Singapore
Legislation
Payment Services Act 2019 (amended 2024)
Authority
MAS
Effective
January 28, 2020
Overview
Asia's most mature stablecoin framework
The big picture: Singapore regulates stablecoins under the Payment Services Act (PSA), with MAS finalizing a dedicated Single-Currency Stablecoin (SCS) framework in August 2023.
- SCS covers stablecoins pegged to the SGD or any G10 currency
- Reserves must be held in cash, government securities, or central bank deposits denominated in the peg currency
- Custodians must be located in Singapore or qualifying jurisdictions
- Compliant tokens may carry a "MAS-regulated" label — a trust signal for institutional adoption
Between the lines: Singapore's regime stands out for its clarity on cross-border interoperability.
- MAS participates in Project Dunbar (multi-CBDC settlement)
- Active in the FATF Travel Rule working group
- Bilateral digital asset agreements with Japan, Switzerland, and the UK
Coming Soon
Detailed regulatory analysis
In-depth coverage of this jurisdiction's stablecoin framework is being developed for a dedicated satellite site in the Atlas network.
Back to Atlas →