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ARTICLE · 08 SEPTEMBER 2025

The Global Stablecoin: Stablecoin Regulatory Framework In Singapore

K&L Gates
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With the passage of the GENIUS Act in the US, there has been an increased focus on how different countries have approached Stablecoin regulation. This blog examines stablecoin regulation in Singapore.

SingaporeTechnology
Lucas Nicolet-Serra
Lucas Nicolet-Serra
Edward Bennett
Edward Bennett
Judith E. Rinearson
Judith E. Rinearson

With the passage of the GENIUS Act in the US, there has been an increased focus on how different countries have approached Stablecoin regulation. This blog examines stablecoin regulation in Singapore.

On 15 August 2023, the Monetary Authority of Singapore (MAS) announced plans for a new Stablecoin Issuance Service under the Payment Services Act (PSA). This new Stablecoin Regulatory Framework (SCS Framework) aims to bring trust and clarity to stablecoins issued in Singapore.

What Stablecoins Are Covered?

  • Only single-currency stablecoins (SCS) pegged to the Singapore Dollar (SGD) or a G10 currency (e.g. USD, EUR, JPY).
  • Issuers must be based in Singapore.
  • Stablecoins pegged to other assets, or issued outside Singapore, will remain under the current digital payment token (DPT) rules.

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