Singapore MAS clarifies that the DTSPs regime applies only to payment tokens or capital markets product tokens

On June 6, the Monetary Authority of Singapore (MAS) today clarified the scope of application of the Digital Token Service Providers (DTSPs) regime. From June 30, 2025, only DTSPs that provide services related to digital payment tokens and tokens of capital markets products to customers outside Singapore need to be licensed. MAS licenses are issued with high standards, such businesses have high money laundering risks, and the main regulated activities are outside Singapore. It is difficult for MAS to be effectively regulated. Those who do not obtain a license will stop their regulated activities. Providers that provide related services to Singapore customers are already regulated, their business scope remains unchanged, and they can also provide services to overseas customers. Other service providers such as utility tokens and governance tokens are not affected by the new regime.
Due to the high risk, existing DTSPs that only provide services to overseas customers are required to stop such activities when the regime comes into effect. MAS has been communicating its position continuously since February 2022 and communicating with those who may be affected. There are very few such providers.