Jurisdiction reference
Singapore
Regulator: MAS. License/registration context: Licensing. 43 VASP/entity records are tracked by Plexo Institute in Singapore. Official registry source: MAS DPT Register. Data last updated: 2026-09-24.
MAS Stablecoin Regulatory Framework (Aug 15, 2023): It covers Single-Currency Stablecoins (SCS) pegged to SGD or G10 currencies. It requires licensing, 1:1 reserve backing, timely (within 5 business days) redemption, and monthly attestations. Issuers of a "MAS-regulated stablecoin" with circulation exceeding S$5 million will need a Major Payment Institution (MPI) license from the MAS. SCS issuers below the threshold will not be regulated.
Regulatory Status
- Jurisdiction code
- SG
- Regime
- Licensing
- Regulator
- MAS
- Governing law
- Payment Services Act 2019
- Travel Rule
- Enforced
- Tracked entities
- 43
- Recognized stablecoin backing
- fiat-backed
- Yield-bearing stablecoins
- Restricted
- Currency
- SGD
Regulatory approach
The Monetary Authority of Singapore (MAS) is Singapore's central bank and integrated financial regulator, established in 1971. It manages monetary policy, issues currency, regulates financial institutions, and oversees the stability and development of Singapore's financial sector, while also promoting innovation and positioning Singapore as a leading global financial hub.
Licensed entities in Singapore
Showing 2 of 43 regulated-entity records tracked in Singapore by Plexo Institute.
| Entity | Status | License type |
|---|---|---|
| Pte | Licensed | Major Payment Institution |
| Sbi Coinhako Technology Pte | Licensed | Major Payment Institution |
Browse all 43 records in the regulated-entity registry, including the remaining 41 in Singapore.
Stablecoin laws in Singapore
Primary legal texts Plexo Institute tracks for Singapore.
- MAS Stablecoin Regulatory Framework (enacted 2023-08-15)
Establishes rules for single-currency stablecoins pegged to SGD or G10 currencies, requiring full backing by cash and equivalents, daily valuation, redemption rights, and prudential safeguards.
- Payment Services Act (enacted 2019-01-28)
Provides licensing and oversight of digital payment token services, forming the foundation for regulating stablecoin issuers in Singapore.
Central bank digital currency in Singapore
Plexo Institute tracks 1 central bank digital currency programme in Singapore.
- Project Orchid / Purpose Bound Money — Status: Research · Central bank: Monetary Authority of Singapore (MAS) · Model: Both · Technology: Purpose Bound Money protocol
Relationship Graph
Jurisdiction FAQ
Who regulates Singapore?
The current Plexo Institute record lists MAS as the regulator for Singapore.
How many VASPs are tracked in Singapore?
43 VASP/entity records are tracked by Plexo Institute in Singapore.
What is the Travel Rule status in Singapore?
The current Plexo Institute record lists the Travel Rule status for Singapore as Enforced.
Source Evidence
This profile is compiled from official legislation and regulator records. Source confidence: official source evidence.