Overview

• MAS pushed its planned start date from January 1, 2026 to January 1, 2027 or later following a public consultation.
• The regulator received 13 submissions, including one from Circle, with most warning that an earlier rollout risked regulatory arbitrage.
• The EU is already applying the Basel crypto standard via CRR3 from 2025, Hong Kong plans implementation in January 2026, and Switzerland has also signaled delays.
• The Basel framework assigns steep risk weights to cryptoassets, with charges up to 1,250% for the highest-risk exposures and lower weights for tokenized or well-reserved assets.
• MAS said it will monitor global developments and finalize parameters to fold crypto exposures into banks’ capital, liquidity and large exposure regimes.