Singapore Stablecoin Regulation Proposals Under MAS Review

Singapore is moving to turn years of stablecoin guidance into hard law. The Monetary Authority of Singapore has opened a public consultation on amendments to the Payment Services Act of 2019, a step that would formally lock in the rules governing who can issue a stablecoin in the city-state and how. The push toward tighter Singapore stablecoin regulation comes as tokens pegged to fiat currencies increasingly move through real payment rails, not just crypto exchanges, and regulators want the rulebook to catch up with that shift.

Key takeaways

• MAS has proposed amendments to the Payment Services Act of 2019 to formally codify Singapore’s stablecoin framework into law.
• The proposed rules cover reserve backing, redemption at par, disclosure, and capital requirements for issuers.
• Public consultation on the amendments runs until October 16, 2026, giving industry and the public roughly six weeks to weigh in.
• The goal is to convert existing policy guidance into enforceable legislative rules, adding clarity for issuers and users alike.
• The regulatory shift is also being watched by crypto market participants tracking assets like STRC, given its potential sensitivity to how the final framework shapes out.