Singapore Tightens Regulation on Crypto Activities with New Licensing Mandate
Key Takeaways The Monetary Authority of Singapore (MAS) is expanding its regulatory framework to include more types of operations by digital payment token (DPT) service providers, including custodial services, DPT transfers and exchanges, and cross-border financial transactions. The amendments focus on preventing money laundering and terrorism financing, protecting users, and ensuring financial stability. DPT service providers must comply with new regulations and apply for a license to continue operations.
Key Takeaways
- The Monetary Authority of Singapore (MAS) is expanding its regulatory framework to include more types of operations by digital payment token (DPT) service providers, including custodial services, DPT transfers and exchanges, and cross-border financial transactions.
- The amendments focus on preventing money laundering and terrorism financing, protecting users, and ensuring financial stability.
- DPT service providers must comply with new regulations and apply for a license to continue operations.
