Regulation · Regime · Singapore · Primary legislation · Monetary Authority of Singapore
Singapore digital token service provider regime (Financial Services and Markets Act 2022, Part 9)Updated 14 Oct 2026
From 30 June 2025, Singapore firms that provide digital token services only to customers outside Singapore, in digital payment tokens or tokens of capital markets products, must be licensed. MAS said it would generally not grant such licences because of money laundering risk and the difficulty of supervising mainly offshore business, and gave no transition period. Services to Singapore customers stay under the Payment Services Act and securities laws.
In force · effective 30 Jun 2025
Key points
- Singapore-based providers serving only overseas customers, in digital payment tokens or digital representations of capital markets products, need a licence from 30 June 2025.[1]
- MAS has set a high bar and will generally not grant these licences; affected providers had to stop the overseas-only business when the regime took effect.[1]
- Firms already regulated under the Payment Services Act, Securities and Futures Act or Financial Advisers Act for Singapore customers are unaffected and may also serve overseas clients; tokenised capital markets products offered in Singapore stay under the securities laws.[1]
- Providers dealing only in utility or governance tokens are outside the regime.[1]
Timeline
- 6 Jun 2025 · FinalMAS clarifies the scope of the regime and its licensing stance.[1]
- 30 Jun 2025 · In forceLicensing requirement takes effect with no transitional arrangement.[1]
Deployments operating under it
None recorded with a source yet.
Sources
- [1]MAS Clarifies Regulatory Regime for Digital Token Service Providers — Monetary Authority of Singapore, 6 Jun 2025. Accessed 14 Oct 2026.A