Stablecoins in Singapore
How stablecoins are regulated, the MAS single currency stablecoin framework, and what the MAS regulated label means.
This is general information, not legal, tax, or financial advice. Verify the current rules with a qualified local professional and the official regulator before acting.
Using stablecoins is legal in Singapore as of January 2026. In August 2023 the Monetary Authority of Singapore (MAS) finalised a framework for single currency stablecoins (SCS) pegged to the Singapore dollar or a G10 currency and issued in Singapore. Only issuers that meet the reserve, capital and redemption requirements may apply to label their tokens MAS regulated stablecoins. Confirm the current legislative status with MAS, as implementation has been phased.
How stablecoins are regulated in Singapore
Holding and using stablecoins is legal in Singapore as of January 2026. On 15 August 2023 the Monetary Authority of Singapore (MAS) finalised a regulatory framework for single currency stablecoins (SCS) that are pegged to the Singapore dollar or any G10 currency and issued in Singapore. The framework builds on the Payment Services Act and creates a distinct standard for stablecoins that meet strict reserve and redemption rules. Because implementation has been phased through legislative amendments, confirm the current legislative status directly with MAS.
What the MAS regulated stablecoin label requires
To use the MAS regulated stablecoin label, an issuer must hold reserve assets worth at least 100 percent of the stablecoins in circulation at all times, in cash, cash equivalents or short term debt of the peg currency. The issuer must return the par value of the tokens to holders within five business days of a redemption request, meet base capital requirements, and is prohibited from other services such as lending and staking. Only issuers that meet all of these conditions may apply to MAS to label their tokens as MAS regulated stablecoins, which helps users tell them apart from other digital payment tokens.
Buying and using stablecoins
Stablecoins are available to residents through licensed digital payment token service providers. Widely used tokens such as USDC and USDT are stablecoins, but they are not automatically MAS regulated stablecoins under the framework, which centres on tokens pegged to the Singapore dollar or a G10 currency and issued in Singapore. Whether a specific token carries the MAS label should be confirmed with MAS rather than assumed.
On tax, the supply of digital payment tokens, which includes stablecoins used as payment tokens, has been exempt from goods and services tax since 1 January 2020. Income tax can still apply where stablecoin activity amounts to a trade. This is general information, not tax advice, so confirm with the Inland Revenue Authority of Singapore (IRAS).
Regulator and sources
- Monetary Authority of Singapore (MAS), media release, MAS Finalises Stablecoin Regulatory Framework, 15 August 2023.
- Monetary Authority of Singapore (MAS), Payment Services Act 2019, the basis for regulating digital payment tokens.
- Inland Revenue Authority of Singapore (IRAS), guidance on goods and services tax for digital payment tokens, exempt from 1 January 2020.
Sources are named for reference. Always confirm the current position directly with the named regulator or authority before acting.
Frequently asked questions
Are stablecoins legal in Singapore?+
Yes, as of January 2026. MAS finalised a framework for single currency stablecoins in August 2023.
What is a MAS regulated stablecoin?+
A single currency stablecoin whose issuer meets MAS reserve, capital and redemption requirements and is approved by MAS to use the label.
Does the framework cover USDT and USDC?+
The framework centres on single currency stablecoins pegged to the Singapore dollar or a G10 currency and issued in Singapore. Confirm whether a specific token qualifies with MAS.
Are stablecoins taxed in Singapore?+
Digital payment tokens are exempt from goods and services tax, and income tax can apply where activity is a trade. Confirm with IRAS.
Can stablecoin issuers also offer staking?+
Under the framework, single currency stablecoin issuers are prohibited from other services such as lending and staking.
Rules change. The framework's legislative implementation has been phased. Confirm the current position and which tokens carry the label with MAS.