What are Digital Assets?
A digital asset is anything of value whose ownership is represented in a digital or computerised form.
This is done through a process called tokenisation – which involves using a software programme to convert ownership rights over an asset into a digital token. Many items can potentially be tokenized:
- financial assets like cash and bonds
- real assets like artwork and property
- intangible items like carbon credits and computing resources
Digital assets are typically deployed on distributed ledgers that record the ownership and transfer of ownership of these assets.
Through tokenisation, high value financial and real economy assets can be fractionalised and exchanged over the internet on a peer-to-peer basis. This could potentially enhance the efficiency, accessibility, and affordability of financial services, increase liquidity in financial markets, and enhance economic inclusion.
Strategy to Develop Digital Asset Ecosystem

Potential of distributed ledger technology
Cross-Border Payments and Settlements
- Trade Finance
- Capital Markets

Support the tokenisation of financial and real economy assets

Anchor players with strong value propositions and risk management

Enable digital currency connectivity
Development Initiatives
Members of the public should note that:
- MAS and companies participating in MAS’ initiatives will not ask for your personal banking information, security login credentials or private keys to digital wallets.
- MAS advises the public to be alert and wary of unsolicited calls or messaging which offer deals that seem too good to be true; request personal information; give instructions to transfer funds to a third party account or offer investments into projects.
If you encounter any suspected scams related to digital assets involving MAS, please DO NOT transfer any funds, and report the matter to MAS.
For impersonation scams involving institutions regulated by MAS or phishing scams, please make a police report via the Police Hotline at 1800-255-0000, or submit it online at www.police.gov.sg/iwitness .
What's New
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Response to Letter “Singapore treads uneasily in crypto sandbox” - Financial Times, 22 August 2023
In response to a forum letter on the cryptocurrency landscape in Singapore, MAS said that it is progressively putting in place measures to mitigate the risks posed by cryptocurrencies to retail customers. As these measures are implemented, Singapore will soon be home to one of the strictest regulatory regimes in the world governing retail access to cryptocurrencies.
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"Fostering Digital, Financial, and Green Inclusion for MSMEs" - Remarks by Mr Ravi Menon, Managing Director, Monetary Authority of Singapore, at Interactive Dialogue at the Executive Board of UNDP, UNFPA and UNOPS (Second regular session 2023) on 30 August 2023
Mr Ravi Menon, Managing Director, MAS, spoke on MAS' efforts to build three foundational digital infrastructures, as well as MAS’ collaboration with UNDP to maximise opportunities for MSMEs.
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Regional Payment Connectivity Expansion to Include State Bank of Vietnam
State Bank of Vietnam, the central bank of Viet Nam, has officially joined the Regional Payment Connectivity (RPC) initiative. This recent development is an expansion of the Memorandum of Understanding on Cooperation in Regional Payment Connectivity (MOU RPC) that was initiated by the central banks of Indonesia, Malaysia, Philippines, Singapore, and Thailand at the sidelines of the G20 Leaders’ Summit.
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Response to two letters on elimination of cheques – The Straits Times, 11 and 15 August 2023
In response to two forum letters raising concerns regarding banks charging a fee to process cheques, MAS explained that cheque clearing is an increasingly inefficient use of industry capital and resources. Charging for cheque usage more accurately reflects processing costs. Cheque users have the option of transitioning to cheaper and more efficient means of fund transfers.
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MAS Finalises Stablecoin Regulatory Framework
MAS announced the features of a new regulatory framework that seeks to ensure a high degree of value stability for stablecoins regulated in Singapore. The regulatory framework takes into account feedback received, following an October 2022 public consultation.