Singapore MAS Brief

Headline

MAS consults on legislative amendments to implement its Single-Currency Stablecoin regulatory framework under the Payment Services Act

Executive Summary

MAS published a consultation paper on September 1, 2026 proposing legislative amendments to the Payment Services Act 2019 to implement its Single-Currency Stablecoin framework. The paper covers value stability, capital adequacy, redemption at par, disclosure obligations, multi-jurisdictional issuance, foreign stablecoin recognition, and additional consumer protection requirements.

Bottom Line

MAS's consultation paper proposes the legislative amendments required to convert its Single-Currency Stablecoin policy framework into binding statutory obligations under the Payment Services Act 2019. The proposed amendments restrict the "MAS-regulated stablecoin" label to licensed issuers, introduce a joint-issuance pathway for cross-border structures, propose recognition of a limited set of foreign-issued stablecoins, and add financial stability requirements including an interest prohibition and mandatory wind-down planning. The comment period closes October 16, 2026. Cresthaven reading: stablecoin issuers operating in or into Singapore, including those with joint cross-border structures, face a defined window to shape the legislative text before it advances toward enactment.

Key Regulatory Signals

• Licensed-Issuer Labeling Restriction: Under the proposed framework, only issuers licensed under the MAS Single-Currency Stablecoin framework would be permitted to describe themselves as licensed MAS-regulated stablecoin issuers or represent their stablecoins as "MAS-regulated stablecoins". Non-MAS-regulated stablecoins would be treated as Digital Payment Tokens and subject to the consumer protection safeguards applicable to that category.
• Multi-Jurisdictional Issuance Pathway Proposed: MAS proposes to allow stablecoins jointly issued by a Singapore and a foreign issuer to qualify under the framework and carry the "MAS-regulated stablecoin" label, provided that risks are sufficiently mitigated. Cresthaven reading: cross-border issuance structures that currently sit outside the framework may need to assess whether joint-issuer arrangements meet the proposed risk-mitigation conditions.
• Foreign-Issued Stablecoin Recognition Proposed: MAS proposes to recognize a limited number of foreign-issued stablecoins regulated under a comparable foreign regulatory framework, citing cross-border wholesale use cases. The release does not specify which foreign frameworks or stablecoins would qualify.
• Financial Stability and Consumer Protection Enhancements Proposed: MAS proposes to prohibit payment of interest on MAS-regulated stablecoins, require stress testing, and mandate recovery and orderly wind-down plans for licensed issuers. A requirement to safeguard customer monies received before stablecoins have been issued is also proposed, mirroring safeguards applicable to existing Payment Services Act licensees.
• Comment Period Open Through October 16, 2026: MAS invites interested parties to submit comments by October 16, 2026 via FormSG. The consultation paper is available on the MAS website.

Regulatory Delta

The MAS Single-Currency Stablecoin framework was first announced as a policy position in 2023. This consultation paper is the next formal step, proposing specific legislative amendments to give the framework statutory effect under the Payment Services Act 2019.

The proposed amendments introduce elements not present in the earlier policy announcement: multi-jurisdictional joint-issuance eligibility, foreign stablecoin recognition, an interest prohibition, and mandatory recovery and wind-down planning for licensed issuers.

The EU's Markets in Crypto-Assets Regulation, which entered into force in 2023 and applies stablecoin-specific reserve and redemption requirements, provides a comparable international reference point. MAS's proposed foreign stablecoin recognition pathway explicitly contemplates alignment with comparable foreign regulatory frameworks.

Materiality Classification

MEDIUM — A sector-wide consultation on proposed legislative amendments with a standard comment period; no binding obligations are created by this release, but the proposals directly affect the compliance baseline for stablecoin issuers and Digital Payment Token service providers operating under the Payment Services Act.

Time Horizon

comment_close — 2026-10-16

Intelligence Outlook

Monitor MAS for the response to this consultation and any subsequent draft legislative amendments to the Payment Services Act implementing the Single-Currency Stablecoin framework.