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

Monetary Authority of Singapore

A NOTE FROM SINGAPORE BUSINESS REVIEW

If you've been wondering whether SBR could work for your company — yes, probably.

A lot of the companies we partner with started as readers. They'd been following our coverage for a while, saw their own customers and competitors in it, and eventually asked the obvious question: could we do something with you? The answer is usually yes. The shape of it depends on what you're trying to do.

The options are broader than most people assume — thought leadership articles, sponsored content, industry summits across Southeast Asia, regional awards programmes, podcasts, and media placements in print and digital. Some partners use one channel; most use a mix. We figure out the right combination by starting with your brief, not with our rate card.

So if the question has been on your mind, here's the easy way to ask it.

We'll tell you honestly whether we can help, and how. It's a better use of everyone's time.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia