Monetary Authority of Singapore moves closer to stablecoin rollout with sweeping regulatory proposals

Singapore’s financial regulator just published the rulebook it wants stablecoin issuers to follow, and the fine print is forcing some hard decisions across the industry. The Monetary Authority of Singapore released consultation paper P015-2026 on September 1, proposing amendments to the Payment Services Act 2019 that would formalize the MAS Single-Currency Stablecoin (MAS-SCS) framework. The public feedback window closes October 16, after which subsidiary legislation will follow. What the framework actually requires To earn the label, issuers must maintain 100% reserve backing for their stablecoins at all times. They must also guarantee redemption at par value within five business days. The framework signals MAS isn’t looking to hand out approvals liberally. The regulator has explicitly stated it expects only a limited number of issuers and coins to receive authorization, based on a holistic assessment covering financial soundness and operational history. New territory: cross-border recognition The most consequential shift from the original 2023 policy framework is the opening toward multi-jurisdictional issuance. When MAS first articulated its stablecoin policy on August 15, 2023,...