MAS 스테이블코인 규제 체계 핵심 정리

“Stablecoins regulated or recognised under the MAS-SCS regulatory framework will not fall within the definition of other financial instruments, under the PS Act as well as other legislation.”

“2026-10-16”

“Core obligations include requiring the issuers to maintain reserve assets at least equal to the par value of all stablecoins in circulation, and to fulfil redemption requests in the pegged currency within MAS-prescribed timeframes.”

“Similar safeguarding requirements will apply where money is due to be paid for stablecoin redemptions, but is not yet received by the stablecoin holder.”

“This will include key requirements of the MAS-SCS framework, particularly in relation to reserve assets (composition, valuation, segregation and custody, independent attestation and audit), redemption requirements for direct legal claim at par, prudential requirements (base capital, solvency), and requirements for white paper issuance.”

“Issuers of MAS-regulated stablecoin will be prohibited from paying interest, return, or any other benefit to a holder that is directly or indirectly attributable to the holding of or balance of MAS-regulated stablecoins.”

“To avoid public confusion, MAS proposes that any issuer of MAS-regulated stablecoin exiting the MAS-SCS framework be disallowed from conducting all issuance business, including that relating to non-MAS-regulated stablecoins.”

“MAS-regulated stablecoin issuers should not dispose of reserve assets for purposes other than fulfilling redemptions, until MAS is reasonably satisfied that there are no outstanding redemption requests from holders of MAS-regulated stablecoins.”

“MAS proposes that MAS-SCS issuers conduct such stress-testing at least quarterly.”

“Stablecoin issuers should conduct regular stress testing to ensure that their reserve assets and redemption mechanisms remain robust under adverse market conditions. Such stress testing should be carried out on a regular basis and incorporate both idiosyncratic shocks and systemic shocks. The scenarios, assumptions, methodologies and results of such stress tests should be reviewed at the board level, documented in risk management frameworks, and shared with the MAS.”

“Recovery plans: issuers must have in place plans to implement timely recovery and continuity of critical functions in the event of a significant disruption to their stablecoin issuance business.”

“In addition to these requirements, MAS proposes to require MAS-regulated stablecoin issuers to have in place technical capabilities to trace, freeze and/or burn the issued stablecoins if found to be used for or in support of illicit activities.”

“MAS-regulated stablecoin issuers will also be subject to existing AML/CFT, technology risk, consumer protection and other requirements under the PS Act.”

“This will include key requirements of the MAS-SCS framework, particularly in relation to reserve assets (composition, valuation, segregation and custody, independent attestation and audit), redemption requirements for direct legal claim at par, prudential requirements (base capital, solvency), and requirements for white paper issuance.”

“MAS expects to take a selective and risk-based approach in authorising stablecoin issuance licences and recognising foreign-issued stablecoins. MAS anticipates that this will result in a limited number of such stablecoins being authorised or recognised, with applications assessed holistically having regard to financial soundness, business viability and operational track record.”

“2026-10-16”