Singapore: crypto and stablecoin regulation (as of 1 November 2026)
Singapore has no stablecoin-issuer law in force; stablecoins currently fall under the digital payment token (DPT) rules of the Payment Services Act 2019. The Monetary Authority of Singapore (MAS) announced its single-currency stablecoin framework (MAS-SCS) as policy on 15 August 2023, and on 1 September 2026 it consulted on proposed amendments to the Payment Services Act 2019 to implement it, with comments due by 16 October 2026; the stablecoin issuer licence, the interest ban and the recognition of foreign stablecoins are proposals.
This page states what the official sources say. It is not legal advice.
Status as of 1 November 2026
| Status | Rule | Since / from | Source |
|---|---|---|---|
| In force | Stablecoins that are not MAS-regulated stablecoins fall within scope of the DPT regime of the Payment Services Act 2019, for which all intermediation services are subject to regulation; the proposed amendments would clarify in section 2(1) that stablecoins fall within the broader category of DPTs, in line with MAS' current policy position that stablecoins are a subset of DPTs (consultation paper paras 2.1 and 2.3). | — | MAS consultation paper |
| Not law | MAS stablecoin regulatory framework for single-currency stablecoins (MAS-SCS), announced as a policy framework, not legislation. | 15 August 2023 | MAS |
| Not law | Proposed amendments to the Payment Services Act 2019 to implement the framework (draft amendments in Annex C of the consultation paper), including a new stablecoin issuance licence class. Comments were due by 16 October 2026. No date for tabling in Parliament or taking effect is in the sources. | Consultation of 1 September 2026 | MAS, MAS consultation |
Key rules
- Scope. The framework will apply to single-currency stablecoins pegged to the Singapore dollar or any G10 currency that are issued in Singapore. (MAS)
- Who may use the label (proposed). Under the proposed amendments, only issuers licensed under the MAS-SCS framework that meet the applicable requirements ("MAS-regulated stablecoin issuers") could label their single-currency stablecoins as "MAS-regulated stablecoins" (consultation paper para 2.1); MAS describes the framework as permitting only such issuers to describe themselves as licensed MAS-regulated stablecoin issuers. (MAS, MAS consultation paper)
- Reserves (proposed). Core obligations would include requiring issuers to maintain reserve assets at least equal to the par value of all stablecoins in circulation (consultation paper para 2.9). (MAS consultation paper)
- Redemption. Under the 2023 framework, issuers must return the par value of the stablecoin to holders within five business days of a redemption request (MAS). Under the 2026 proposals, core obligations would include fulfilling redemption requests in the pegged currency within MAS-prescribed timeframes (consultation paper para 2.9); MAS will consult on the subsidiary legislation at a later date (para 1.2). (MAS consultation paper)
- No interest (proposed). Issuers of MAS-regulated stablecoins would be prohibited from paying a holder interest, return or any other benefit directly or indirectly attributable to holding, or the balance of, MAS-regulated stablecoins. The prohibition is not intended to apply to commercial arrangements between the issuer and a third party (para 3.2). (MAS consultation paper)
- Other stablecoins. Stablecoins that are not MAS-regulated stablecoins will continue to fall within scope of the DPT regime (consultation paper para 2.1), and MAS says they will be treated as DPTs and subject to the same consumer protection safeguards that apply to DPTs. (MAS, MAS consultation paper)
- Foreign-issued stablecoins (proposed). Recognising cross-border wholesale use cases, MAS proposes to recognise a limited number of foreign-issued stablecoins regulated under a comparable foreign regulatory framework. (MAS)
- Misusing the label. Under the 2023 framework, any person that misrepresents a token as an "MAS-regulated stablecoin" may be subject to penalties and placed on MAS' Investor Alert List. (MAS)
Timeline
| Date | Event | Source |
|---|---|---|
| 15 August 2023 | MAS announces its finalised stablecoin regulatory framework | MAS |
| 1 September 2026 | MAS publishes a consultation paper on proposed amendments to the Payment Services Act 2019 to implement the framework; it also seeks feedback on multi-jurisdictional issuance, recognition of foreign-issued stablecoins, an interest prohibition, stress testing and recovery and wind-down plans | MAS |
| 16 October 2026 | Consultation comment deadline | MAS |
Not covered here
The subsidiary legislation with the detailed requirements (MAS will consult on it later), the conditions for recognising foreign-issued stablecoins (to be set out in subsidiary legislation), the date the amendments are tabled in Parliament or take effect, retail requirements for licensed DPT service providers offering non-MAS-regulated stablecoins (which MAS is only considering), and any list of MAS-regulated stablecoins or their issuers are not stated in the MAS sources this page uses.
Sources
- https://www.mas.gov.sg/news/media-releases/2023/mas-finalises-stablecoin-regulatory-framework
- https://www.mas.gov.sg/news/media-releases/2026/mas-consults-on-legislative-amendments-to-implement-stablecoin-regulatory-framework
- https://www.mas.gov.sg/publications/consultations/2026/consultation-on-proposed-amendments-to-the-payment-services-act-for-stablecoin-regulation
- https://www.mas.gov.sg/-/media/mas-media-library/publications/consultations/pd/2026/sept-2026_consultation-paper-on-proposed-amendments-to-ps-act-for-stablecoins-regulation/consultation-paper-on-proposed-amendments-to-ps-act-for-stablecoins-regulation_vfinal.pdf