Singapore’s proposed stablecoin framework: Global trends and key implications for industry 07 Sep 2026 On 1 September 2026, the Monetary Authority of Singapore (“MAS”) published its Consultation on Proposed Amendments to the Payment Services Act for Stablecoin Regulation (the “Consultation Paper”), setting out proposed amendments to the Payment Services Act (“PS Act”) to implement Singapore’s regulatory framework for stablecoins and further develop the MAS-regulated single currency stablecoin framework first finalised in 2023 (the “MAS-SCS Framework”). The Consultation Paper comes at a significant time for stablecoin regulation globally. Regulatory frameworks are now in force or under development across a number of major financial centres, although there is no uniform model. Some jurisdictions have established dedicated issuer regimes; others regulate stablecoins within broader payments, electronic-money or cryptoasset frameworks; and several provide for additional requirements where a stablecoin becomes systemically important. MAS’s proposals incorporate elements of these approaches, while also addressing the cross-border nature of stablecoin issuance through proposed frameworks for multi-jurisdictional issuance and recognition of foreign-regulated stablecoins. MAS has indicated that it intends to take a selective and risk-based approach to authorising stablecoin issuance licences and recognising foreign-issued stablecoins. In this bulletin, we consider: - the principal elements of MAS’s proposed stablecoin framework; - the relationship between Singapore’s proposals and emerging approaches in other major jurisdictions; - the implications for prospective MAS-regulated stablecoin issuers and applicants; - the proposed recognition framework for foreign-issued stablecoins; - the implications for licensed major payment institutions (“MPIs”) providing digital payment token (“DPT”) services and DPT licence applicants; and - the position of fiat payment and payout providers that do not themselves provide DPT services. Please click here to read more.