The regulations have been prepared after considering the feedback of various organisations, including digital payment token service providers
Singapore’s central bank, the Monetary Authority of Singapore (MAS), has announced new regulations to curb retail crypto speculation in Singapore. The regulations are set to take effect in mid-2024, targeting digital payment token (DPT) service providers, including crypto exchanges.
MAS has listed five consumer access measures for DPT service providers to implement to discourage crypto speculation by retail customers. First, DPT service providers must determine their customer’s risk awareness before providing them DPT services. Second, DPT providers must not offer their customers any incentives to trade in crypto.