The Monetary Authority of Singapore (MAS) issued clarifications on June 6 regarding the scope and application of its regulatory framework for Digital Token Service Providers (DTSPs), aiming to explain more clearly the rules published earlier this week under the Financial Services and Markets Act 2022. These clarifications followed MAS’s May 30 response to feedback on its proposed regulatory approach.

The authority confirmed that DTSPs serving only overseas customers with services involving digital payment tokens or tokenized capital market products will be required to obtain a license from June 30. MAS stated:

From 30 June 2025, DTSPs providing services solely to customers outside of Singapore relating to digital payment tokens and tokens of capital market products will need to be licensed.

MAS also noted that such licenses will generally not be issued due to elevated money laundering risks and the lack of direct supervisory oversight for activities conducted entirely outside Singapore.

Entities operating in Singapore remain subject to existing regulations and are not affected by the clarified guidance. MAS explained: “Providers of services for digital payment tokens or tokens of capital market products that serve customers in Singapore are already subject to regulation and there is no change to what the licensed providers can do. Such providers which serve customers in Singapore may also provide services to customers outside of Singapore.”

The authority also distinguished between regulated digital tokens and those used for other purposes, stating:

Providers of services in relation to other tokens, such as those only used as utility and governance tokens, are not subject to licensing or regulation under the new regime, and hence are not impacted.

The central bank emphasized that this position has been communicated consistently over the years, beginning with a consultation response in February 2022 and reaffirmed through updates in October 2024 and May 2025. The authority said it proactively reached out to firms likely to be affected to discuss compliance planning. It also reiterated the enforcement timeline: “Due to the higher risks presented by the specific circumstances set out above, existing DTSPs serving only customers outside of Singapore will be required to cease this activity when the regime comes into effect on 30 June 2025.”

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