Singapore’s financial regulator, the Monetary Authority of Singapore (MAS), has announced major steps to advance digital-asset infrastructure and regulation. Next year, MAS plans to pilot tokenised bills issued by the government and settled using a wholesale central-bank digital currency (CBDC). Alongside this, MAS will prepare draft laws to regulate stablecoins, with a focus on ensuring strong reserve backing and reliable redemption mechanisms.
At a keynote at the Singapore FinTech Festival, MAS Managing Director Chia Der Jiun said tokenisation is growing but not yet at full speed — “escape velocity” for asset-backed tokens has yet to be achieved. He described how tokenised bank liabilities and government-backed digital instruments can benefit from regulatory safeguards around value stability. The pilot of tokenised bills marks a move to embed digital-asset settlement in mainstream finance.
Additionally, MAS is working on a regulatory guide for tokenised capital-markets products and cooperating with global regulators to align standards. The twin initiatives — tokenised bills and regulated stablecoins — position Singapore as a leader in building a secure, interoperable financial-digital ecosystem.
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