Boosting efficiency: People walk across a bridge in front of the iconic Marina Bay Sands hotels and resorts in Singapore. Digital token service providers in the city-state are busy relocating ahead of the new regulations taking effect on June 30. — AFP
SINGAPORE: Digital token service providers (DTSPs) scrambling to relocate their operations and staff ahead of new regulations taking effect on June 30 should have anticipated the changes and prepared accordingly, the Singapore authorities say.
In a June 6 clarification to a consultation paper setting out proposed regulations for the sector on May 30, the Monetary Authority of Singapore (MAS) said DTSPs offering services solely to customers outside Singapore, whether involving digital payment tokens or tokenised capital market products, will need to be licensed from June 30 or stop their operations.
