Online Trading Platforms and Digital Token Service Providers

Implementation of MAS’ Regulatory Regime for Digital Token Service Providers

30 May 2025 and 6 June 2025

On 30 May 2025, MAS published its regulatory regime that sets out the regulations, notices and guidelines for Digital Token Service Providers (DTSPs), which are defined under the Financial Services and Markets Act 2022 as persons or entities that operate from a place of business in Singapore or are formed or incorporated in Singapore, but carry on a business of providing digital token services solely to customers outside Singapore. MAS announced that it would approach the licensing of DTSPs in a prudent and cautious manner and will generally not issue a licence to such players, as the money laundering risks are higher in such business models, and MAS is unable to effectively supervise such persons if their substantive regulated activity is outside of Singapore.

Access to Unregulated Overseas Online Trading Platforms Blocked for Singapore Residents

6 June 2025  

Access to the websites of two unregulated overseas online trading platforms, Octa and XM, were blocked for Singapore residents, after Police investigations revealed they offered and marketed their services to customers in Singapore without licences, which is prohibited by the Securities and Futures Act. The information on the websites constituted prohibited content under the Internet Code of Practice.