Singapore's MAS Consults on Law Changes for Stablecoin Rules

The Monetary Authority of Singapore (MAS) published a consultation paper on September 1, 2026, proposing amendments to the Payment Services Act 2019 to implement its long-planned stablecoin regulatory framework — the first time the rules would be written into primary legislation.

The amendments set out how stablecoin issuers can qualify to be MAS-regulated and the safeguards they must meet to support value stability and user protection. They would give legal force to the MAS Single-Currency Stablecoin (MAS-SCS) framework first sketched out in an October 2022 consultation.

The core of the proposal

Only issuers licensed under the framework would be allowed to describe themselves as licensed MAS-regulated stablecoin issuers or represent their stablecoins as “MAS-regulated stablecoins.” The framework applies to single-currency stablecoins issued in Singapore and pegged to the Singapore dollar or any G10 currency.

Stablecoins that are not MAS-regulated would be treated as digital payment tokens (DPTs) and would face the same consumer-protection safeguards as other crypto: customer risk-awareness assessments before access, a ban on incentives to trade, no financing, margin or leverage, and no acceptance of locally issued credit cards.

What is in scope of the consultation

MAS is seeking feedback on key requirements covering value stability, capital, redemption at par and disclosure — the pillars of the SCS framework. It is also asking for views on additional policy positions that reflect international developments in stablecoin regulation since the framework was first proposed in 2022 and refined in the regulator’s August 2023 response.

Interested parties have until October 16, 2026 to submit comments via FormSG, according to the regulator’s release.

What this does NOT tell you

The consultation covers stablecoins issued in Singapore under the SCS regime — it is not a blanket ban on foreign stablecoins such as USDT or USDC, which would simply be treated under existing DPT rules. Nor does it reveal how many issuers will actually seek the licence, or whether the stricter regime pushes activity to unlicensed channels. The rules define a label; adoption will decide whether the label matters.

The takeaway

Singapore is moving its stablecoin regime from guidance to statute, joining a global wave of jurisdictions — from the EU’s MiCA to the US GENIUS Act — that are turning stablecoin oversight into formal law. The October feedback deadline sets up the next stage: final amendments and, eventually, the first MAS-regulated stablecoin issuers.