Feedback received on this consultation paper relating to scope of e-money and DPT was mixed, with no conclusive recommendation, reflecting the nascent stage of the industry back then. 

Over the last few years, developments in the digital asset space have sharpened the clarity of thinking regarding the appropriate regulatory treatment of stablecoins. On 26 October 2022, MAS issued a consultation paper on the overall regulatory approach for stablecoin-related issuance and intermediation activities, highlighting the key requirements that would be imposed on such activities. The responses to the 2022 consultation paper, and the responses, which represents MAS' finalised regulatory approach towards stablecoins in Singapore, can be found here .