MAS Delays Basel Crypto Capital Rules to 2027 After USDC Issuer Circle and Coinbase Warn of Regulatory Arbitrage

On October 9, 2025, the Monetary Authority of Singapore (MAS) published a consultation summary announcing a postponement of the implementation of the Basel-based crypto asset capital rules to January 1, 2027 or later. The decision reflects a measured prudential approach to rulemaking and aims to align Singapore’s capital framework with international supervisory standards established by the Basel Committee.

MAS reported it received submissions from 13 market participants, including stablecoin issuer Circle and cryptocurrency exchange Coinbase, which highlighted concerns that an accelerated effective date of January 1, 2026 could create cross-border regulatory arbitrage. The consultation summary indicates MAS considered stakeholder feedback to reduce market fragmentation and promote supervisory consistency within Singapore‘s financial ecosystem.

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