablecoins that will comply with the central bank’s upcoming stablecoin regulatory framework. 

The three entities are StraitsX SGD Issuance, StraitsX USD Issuance and Paxos Digital Singapore (for a US dollar-backed stablecoin). 

These are the entities that can already demonstrate compliance with the MAS’s upcoming regulatory framework, says MAS managing director Ravi Menon in his Singapore Fintech Festival (SFF) annual address. Once the legislative amendments take effect, these stablecoins will be regarded as “MAS-regulated stablecoins”.

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