How are stablecoins regulated in Singapore?

Stablecoin regulation in Singapore is built around a framework the Monetary Authority of Singapore set out in 2023 for single-currency stablecoins. The framework creates a label, "MAS-regulated stablecoin," for coins that meet strict rules on reserves, redemption and disclosure. As of October 2026, MAS is still turning that framework into law. For Singapore's wider crypto rules, see how crypto is regulated in Singapore.

What is the MAS stablecoin framework?

MAS announced the final framework on 15 August 2023. It covers single-currency stablecoins issued in Singapore and pegged to the Singapore dollar or any G10 currency. Issuers must:

• Hold reserve assets that meet rules on composition, valuation, custody and audit.
• Keep minimum base capital and liquid assets so they can wind down in an orderly way.
• Return the par value to holders within five business days of a redemption request.
• Disclose how the coin keeps its value, what rights holders have, and reserve audit results.

What does the MAS-regulated stablecoin label mean?

The label is meant to help users tell a coin that meets the full framework apart from other tokens. Only issuers that satisfy every requirement can apply for it, and MAS said misrepresenting a token as MAS-regulated may lead to penalties.

The label is not yet backed by statute. According to Gibson Dunn, the 2023 policy had not been enacted, and its September 2026 summary did not identify any coin carrying the label. MAS expects to authorise or recognise only a limited number of stablecoins.

What changes are proposed for Singapore single-currency stablecoins?

On 1 September 2026, MAS published draft amendments to the Payment Services Act 2019. Key proposals include:

• A new stablecoin issuance licence. Only licensed issuers could call themselves MAS-regulated.
• Reserves at least equal to the coins in circulation, and redemption at par in the pegged currency within set timeframes.
• A proposed ban on paying interest or other benefits for holding a stablecoin.
• Stress testing, recovery and wind-down plans, and the ability to trace, freeze and burn coins.
• Case-by-case recognition of some foreign stablecoins from equivalent regimes, and powers to designate systemic stablecoins wherever they are issued.

Banks would have to issue through a separate licensed non-bank entity. No date has been set for the changes to take effect.

How are other stablecoins treated in Singapore?

Stablecoins outside the framework remain legal and are regulated as digital payment tokens, where service providers need a licence. MAS is considering extra retail protections for these, such as reserve disclosures, risk warnings, and a ban on marketing them to retail customers as "stablecoins." For how these coins work in general, read what is a stablecoin, and compare the EU's approach in what is MiCA.

Rules differ by country and change often. Check the regulator or a qualified professional for your own situation.