, Singapore
Photo from MAS website.

MAS unveils responses for proposed regulation of DPT service providers

Regulations are expected to take effect in phases beginning mid-2024.

Singapore has published its first tranche of responses to feedback received on its proposed regulations for Digital Payment Token (DPT) service providers in Singapore.

The proposed regulations, released by the Monetary Authority of Singapore (MAS), include minimum technology and cyber risk management requirements for DPT service providers.

The regulations are expected to take effect in phases beginning mid-2024. MAS expects that it will provide an adequate transitional period for DPT service providers to properly implement these measures. 

ALSO READ: Singapore to pilot use of wholesale CBCDs in 2024: Menon

MAS said that it will issue guidance for DPT service providers to implement these measures, which include:
• Identify, mitigate and clearly disclose potential and actual conflicts of interest;
• Publish policies, procedures and criteria that govern the listing of a DPT; and
• Establish effective policies and procedures to handle customer complaints and 
resolve disputes.

DPT service providers are asked to discourage cryptocurrency speculation by retail customers through: 
• Determining a customer’s risk awareness to access DPT services; 
• Not offering any incentives to trade in cryptocurrencies; 
• Not providing financing, margin or leverage transactions; 
• Not accepting locally issued credit card payments; and
• Limiting the value of cryptocurrencies in determining a customer’s net worth.

ALSO READ: 8 in 10 Singaporeans approve of proposed phishing scam accountability framework: poll

DPT service providers will also be required to maintain high availability and recoverability of their critical systems.

Follow the link for more news on

Join Asian Banking & Finance community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!