MAS Proposes A Regulatory Framework for Digital Token Service Providers

The Monetary Authority of Singapore (“MAS”) released its responses to feedback received following a consultation outlining the proposed regulations, notices, and guidelines for digital token service providers offering digital token services outside of Singapore (“DTSPs”) (“Consultation Paper”). 

Part 9 of the Financial Services and Markets Act 2022 (“FSMA”) provides the legislative framework for the regulation of DTSPs. The types of DTSPs that are regulated under Part 9 of the FSMA are: (1) individuals and partnerships operating from a business in Singapore providing digital token services outside of Singapore; and (2) Singapore corporations that carry on a business, from Singapore or elsewhere, to provide digital token services outside of Singapore.