Stablecoin Issuer Framework
Dedicated framework for issuing MAS-regulated single-currency stablecoins pegged to SGD or G10 currencies with 100% reserve backing.
Payment Services Act 2019 (amended), MAS Stablecoin Regulatory Framework 2023
Capital Required
TBD by MAS (framework effective mid-2026)
Timeline
6-12 months (anticipated)
Fees
TBD (framework launching mid-2026)
Regulatory Body
Monetary Authority of Singapore (MAS)
Legislative Framework
Payment Services Act 2019 (PSA), Securities and Futures Act (SFA), Financial Services and Markets Act 2022 (FSMA), MAS Technology Risk Management Guidelines
Last updated: July 2025
Key Requirements
100% reserve backing in corresponding fiat currency or government securities with weekly verification audits
Par-value redemption within 5 business days maximum (1 business day preferred) at 1:1 ratio
Restricted business model prohibited from investing reserves or extending credit using reserves
Governance framework with at least one-third independent board directors and clear reserve policies
Comprehensive stablecoin prospectus detailing reserve composition, redemption procedures, and risks
Smart contract audits and code review by independent security firms with ongoing monitoring
Segregated reserve accounts with MAS-licensed banks under custodial arrangements with audit rights
Clear disclosure to users regarding stablecoin status, reserve backing, and regulatory safeguards
Application Process
Monitor MAS framework launch (anticipated mid-2026) and regulatory guidance publication
Prepare stablecoin business plan and governance documentation aligned with expected MAS requirements
Establish reserve account with MAS-licensed bank and finalize custody and audit arrangements
Submit stablecoin issuer application to MAS including prospectus, reserve policy, and smart contract docs
MAS review and engagement on reserve adequacy, redemption procedures, and governance structure
Final MAS approval and license issuance upon satisfaction of framework requirements
Expected Total Timeline
6-12 months (anticipated)
Ongoing Obligations
After obtaining your Stablecoin Issuer Framework, these are the continuing compliance requirements you must maintain.
Weekly independent audits of stablecoin reserves with auditor reports submitted to MAS monthly
Quarterly reporting of stablecoin circulation, redemption activity, and reserve composition to MAS
Maintain segregated reserves at 100% of outstanding stablecoins with continuous custodial oversight
Immediate notification to MAS within 2 days of reserve shortfalls, redemption failures, or incidents
Annual compliance certifications regarding reserve adequacy and restricted business model adherence
Annual cybersecurity and business continuity testing with results submitted to MAS
Cost Summary
Capital Requirement
TBD by MAS (framework effective mid-2026)
Application & Licensing Fees
TBD (framework launching mid-2026)
Jurisdiction Setup Cost
$40,000-$120,000
Annual: $60,000-$150,000
Other Singapore Licenses
Explore other license types available in Singapore.
Major Payment Institution License
Standard Payment Institution License
Capital Markets Services License
Licensed Fund Management Company
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