Definitely - Depends! There's no right or wrong answer here, I have done both for customers, and both work well.
I personally prefer to keep the same Management Group structure - i.e., Identity, etc., but separate by Subscription (i.e., Stamps) - for the different regions; my reasoning is mainly to:
- Keep permissions separate
- Avoid any accidental changes to resources in another region that may be a passive/DR region,
- Allow more granular policy control at the Subscription level if need be
- Avoid ANY potential risk of running into subscription quotas
- And filter out resources in the Azure Portal easily by just unselecting a subscription from being viewed.
- Refer: Mission-critical baseline architecture in an Azure landing zone