The Monetary Authority of Singapore (MAS) has recently published its response to feedback on the consultation paper it previously issued on the proposed regulatory framework, regulations, notices, and guidelines for digital token service providers (DTSPs) under the Financial Services and Markets Act 2022. The response addresses key areas including the regulatory approach, licensing, financial and key personnel requirements, anti-money laundering and countering the financing of terrorism obligations, technology risk management, cyber hygiene, reporting, and conduct standards applicable to DTSPs. MAS has also reiterated its regulatory stance towards DTSPs and confirmed that the new regulatory framework will be implemented on 30 June 2025.
This update discusses key points of MAS’ response.
If you would like information and/or assistance on the above or any other area of law, you may wish to contact the Partner at WongPartnership whom you normally work with or any of the following Partners:
Elaine CHAN
Co-Head – Financial Services Regulatory
d +65 6416 8010
e elaine.chan@wongpartnership.com
Click here to view Elaine’s CV.
CHAN Jia Hui
Partner – Financial Services Regulatory
d +65 6416 2794
e jiahui.chan@wongpartnership.com
Click here to view Jia Hui’s CV.
TIAN Sion Yoong
Partner – Financial Services Regulatory
d +65 6416 2488
e sionyoong.tian@wongpartnership.com
Click here to view Sion Yoong’s CV.
Melissa THAM
Partner – Financial Services Regulatory
d +65 6416 8226
e melissasm.tham@wongpartnership.com
Click here to view Melissa’s CV.