This paper sets out proposed legislative amendments to the Payment Services Act 2019 to introduce the regulatory framework for stablecoins in Singapore, as well as proposals on further requirements taking into account stablecoin developments since 2023. MAS invites comments from interested parties on the proposals set...

Consultation number:

P015-2026

Start date:

01 September 2026

Closing date:

16 October 2026

Types of Payment Services MAS regulates 7 types of payment services under the Payment Services Act (PS Act) . Payment service providers must hold a licence to provide these payment services in Singapore, unless exempted: Type of Payment Services Brief Description Account issuance service Issuing a payment account, or...

These Regulations apply to all entities regulated under the Payment Services Act and set out licensing and other ongoing requirements. Exemptions from certain requirements of the Act can also be found in these Regulations.

MAS announced the features of a new regulatory framework that seeks to ensure a high degree of value stability for stablecoins regulated in Singapore. The regulatory framework takes into account feedback received, following an October 2022 public consultation.

This consultation seeks views on the scope of money, e-money, and DPTs, as well as the regulation of payment services based on these forms of payment.

Consultation number:

P016-2019

Closing date:

28 January 2020

MAS response date:

15 August 2023