Singapore MAS: The scope of the DTSPs system applies only to payment-type Tokens or Capital Market product Tokens.

Techub News, the Monetary Authority of Singapore (MAS) issued an announcement to explain the scope of application of the digital token service provider (DTSPs) system. From 30 June 2025, DTSPs that only provide services related to digital payment tokens and capital market product tokens for customers outside of Singapore will need to be licensed. MAS licenses are issued to a high standard, such businesses have a high risk of money laundering, and the main regulated activities are outside Singapore, which makes it difficult for MAS to be effectively regulated, and those who are not licensed will cease to be regulated. Providers of services to Singaporean customers are regulated, have the same business scope, and can also provide services to overseas customers. Other service providers, such as utility tokens and governance tokens, will not be affected by the new regime.

Given the high risks, existing DTSPs that only provide services to overseas clients must cease such activities when the system comes into effect. MAS has been consistently communicating its position since February 2022 and has been in contact with potentially affected parties, and the number of such providers is very small.