What happened
MAS has presented a draft amendment to introduce the single-currency stablecoin regime under Singapore's Payment Services Act.
Why it matters
The draft amendment could mark a significant stage in transitioning Singapore's single-currency stablecoin regime from an established regulatory approach to formal legislation.
On 1 September 2026, the Monetary Authority of Singapore (MAS) published a consultation paper containing draft amendments. These are intended to bring into effect the MAS-SCS single-currency stablecoin regime under the Payment Services Act.
According to Fireblocks, the industry had been awaiting this legislative step since MAS finalized its approach in August 2023. The publication was initially expected in the fourth quarter of 2025.
The practical significance of the document cannot yet be fully assessed: the available description does not include the text of the requirements, consultation timelines, the adoption process for the amendments, or specific provisions for Fireblocks and its clients. The next observable signal will be the content of the consultation process and the further progression of the draft into law.
Confirmed facts
- 1 September 2026, MAS published a consultation document with draft amendments.
- The draft amendments are intended to bring into effect the MAS-SCS single-currency stablecoin regime under the Payment Services Act.
- MAS finalized its approach to the regime in August 2023.
- Legislation was initially expected to be published in the fourth quarter of 2025.
- The source of the report is the Fireblocks blog, published on 3 September 2026.
Context
This concerns the legislative formalization of MAS's approach to single-currency stablecoins, which was previously established by the regulator.
What remains unknown
- What specific requirements does the draft amendment contain?
- When will the consultation conclude and will the draft be adopted?
- How will the new rules affect Fireblocks and its clients?
- Which stablecoins will be eligible for MAS-SCS status?
Editorial context
Confidence: medium
The likely consequence is a shift by market participants toward a more concrete assessment of the MAS-SCS regime requirements and preparation for the consultation process. The next signal will be the publication of the draft details and further actions by MAS regarding its legislative enactment. Significant uncertainty remains: the available description does not reveal the content of the amendments, timelines, or the final scope of regulation.