Global Digital Finance (GDF) prepared a response to the Monetary Authority of Singapore’s (MAS) consultation on proposed amendments to the Payment Services Act 2019 and additional policy proposals concerning the regulation of stablecoins in Singapore.
GDF supports MAS’ objective of establishing a robust regulatory framework that safeguards stablecoin holders, maintains value stability and strengthens market confidence. The response welcomes the proposed pathways for multi-jurisdictional stablecoin issuance and the recognition of appropriately regulated foreign-issued stablecoins, while emphasising the importance of regulatory clarity, proportionality and cross-border interoperability.
The submission highlights several key priorities, including distinguishing stablecoins from e-money and tokenised deposits, ensuring that reserve and liquidity requirements reflect actual redemption risks, and maintaining enforceable redemption rights. GDF recommends allowing the use of verified surplus reserve income to support compliant issuance operations while ensuring that customer principal and required reserves remain fully protected.
GDF also calls for a proportionate approach to restrictions on stablecoin incentives, issuance volumes and individual holdings, cautioning against blanket limitations that could unnecessarily constrain legitimate payment, treasury and institutional settlement activities.
The response further addresses financial crime controls, the treatment of self-custody wallets, operational resilience and the responsibilities of issuers and intermediaries. It recommends transparent and outcomes-based recognition of foreign regulatory regimes, alongside coordinated arrangements for cross-border redemption, reserve management and supervisory cooperation.
Overall, GDF advocates for a clear, risk-based and internationally interoperable stablecoin framework that protects consumers and financial stability while supporting innovation and Singapore’s position as a leading global digital finance centre.
Date: 16 October 2026