Singapore’s live regime is the Payment Services Act 2019, which regulates stablecoins as digital payment tokens with licensing, AML/CFT and DPT consumer-protection rules. On 1 September 2026 MAS opened consultation P015-2026 on draft PS Act amendments to implement the MAS-SCS framework, creating a stablecoin issuance licence, a protected MAS-regulated stablecoin label, 100 percent reserve backing, par redemption, an interest ban, stress testing, wind-down plans, limited foreign recognition and multi-jurisdictional issuance. The consultation closes 16 October 2026; subsidiary legislation and an enactment date are still outstanding.
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
