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.

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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.

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

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Monetary Authority of Singapore

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