Published Date: 23 December 2019

Consultation on the Payment Services Act 2019 - Scope of E-money and Digital Payment Tokens

This consultation seeks views on the scope of money, e-money, and DPTs, as well as the regulation of payment services based on these forms of payment.  

Consultation Number:
Closing Date:
28 January 2020
MAS Response Date:
15 August 2023
Response date: 15 Aug 2023
The consultation response was published on 15 August 2023.


Feedback received on this consultation paper relating to scope of e-money and DPT was mixed, with no conclusive recommendation, reflecting the nascent stage of the industry back then. 

Over the last few years, developments in the digital asset space have sharpened the clarity of thinking regarding the appropriate regulatory treatment of stablecoins. On 26 October 2022, MAS issued a consultation paper on the overall regulatory approach for stablecoin-related issuance and intermediation activities, highlighting the key requirements that would be imposed on such activities. The responses to the 2022 consultation paper, and the responses, which represents MAS' finalised regulatory approach towards stablecoins in Singapore, can be found here .