MAS Regulatory Framework Explained: What It Means for Blockchain Businesses in Singapore

Frequently Asked Questions

01.Do crypto businesses need a licence to operate in Singapore?

For regulated activities, yes. A firm providing digital payment token services to customers in Singapore needs a standard or major payment institution licence under the Payment Services Act unless exempt. A Singapore entity serving only overseas customers with payment or capital markets tokens has needed a digital token service provider licence since 30 June 2025, which MAS said it would grant only in extremely limited circumstances (MAS, May 2025). Services for utility and governance tokens only are outside that regime (MAS, June 2025).

02.Is the MAS stablecoin framework in force?

Not yet as law. MAS finalised its framework for single-currency stablecoins pegged to the Singapore dollar or a G10 currency in August 2023. In September 2026 it began consulting on Payment Services Act amendments to give the framework legal effect, with feedback due by 16 October 2026 (MAS, September 2026). Issuers seeking the MAS-regulated label can design to the 2023 framework and the September 2026 proposals, including the ban on paying interest, and adjust once the legislation is final.

03.Are tokenised securities regulated differently from cryptocurrencies in Singapore?

Yes. A token that is a capital markets product, such as a tokenised security or fund unit, falls under securities law rather than the payment token regime, so prospectus and licensing requirements can apply unless an exemption is available. MAS sets out its approach in the Guide on the Tokenisation of Capital Markets Products, last revised in November 2025 (MAS, November 2025).