CBSR · evidence library

Singapore stablecoin regulation evidence | CBSR historical snapshot

Explore 13 Singapore stablecoin regulatory records with source locators, issuer pathways, reserve and yield rules, legal-force and review status in the 20 August 2026 CBSR snapshot.

Read this jurisdiction in context

Singapore's records distinguish the Payment Services Act and DTSP regime from the MAS single-currency stablecoin framework. The latter is labelled finalized_policy_pending in the pinned snapshot. The SCS label's SGD/G10 and Singapore-issued scope, the no-lending/staking activity boundary, and the origin-egress constraint are distinct issues.

Coverage and unresolved review work

Records: 13
Binding status: finalized_policy_pending: 9/13; in_force_enacted: 4/13
Evidence tier: firm_summary: 10/13; unverified: 3/13
Review freshness: stale: 7/13; unknown: 6/13
Source availability: official: 7/13; unavailable: 6/13

Four regulatory questions and their evidence

Issuer pathway

sg-scs-issuer_pathway-001

Snapshot record wording · not a statutory quotation

The MAS Single-Currency Stablecoin (SCS) framework applies only to stablecoins pegged to the Singapore Dollar or any G10 currency and issued in Singapore; tokens pegged to other assets or issued offshore stay under the general Digital Payment Token regime and may not use the 'MAS-regulated stablecoin' label. Non-bank SCS issuers with circulation above S$5 million must hold a Major Payment Institution (MPI) licence; those below are exempt from the framework but cannot use the label. Banks are exempt from the PSA licence requirement and may issue under their banking framework. Issuers must be incorporated in Singapore.

Instrument / locator: Payment Services Act 2019 (PSA, amended 2022); MAS Single-Currency Stablecoin Regulatory Framework (finalised 15 Aug 2023)
SCS framework — peg scope (SGD/G10, Singapore-issued); MPI licence > S$5m; Singapore incorporation
Primary-source link: Unavailable in snapshot; not inferred
Binding / legal status: finalized_policy_pending
finalized_policy_pending
Claim / evidence tier: tier1_legal
unverified
Source disposition / check: unavailable
source_unavailable
Last source check / next due: Not evidenced / Not evidenced
Freshness / review stage: unknown
unreviewed
Independent second reviewer: Not recorded
Effective from / until, as recorded: 2023-08-15 / Not evidenced
Uncertainty: high
Exact committed record: sg-scs-issuer_pathway-001.yaml

Reserve and backing

sg-scs-reserve_backing-001

Snapshot record wording · not a statutory quotation

SCS reserves must be 100% backed in cash, cash equivalents, or short-term sovereign debt securities denominated in the pegged currency, valued at daily mark-to-market, segregated from the issuer's own assets, and held with MAS-approved custodians. Reserves are subject to monthly independent attestation and annual external audit, with audit reports publicly disclosed.

Instrument / locator: MAS Single-Currency Stablecoin Regulatory Framework (15 Aug 2023)
SCS framework: 100% reserve in low-risk assets
Primary-source link: Open the source recorded by CBSR
Binding / legal status: finalized_policy_pending
finalized_policy_pending
Claim / evidence tier: tier1_legal
firm_summary
Source disposition / check: official
checked
Last source check / next due: 2026-06-27 / 2026-07-11
Freshness / review stage: stale
primary_reviewed_second_pending
Independent second reviewer: Not recorded
Effective from / until, as recorded: 2023-08-15 / Not evidenced
Uncertainty: high
Exact committed record: sg-scs-reserve_backing-001.yaml

Permitted activity and yield

sg-scs-permitted_activity_yield-001

Snapshot record wording · not a statutory quotation

Yield is not directly prohibited, but the MAS-regulated SCS label is restricted to SGD or G10-pegged tokens issued from Singapore-incorporated entities, and SCS issuers are forbidden from engaging in lending or staking. The activity prohibition (no lend/stake) is the operative yield-adjacent constraint rather than a flat interest ban.

Instrument / locator: MAS Single-Currency Stablecoin framework (Aug 2023) — issuer activity restrictions
SCS framework: no lending/staking by SCS issuers; SGD/G10 label scope
Primary-source link: Open the source recorded by CBSR
Binding / legal status: finalized_policy_pending
finalized_policy_pending
Claim / evidence tier: tier1_legal
firm_summary
Source disposition / check: official
checked
Last source check / next due: 2026-06-27 / 2026-07-11
Freshness / review stage: stale
primary_reviewed_second_pending
Independent second reviewer: Not recorded
Effective from / until, as recorded: Not evidenced / Not evidenced
Uncertainty: high
Exact committed record: sg-scs-permitted_activity_yield-001.yaml

Monetary sovereignty

sg-scs-monetary_sovereignty-001

Snapshot record wording · not a statutory quotation

There is no aggregate usage cap; foreign-currency-pegged tokens simply are not 'MAS-regulated stablecoins' and circulate as ordinary digital payment tokens, leaving market access open at the monetary-sovereignty layer.

Instrument / locator: MAS Stablecoin Regulatory Framework; Payment Services Act 2019
SCS framework: SGD/G10 label scope; foreign-pegged tokens treated as ordinary DPTs
Primary-source link: Open the source recorded by CBSR
Binding / legal status: finalized_policy_pending
finalized_policy_pending
Claim / evidence tier: tier1_legal
firm_summary
Source disposition / check: official
checked
Last source check / next due: 2026-06-27 / 2026-07-11
Freshness / review stage: stale
primary_reviewed_second_pending
Independent second reviewer: Not recorded
Effective from / until, as recorded: Not evidenced / Not evidenced
Uncertainty: high
Exact committed record: sg-scs-monetary_sovereignty-001.yaml

Complete record inventory

Record / dimension	Recorded source locator	Binding status	Freshness	Source check date
AML and KYC	PS Act 2019 DPT licensing; MAS Notices PSN02/PSN03 (AML/CFT, travel rule)	in_force_enacted	unknown	Not evidenced
Bank and non-bank routing	Eligible issuers (banks / major payment institutions); reserve segregation	in_force_enacted	unknown	Not evidenced
Capital requirements	SCS framework: base capital and liquid-asset requirements	finalized_policy_pending	stale	2026-06-27
Cross-border data	PDPA cross-border transfer safeguards; MAS data-hosting guidelines	in_force_enacted	unknown	Not evidenced
Distribution	SCS framework: label/disclosure on distribution	finalized_policy_pending	stale	2026-06-27
Implementation status	Implementation timeline — PSA 2020; SCS Aug 2023; DTSP Jun 2025; full SCS mid-2026	finalized_policy_pending	unknown	Not evidenced
Issuer pathway	SCS framework — peg scope (SGD/G10, Singapore-issued); MPI licence > S$5m; Singapore incorporation	finalized_policy_pending	unknown	Not evidenced
Monetary sovereignty	SCS framework: SGD/G10 label scope; foreign-pegged tokens treated as ordinary DPTs	finalized_policy_pending	stale	2026-06-27
Permitted activity and yield	SCS framework: no lending/staking by SCS issuers; SGD/G10 label scope	finalized_policy_pending	stale	2026-06-27
Redemption	SCS framework: redemption at par within 5 business days	finalized_policy_pending	stale	2026-06-27
Regulatory authority	MAS authority under the Payment Services Act 2019	in_force_enacted	unknown	Not evidenced
Reserve and backing	SCS framework: 100% reserve in low-risk assets	finalized_policy_pending	stale	2026-06-27
Securities classification	SCS framework: 'MAS-regulated stablecoin' label vs DPT classification	finalized_policy_pending	stale	2026-06-27