1. MAS Releases Stablecoin Regulatory Consultation Paper, Proposes New Licence, Interest Ban and Freeze‑Burn Mandates link

The Monetary Authority of Singapore (MAS) has released a stablecoin regulatory consultation paper proposing amendments to the Payment Services Act to introduce a new‑category licence for stablecoin issuance. Only licensed entities will be permitted to label their issued stablecoins as “MAS‑regulated stablecoin”. Issuers must maintain at‑least‑100‑percent reserve assets and honour redemptions within prescribed timeframes, and are prohibited from distributing interest, returns or other benefits tied to token holdings or balances to holders.

MAS also proposes mandatory quarterly stress‑testing for…