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MAS (Monetary Authority of Singapore)

Institution · Regulator

The Monetary Authority of Singapore is Singapore's integrated central bank and financial supervisor, and on tokenisation it is the single most consequential regulator in APAC. MAS owns Project Guardian (the industry pilot programme that has set the architectural patterns used across the region), the Global Layer One (GL1) initiative on shared institutional infrastructure, the Single-Currency Stablecoin (SCS) framework that defines what an SGD-pegged stablecoin can be, the Digital Token Service Provider (DTSP) extraterritoriality regime under the Financial Services and Markets Act, and the May 2025 source-of-wealth guidance that governs how Singapore-licensed firms onboard crypto-active clients. For a tokenisation operator, MAS is both the licensing counterparty (Capital Markets Services, Major Payment Institution, Recognised Market Operator routes) and the regulator most likely to publish an architectural opinion that other jurisdictions then borrow.

Named programmes and pilots

  • Project Guardian. Industry pilot programme launched in 2022, organised as workstreams covering tokenised funds, fixed income, foreign exchange and trade finance, with participants running pilots under their existing licences rather than a single regulator-operated platform. More than 40 industry participants are active across fixed income, funds, FX and structured products, with Schroders/Calastone, UBS, Apollo and Franklin Templeton among the named workstream participants. Recent outputs include the ISDA and Ant International report on FX settlement with tokenised bank liabilities, published 3 July 2025 with contributors including BNY, HSBC, and GFXD and a quantified USD 50bn cross-border cost saving by 2030 if interoperability standardises (ISDA), and the ICMA-led Fixed Income workstream addendum on tokenised-bond DvP (delivery-versus-payment) and custody, published 12 November 2025 (ICMA).
  • Global Layer One (GL1). Institutional-grade shared public-network proposition letting MAS-licensed financial institutions deploy tokenised products without solving N-by-N interoperability between bespoke permissioned ledgers. GL1 Phase 1 concluded on 12 November 2025 with publication of a 108-control GL1 Toolkit, with BNY, Citi, JPMorgan, MUFG and Société Générale-FORGE as named participants and ECB, BdF and IMF as observers (Fintech News Singapore). See Singapore GL1.
  • Single-Currency Stablecoin (SCS) framework. Finalised as a guideline in August 2023, defining a single-currency stablecoin pegged to SGD or a G10 currency, with reserve, redemption and disclosure requirements routed through the Major Payment Institution licence. MAS confirmed in November 2025 that the framework will go into effect mid-2026. See SCS framework.
  • Digital Token Service Provider (DTSP) regime. Extraterritoriality regime under the Financial Services and Markets Act, switched on in 2024, requiring a Singapore licence for Singapore-incorporated entities providing digital token services exclusively to overseas clients. See DTSP extraterritoriality.

Role in tokenisation

MAS is structured as an integrated regulator: monetary authority, banking supervisor, securities and futures regulator, insurance regulator, and payments regulator under one statute. That single-roof design is part of why its tokenisation programme moves faster than the multi-agency US or Hong Kong configurations. There is no jurisdictional friction internally between the wholesale-CBDC team, the stablecoin team, and the capital-markets team; they sit in the same organisation and publish under the same authority.

The four load-bearing surfaces are Project Guardian, GL1, the SCS framework, and the DTSP regime. Project Guardian is the industry pilot programme covering tokenised funds, fixed income, foreign exchange, and trade finance, organised as named workstreams with named participating institutions. GL1 is the institutional-grade public-network proposition: a shared ledger layer that Singapore-licensed financial institutions can use for tokenised flows without each running their own permissioned ledger. The SCS framework, finalised in August 2023 and published as a guideline, defines a single-currency stablecoin pegged to SGD or a G10 currency, with reserve, redemption, and disclosure requirements, and routes issuance through the Major Payment Institution licence. The DTSP regime, switched on under FSMA in 2024, captures Singapore-incorporated entities providing digital token services to overseas clients only, plugging the previously open extraterritorial gap.

The May 2025 crypto source-of-wealth guidance is more recent and operationally consequential: it sets the standard for how Singapore-licensed firms (banks, asset managers, family offices) document and verify the legitimacy of crypto-derived wealth. The guidance closed an ambiguity that had complicated Singapore's relationship with crypto-rich high-net-worth clients without forcing those clients out of the perimeter.

Operating model

MAS's regulatory toolkit on tokenisation runs through three distinct routes. The capital markets route covers tokenised securities and tokenised investment products, supervised under the Securities and Futures Act through the CMS licence and Recognised Market Operator status. The payments route covers stablecoins and digital payment tokens under the Payment Services Act, with the SCS framework sitting as a guideline overlay on the MPI licence. The banking route covers tokenised deposits issued by MAS-licensed banks, supervised under the Banking Act with the deposit liability remaining inside the bank's regulatory perimeter.

