The state of play at 30 June 2026

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At the cut-off date of this book Singapore's digital-asset regulation rested on five pillars. The Payment Services Act 2019, as amended, licensed digital payment token services for Singapore customers with a perimeter that included custody, transfer and non-custodial facilitation. The consumer protection guidelines (PS-G03) and the marketing guidelines (PS-G02) governed the retail business of those licensees, with the full set of consumer-access and business-conduct measures effective for a year. The Securities and Futures Act 2001 governed tokens that were capital markets products and the platforms that traded them. Part 9 of the Financial Services and Markets Act 2022 licensed, in theory and almost never in practice, the overseas-only provider. The stablecoin framework of 2023 awaited its statutory form.

Two developments were pending at the cut-off date. The first was the legislative implementation of the stablecoin framework, which the author expects to be completed through amendments to the Payment Services Act 2019 but which had not, to the author's knowledge, been enacted by 30 June 2026. The second was the commercial deployment of the tokenisation infrastructure announced in November 2024, which would raise questions under the Securities and Futures Act 2001 about the regulatory status of tokenised fund units and bonds traded on shared networks. Part K, Chapters VI and VII take up both.

For general information only. This article does not constitute legal or tax advice, does not replace advice on an individual case and creates no lawyer-client relationship. It reflects the legal position as of October 2026.