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On 4 October 2024, the Monetary Authority of Singapore (MAS) published the Consultation Paper on Proposed Regulatory Approach, Regulations, Notices and Guidelines for Digital Token Service Providers issued under the Financial Services and Markets Act 2022 (P010-2024) ("Consultation Paper").
The Consultation Paper, which includes a number of Annexes, sets out the MAS' proposed new regulatory framework for digital token service providers (DTSPs) that will be regulated under Part 9 of the Financial Services and Markets Act 2022 (FSMA). The MAS' key proposals for the new regulatory framework for DTSPs center around licensing requirements, anti-money laundering and countering the financing of terrorism (AML/CFT) compliance, financial obligations and governance requirements. We provide further details on each area below.
We expect that the Consultation Paper will be of most interest to currently unlicensed DTSPs that may expect to be regulated under Part 9 of the FSMA.
If you have any feedback or comments for the MAS in relation to the proposals relating to the new regulatory frameworks for DTSPs, please reach out to the MAS via this link. The consultation will close on 4 November 2024.
Alternatively, if you have any questions on how this may impact your business or operations, please feel free to reach out to us.
Click here to read the full alert.
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