The Payment Services Act 2019 (live) regulates stablecoins as digital payment tokens with licensing, AML/CFT, and conduct requirements for providers meeting transaction thresholds. MAS finalised a detailed opt-in framework in August 2023 for single-currency stablecoins pegged to SGD or G10 currencies issued in Singapore, including strict 1:1 reserves, capital, redemption within 5 business days, monthly attestations, and the “MAS-regulated stablecoin” label. Legislative amendments to implement the framework under the PSA remain pending as of June 2026, with implementation expected around mid-2026 following further consultation. Foreign-issued or non-SCS stablecoins continue under the general DPT regime.
Response to Public Consultation on Proposed Regulatory Approach for Stablecoin-related Activities (MAS) - https://www.mas.gov.sg/-/media/mas-media-library/publications/consultations/pd/2023/response-to-consultation-on-stablecoins-regulation_15aug2023.pdf
