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Singapore Tightens Regulations on Digital Currency

The Monetary Authority of Singapore (MAS) has finalized measures to strengthen regulations on digital payment token services, aiming to reduce consumer harm and ensure fair practices among industry players.

New Rules Outline

The new rules cover a range of areas including:

• Risk awareness assessments
• Restrictions on incentives and debt-financed transactions
• Measures to manage technology and cyber risks

Under the new regulations:

• Digital payment token service providers (DPTSPs) will be required to assess whether retail customers have sufficient knowledge of the risks involved before providing services.
• DPTSPs will be barred from offering incentives, such as sign-up bonuses or trading incentives, to attract consumers.

Additional Measures

MAS has also restricted DPTSPs from:

• Providing credit facilities for retail customers to purchase digital payment tokens
• Entering into leveraged transactions with retail customers

The new regulations also mandate that DPTSPs implement robust IT controls to:

• Protect customer information
• Ensure swift recovery strategies in the event of system failures

Transition Period and Guidelines

MAS has given industry players a nine-month transition period to implement the measures, which will be detailed in guidelines published in mid-2024. The authority has also stated that it will publish subsidiary legislation on asset segregation and custody measures in due course.

Establishing Singapore as a Responsible Player

The move is seen as part of Singapore’s efforts to establish itself as a responsible player in the global digital payment token market, while ensuring the well-being of its citizens.

Reference Materials

Reference materials are available on the MAS website at www.mas.gov.sg.

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