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Singapore tightens digital-asset regulations

Singapore has expanded its digital-asset regulations under the Payment Services Act to include token custody and enhance rules on fund transfers, reinforcing its ambition to become an institutional hub for the industry. Effective from April 4, the revisions introduce user protection and financial stability measures, according to the Monetary Authority of Singapore (MAS). This move follows incidents in 2022 that prompted a regulatory overhaul aimed at promoting blockchain’s productive applications while discouraging speculative crypto trading by retail investors. The updated regulations now encompass service providers involved in token transmission or exchange, and companies facilitating cross-border transfers, implementing anti-money laundering and terrorism financing measures.


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