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MAS finalised a stablecoin regulatory policy design in August 2023 covering reserve backing (>=100% par value), redemption at par, disclosure/white-paper and labelling requirements, and a proposed systemic-designation pillar referencing BIS-CPMI/IOSCO PFMI standards. As of a September 2025 parliamentary confirmation, legislative codification into the PS Act remained in preparation, meaning the framework currently operates as announced policy rather than binding statute; a Challenger flag queries whether this status has since moved given the roughly eleven-month gap to this cycle's retrieval date.
The critical structural fact about this framework is that none of it is yet binding statutory law. As of a September 2025 parliamentary confirmation, MAS stated that legislative amendments to codify the stablecoin framework into the Payment Services Act were still in preparation, with a further public consultation planned -- meaning the entire framework currently operates on an announced-policy basis rather than as enacted, commenced legislation. A review flag attached to this finding notes that the September 2025 snapshot predates this cycle's August 2026 retrieval by roughly eleven months, and that unverified industry trackers suggest a mid-2026 expected effective date; this status has not been independently re-confirmed against a current MAS source this cycle and should be treated as provisional pending a fresh check for any 2026 Gazette notification or amendment tabling.
Outlook
The single largest pending change to Singapore's stablecoin regime is the conversion of this finalised policy design into codified statute. Until that codification occurs, single-currency stablecoins issued in Singapore continue to be classified and regulated as ordinary digital payment tokens under the existing PS Act framework, with the enhanced reserve, redemption, disclosure and systemic-designation requirements operating as MAS policy expectation rather than binding law. The next research cycle should prioritise confirming whether MAS has issued a further consultation or tabled PS Act amendments since September 2025, given the flagged staleness risk on this specific status determination.
Stablecoin Regime
MAS's Consultation Paper P015-2026 closed for public comment on 16 October 2026, marking the point at which the authority's 2023-finalised Single-Currency Stablecoin policy would move from a non-statutory framework into binding provisions of the Payment Services Act 2019. The proposed regime would create a dedicated stablecoin issuance licence, and only issuers meeting its full conditions would be permitted to describe their token as an "MAS-regulated stablecoin". A structural requirement within the draft, found at paragraph 6.3 of the consultation, would require banks and merchant banks wishing to issue a regulated stablecoin to do so through a separate non-bank legal entity rather than directly from the banking entity itself.
The most consequential proposed power sits in draft Part 2A, section 40B: MAS would be authorised to designate any stablecoin circulating in Singapore as a "designated systemic stablecoin" by Gazette order, regardless of where that token is issued. This is a deliberately extraterritorial reach — an offshore-issued token circulating domestically could be captured on the same terms as a locally issued one. Once designated, draft section 40E would impose par-value reserve and redemption duties on the token, and non-compliance could lead MAS to direct licensed digital-payment-token exchanges to delist it. An issuer or affected participant aggrieved by a designation or delisting direction would have thirty days to appeal to the Minister, providing a statutory check on the exercise of this power.
The consultation also proposes prohibiting interest payments to holders of MAS-regulated stablecoins, a feature consistent with treating these instruments as payment tokens rather than investment products, and would require issuers to conduct stress testing and to prepare recovery and orderly wind-down plans, obligations that track prudential expectations applied elsewhere to systemically significant payment infrastructure. Stablecoins are expected to be expressly defined within the Payment Services Act as a subset of digital payment tokens, remaining distinct from e-money, a classification position reinforced rather than altered by this consultation.
All of the above remains proposed. The consultation's close on 16 October 2026 is a procedural milestone, not a commencement; no effective date for the resulting legislation has been identified.
Outlook
Whether and when these provisions take legislative effect depends on MAS finalising the Payment Services Act amendments following the consultation close; no commencement timetable has yet been announced. The systemic-designation and delisting power, if enacted as drafted, would be among the more far-reaching extraterritorial stablecoin provisions in the region, and its interaction with offshore issuers and local exchange obligations is the development most worth monitoring going forward.
1 earlier distinct update(s)
Stablecoin Regime
MAS Consultation Paper P015-2026, open for consultation from 1 September to 16 October 2026, proposes to place Singapore's stablecoin regime on a statutory footing for the first time, replacing the non-statutory 2023 Single-Currency Stablecoin policy. The core proposal requires a regulated stablecoin issuer to hold reserve assets at least equal to the par value of stablecoins in circulation, continuously valued mark-to-market, held in segregated trust accounts with permitted custodians, and subject to independent monthly attestation and audit obligations. These are materially more prescriptive requirements than the non-statutory policy they would replace.
The most structurally significant element is the draft Part 2A systemic-stablecoin designation power. Draft section 40B would let MAS designate a stablecoin a "designated systemic stablecoin" by Gazette order regardless of where the stablecoin or its issuer is regulated — reaching stablecoins issued anywhere in the world. Draft section 40E would then require par reserves and redemption rights for any stablecoin so designated. Where a designated systemic stablecoin fails to comply, MAS could direct licensed digital-payment-token providers to stop offering it, effectively delisting it from the Singapore market. Floated penalties for non-compliance include up to S$250,000 plus S$25,000 per day for the issuing entity, and S$125,000 or three years' imprisonment for an individual holding out without complying with the regime.
The reserve, redemption, capital and interest-payment-ban requirements together represent a comprehensive prudential framework modelled on the expectations typically applied to e-money or narrow-bank structures, applied here specifically to stablecoin issuance. No commencement date has been set; subsidiary legislation is expected to follow the close of consultation.
Outlook
The consultation's close on 16 October 2026 is the immediate marker to watch. The ultimate scope of the systemic-designation power — in particular, whether its reach to offshore-issued coins survives industry feedback — and the final reserve-capital quantum MAS prescribes in subsidiary legislation will determine how comprehensively the statutory regime extends beyond Singapore's own licensed-issuer population.
Sources and findings (6)
- T2 · Monetary Authority of SingaporeMAS Stablecoin Regulatory Framework — SCS reserve assets to be valued at least 100% of par value of outstanding SCS, denominated in the peg currency, subject to composition, valuation, custody and audit requirementsretrieved M5bindingenacted not yet effectivenew
- T2 · Monetary Authority of SingaporeMAS Stablecoin Regulatory Framework — SCS issuers to ensure timely redemption of SCS at par value to holdersretrieved M4bindingenacted not yet effectivenew
- T1 · Monetary Authority of SingaporeMAS Stablecoin Regulatory Framework — Stablecoin issuers to publish a white paper disclosing SCS details including redemption rights, and DPT service providers to clearly label non-MAS-regulated stablecoins to distinguish them from 'MAS-regulated stablecoins'retrieved M4bindingenacted not yet effectivenew
- T1 · Monetary Authority of SingaporeMAS Stablecoin Regulatory Framework — The 'MAS-regulated stablecoin' label to issuers fulfilling all SCS framework requirements, with financial-penalty or imprisonment consequences for misrepresentationretrieved M5bindingenacted not yet effectivenew
- T2 · Monetary Authority of SingaporeMAS Stablecoin Regulatory Framework — Enhanced financial and operational requirements referencing BIS-CPMI/IOSCO PFMI standards to key entities of a systemic stablecoin arrangement, potentially designating them for closer supervisionretrieved M4bindingproposednew
- T1 · Monetary Authority of SingaporeMAS — As of September 2025, that legislative amendments to codify the stablecoin framework into the PS Act were still in preparation, with a further public consultation planned, meaning the SCS framework operates on an announced-policy basis pending primary legislationretrieved M3non-bindingnew