The Monetary Authority of Singapore has proposed amendments to the Payment Services Act 2019 to implement its single-currency stablecoin framework. The amendments would establish how issuers qualify for regulation and impose requirements covering value stability, capital, redemption at par and disclosure. Only licensed issuers could describe themselves as licensed MAS-regulated stablecoin issuers and label their products as MAS-regulated stablecoins, while other stablecoins would be treated as Digital Payment Tokens and subject to the corresponding consumer protection safeguards. The consultation also proposes allowing jointly issued Singapore and foreign stablecoins into the framework where risks are sufficiently mitigated, and recognizing a limited number of foreign-issued stablecoins governed by comparable overseas regimes for cross-border wholesale uses. Additional safeguards would prohibit interest on MAS-regulated stablecoins, require stress testing and recovery and orderly wind-down plans, and protect customer money received before stablecoins are issued.
2026-09-01Monetary Authority of Singapore
Monetary Authority of Singapore consults on stablecoin framework legislation and cross-border recognition
The Monetary Authority of Singapore is consulting on legislation to implement its single-currency stablecoin framework, including value stability, capital, redemption and disclosure requirements. Proposals also cover some jointly and foreign-issued stablecoins, prohibit interest, and require stress testing, wind-down planning and safeguards for customer money.