MAS
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| Document | Date | Subject |
|---|---|---|
| MAS statement: MAS clarifies regulatory position on the offer of digital tokens in Singapore | 1 August 2017 | Tokens that are capital markets products fall under the SFA; Part K, Chapter IV. |
| A Guide to Digital Token Offerings | 14 November 2017; revised 30 November 2018 and 26 May 2020 | Case studies on when a token is a security, a unit in a CIS or a DPT; prospectus exemptions; Part K, Chapter IV. |
| MAS Notice PSN01: AML/CFT for holders of payment services licences (specified payment services) | 5 December 2019, as amended | Due diligence for e-money and other specified payment services; Part L, Chapter I. |
| MAS Notice PSN02: AML/CFT for digital payment token service providers | 5 December 2019, as amended | CDD, enhanced CDD, S$ 20,000 occasional transaction threshold, value transfer (travel rule) requirements, record-keeping; Part L, Chapters II and III. |
| Guidelines to MAS Notice PSN02 | 5 December 2019, as amended | Interpretation of the notice, risk assessment and transaction monitoring expectations; Part L. |
| MAS Notice PSN05: Technology risk management | 2019, as amended | Technology risk requirements for payment service licensees; Part K, Chapter II. |
| MAS Notice PSN06: Cyber hygiene | 2019, in force 2020 | Baseline cyber security controls; Part L, Chapter VII. |
| MAS Notice PSN07: Conduct | 2019, as amended | Conduct of business requirements for payment service providers; Part K, Chapter II. |
| MAS Notice PSN08: Disclosures and communications | 2019, as amended | Disclosures to customers including risk warnings for DPT services; Part K, Chapter III. |
| Guidelines PS-G02: Provision of Digital Payment Token Services to the Public | 17 January 2022 | Prohibition of promotion of DPT services in public spaces and through third parties; Part K, Chapter III. |
| Guidelines PS-G03: Consumer Protection Measures by Digital Payment Token Service Providers | Phased effect from 4 October 2024 and 19 June 2025 | Retail consumer access measures; risk-awareness assessment; no credit, incentives or lending and staking for retail customers; Part K, Chapter III. |
| Technology Risk Management Guidelines | 18 January 2021 | Expectations for technology governance, system resilience and third-party risk; Part K, Chapter II. |
| Consultation paper and response on proposed regulatory measures for DPT services (customer protection) | Consultation 26 October 2022; response 3 July 2023 | Segregation of customer assets, statutory trust, daily reconciliation, restrictions on lending and staking; Part K, Chapter II. |
| Consultation paper and response on proposed regulatory approach for stablecoin-related activities | Consultation 26 October 2022; response 15 August 2023 | Single-currency stablecoin framework: reserve assets, capital, redemption at par within five business days, disclosure, "MAS-regulated stablecoin" label; Part K, Chapter VI. |
| Response to feedback on consumer access measures for DPT services | 23 November 2023 | Final shape of the retail protection measures later implemented through PS-G03; Part K, Chapter III. |
| Consultation paper and response on the regulatory regime for digital token service providers under FSMA Part 9 | Consultation 4 October 2024; response 30 May 2025; clarification 6 June 2025 | Commencement of Part 9 on 30 June 2025; no transitional period; licences for overseas-only providers only in extremely limited circumstances; Part K, Chapter V. |
| MAS Notices under FSMA for digital token service providers (AML/CFT, technology risk, cyber hygiene, conduct) | Issued 2025 with effect from 30 June 2025 | Obligations of DTSP licensees mirroring the PSA notices; Part K, Chapter V and Part L. |
| Project Guardian reports and frameworks (Guardian Fixed Income Framework, Guardian Funds Framework) | 2023–2025 | Industry frameworks for tokenised bonds and funds developed with MAS; Part K, Chapter VII. |
| MAS Enforcement Reports | Biennial and annual, 2019–2026 | Composition penalties, reprimands and prohibition orders against DPT and other licensees; Part N, Chapter VII. |
| Investor Alert List and Register of DPT and DTSP licensees | Continuously updated | Public lists of unregulated entities and of licensed providers; Part N, Chapter VII. |
For general information only. This article does not constitute legal or tax advice, does not replace advice on an individual case and creates no lawyer-client relationship. It reflects the legal position as of October 2026.