Crypto Law Profile
Singapore’s MAS framework would regulate SGD- or G10-pegged single-currency stablecoins issued in Singapore, focusing on reserves, capital, redemption at par, disclosures and MAS-regulated stablecoin labeling.
Singapore’s MAS Single-Currency Stablecoin Regulatory Framework is the Monetary Authority of Singapore’s finalized policy framework for stablecoins issued in Singapore and pegged to the Singapore dollar or a G10 currency. As of June 8, 2026, the framework has not been mapped here as in force; MAS has stated that legislation is being prepared, so this profile treats it as a proposed regulatory regime pending implementing law.
The framework is designed for single-currency stablecoins, or SCS, issued in Singapore and referencing the Singapore dollar or a G10 currency. MAS differentiates these tokens from other digital payment tokens by allowing qualifying issuers to seek recognition for the label “MAS-regulated stablecoin.” The label is intended to help users distinguish SCS subject to the framework from other stablecoins or digital payment tokens.
The framework does not appear to prohibit other stablecoins from being issued or circulated in Singapore. Tokens outside the SCS framework, including overseas-issued stablecoins or stablecoins referencing other assets, remain subject to the broader digital payment token regime where applicable. Non-bank SCS issuers with circulation not exceeding S$5 million, and tokenized bank liabilities, are outside the initial SCS framework as described in MAS’s response materials.
Recognition is also tied to issuance in Singapore. MAS’s response materials indicate that multi-jurisdiction issuance would not be allowed at the onset for stablecoins seeking the MAS-regulated label, reflecting the regulator’s preference for clear supervisory responsibility while international stablecoin regimes remain uneven.
MAS’s core focus is value stability. The framework would subject SCS reserve assets to requirements for composition, valuation, segregation, custody, attestations and audit. Available descriptions of the final framework state that reserves should be low-risk, highly liquid and valued at no less than 100% of SCS in circulation. Reserve assets are expected to be segregated from the issuer’s assets, with monthly independent attestations and annual audits.
Issuers recognized under the framework would need minimum base capital and liquid assets intended to reduce insolvency risk and support recovery or orderly wind-down. Secondary summaries of the MAS response state that base capital would be the higher of S$1 million or 50% of annual operating expenses. The framework also ringfences the issuer by restricting non-issuance activities such as lending, staking, fund management and trading in digital payment tokens other than the issuer’s own MAS-regulated SCS.
The framework is designed to give holders a redemption claim against the issuer. Issuers would be expected to return the par value of SCS within five business days of a redemption request for holders redeeming directly with the issuer. Redemption conditions should be reasonable and disclosed upfront. Disclosure obligations also include information about the value-stabilizing mechanism, holder rights and reserve-asset audit results.
MAS consulted on stablecoin-related activities in October 2022 and announced the final framework on August 15, 2023. In 2025 parliamentary and public statements, MAS said it was preparing stablecoin legislation and would focus on sound reserve backing and redemption reliability. This profile therefore uses the taxonomy status “Proposed” until Singapore publishes or commences implementing legislation.
For Singapore, the SCS framework would create a dedicated pathway for recognition of certain fiat-referenced stablecoins, while keeping other tokens under existing digital payment token regulation. MAS has indicated that the Payment Services Act would be amended to include a stablecoin issuance service. The regime is most relevant to Singapore-based issuers, payment firms, exchanges, custodians and institutional users evaluating regulated settlement assets.
This profile is a legal-reference summary, not legal or compliance advice. Editors should re-check the Monetary Authority of Singapore and Singapore Statutes Online before publication or import, because the framework’s operative status depends on implementing legislation and commencement details.
Applies to single-currency stablecoins issued in Singapore and pegged to the Singapore dollar or a G10 currency.
Reserve assets are expected to meet composition, valuation, segregation, custody, monthly attestation and annual audit standards.
Issuers would maintain minimum base capital and liquid assets to reduce insolvency risk and support recovery or orderly wind-down.
Framework expects issuers to return par value within five business days for holders redeeming directly with the issuer.
Only issuers meeting all framework requirements may apply for recognition and labeling as MAS-regulated stablecoins.
MAS consulted on its proposed regulatory approach for stablecoin-related issuance and intermediation activities.
MAS announced the final single-currency stablecoin framework after considering consultation feedback.
MAS told Parliament it was preparing legislation for a stablecoins regulatory framework.
MAS highlighted sound reserve backing and redemption reliability as it worked on regime details.
Monetary Authority of Singapore
Digital payment tokens, Stablecoins
As of June 8, 2026, this profile treats the framework as proposed because MAS has said implementing stablecoin legislation is being prepared. Re-check MAS and Singapore Statutes Online before publication for any commencement notice or bill text.
