The Monetary Authority of Singapore (MAS) has proposed a slew of new rules to reign in the local crypto industry, starting with some stringent standards for stablecoin issuers.
The rules include setting capital and reserve requirements for issuers of stablecoins, which are cryptocurrencies that maintain their value against fiat currencies or assets like gold. The measures also seek to ban issuers from engaging in "other activities that introduce additional risks" like lending or staking that lets users lock their crypto and earn interest.