MAS Consults on Payment Services Act Amendments to Implement Singapore Stablecoin Framework

The Monetary Authority of Singapore (MAS) has opened a consultation on proposed amendments to the Payment Services Act 2019 to implement Singapore’s regulatory framework for single-currency stablecoins.

MAS published the consultation on 1 September 2026. The proposals remain at consultation stage and are not yet final law. Feedback is due by 16 October 2026.

Framework would bring regulated stablecoins into the Payment Services Act

The proposed amendments would establish the legislative basis for the framework previously announced by MAS for single-currency stablecoins. The regime is intended to cover qualifying stablecoins whose value is pegged to a single currency and to impose requirements designed to support value stability and orderly redemption.

According to the consultation materials and MAS’ announcement, the framework would address reserve assets, capital, redemption and disclosure requirements. Issuers would also face stress-testing, recovery and wind-down expectations, while consumer safeguards would be strengthened.

MAS is also proposing to prohibit interest payments on regulated stablecoins. The consultation further considers allowing jointly issued Singapore-foreign stablecoins to qualify as “MAS-regulated stablecoins” and recognising a limited number of foreign-issued stablecoins where they are subject to comparable regulatory regimes.

Cross-border recognition is part of the proposal

The cross-border elements are significant because they would create a pathway for certain stablecoins issued partly or wholly outside Singapore to receive regulatory recognition, rather than limiting the framework strictly to domestic issuance. Any such recognition would depend on the applicable foreign regime meeting MAS’ comparability requirements.

The consultation is therefore an implementation step rather than a new standalone stablecoin policy. MAS first set out its stablecoin regulatory approach after earlier consultations; the September 2026 paper focuses on the legislative amendments needed to put that framework into the Payment Services Act.

For digital-asset and payment firms, the proposals clarify the direction of travel on issuer obligations, reserve backing, redemption, disclosures and cross-border recognition. The final requirements may change after consultation, so firms should distinguish the current proposals from the eventual enacted regime.