Project Guardian operates as a coordinating framework rather than a sandbox. Participants run pilots under their existing licences with no temporary regulatory relief. MAS publishes architectural patterns, names participating institutions, and reviews outputs as they ship. The "graduation" question for any Guardian pilot is governed by the existing licensing regime, not by a Guardian-specific track. This is why the Guardian participant list is read as a leading indicator of MAS regulatory comfort: a name on a Guardian press release means the regulator has signed off on the pilot proceeding under the participant's existing licence.

GL1 is the more ambitious bet. The proposition is a shared network on which licensed financial institutions can deploy tokenised products and trade with each other without first solving N-by-N interoperability between bespoke permissioned ledgers. The participating set as of late 2025 includes BNY, Citi, JPMorgan, MUFG, Societe Generale, and Standard Chartered, with the network operationally distinct from any single bank's tokenisation rail. Whether GL1 becomes the default APAC institutional layer or competes alongside Canton Network, Partior, and bilateral bank links is the open architectural question.

The DTSP regime is the under-discussed extraterritoriality tool. A Singapore-incorporated entity that provides digital token services exclusively to clients abroad now needs a Singapore licence under FSMA, regardless of whether it serves any Singapore client. The intent was to prevent Singapore from being used as an offshore base for activities that would not be licensed if conducted onshore. The practical effect was to push some operators out of Singapore incorporation and to bring others into the licensed perimeter.

Why it matters

MAS's position matters for a few reasons.

  • MAS sets the APAC architectural defaults: when MAS publishes a design pattern (purpose-bound money, trust anchors, the SCS reserve mechanics, the GL1 shared-ledger proposition), other regulators in the region read it as a reference point, and the HKMA Project Ensemble architecture, the FSA's Payment Innovation Project framing, and the BoT's tokenisation work all carry visible MAS influence in their design vocabulary.
  • MAS runs the most product-bearing pilot programme in the region: Project Guardian is producing live tokenised fund issuance, live tokenised bond settlement, and live FX tokenisation, with named participants committing balance sheet to repeated cycles.
  • MAS's perimeter clarity attracts institutional issuers: the combination of CMS plus RMO licensing for tokenised securities venues, MPI licensing for stablecoin issuance, and CMS-plus-Trustee-Manager licensing for fund management collapses the licensing question into a tractable map.

The competitive frame is partly HKMA (deeper on wholesale CBDC architecture, narrower on the SCS analogue), partly the FSA (slower and more legally tidy on stablecoins, narrower on the cross-asset pilot programme), and partly the EU under MiCA (broader stablecoin perimeter, no Project Guardian analogue). MAS's edge is the integrated structure plus the willingness to publish opinions before legislating.

Recent moves

  • 12 November 2025At the Singapore Fintech Festival Layer One Summit, MAS announced the conclusion of GL1 Phase 1 with publication of a 108-control GL1 Toolkit aligned with global regulatory principles, and confirmed the planned non-profit GL1 Org as the Phase 2 governance vehicle. Named institutional participants include BNY, Citi, JPMorgan, MUFG, Société Générale-FORGE, with ECB, BdF, and IMF as observers (Fintech News Singapore coverage). See Singapore GL1.
  • November 2025Project Guardian Fixed Income workstream deliverables published as an addendum to the Guardian Fixed Income Framework, with two new pieces of operational guidance for tokenised-bond DvP and custody, addressing settlement-asset choice (wCBDC, tokenised bank liabilities, regulated stablecoins) and the custody arrangements that underpin them (ICMA news).
  • November 2025MAS announced a tokenised MAS bills trial for 2026 and confirmed the SCS framework will go into effect mid-2026, closing the multi-year gap between the SCS framework's August 2023 finalisation and operational issuer licensing.
  • 3 July 2025ISDA + Ant International industry report on FX with tokenised bank liabilities under Project Guardian published, with contributors including BNY, HSBC, OCBC, GFXD (ISDA). Quantified USD 50bn cross-border cost saving by 2030 if interoperability standardises.
  • May 2025Crypto source-of-wealth guidance published, setting the standard for onboarding crypto-active clients across MAS-licensed firms (Elliptic coverage).
    1. DTSP regime switched on under FSMA, capturing Singapore-incorporated entities serving overseas clients only.
  • August 2023SCS framework finalised as a guideline, defining the SGD and G10 single-currency stablecoin perimeter under the MPI licence.

Open questions

  • Whether GL1 reaches a critical-mass participant set that makes it the APAC default, or remains one shared-ledger option among several.
  • Whether MAS publishes a wholesale CBDC pilot at the depth of Project Ensemble in Hong Kong, or continues to route wholesale-cash work through bank-issued tokenised deposits and Partior.
  • How MAS treats AI agents holding regulated tokenised products on behalf of accredited investors. The May 2025 SoW guidance is silent on agentic-commerce flows.
  • Whether the SCS framework remains a guideline or is upgraded to legislation, and whether the G10 currency scope is widened.
  • The graduation cadence for Guardian pilots: which pilots become production products under existing licences, and which reveal a need for new licensing categories.