in short
On October 4, 2024, the Monetary Authority of Singapore (MAS) published proposed regulatory approaches, regulations, notices and guidance for digital token service providers under the Financial Services and Markets Act 2022 (P010-2024). Consultation Paper (“Consultation document“).
The consultation paper includes a number of annexes setting out MAS’s proposed new regulatory framework for digital token service providers (DTSPs), which will be regulated under Part 9 of the Financial Services and Markets Act 2022 (FSMA). MAS’ key recommendations on the new regulatory framework for DTSPs revolve around licensing requirements, anti-money laundering and combating the financing of terrorism (AML/CFT) compliance, financial obligations and governance requirements. We’ve provided more details on each area below.
We anticipate that this consultation paper will be of most interest to DTSPs who are not currently licensed and may wish to be regulated under Part 9 of FSMA.
If you have any feedback or comments on the proposals related to the new regulatory framework for DTSP, please contact MAS via this link. The consultation will end on November 4, 2024.
Additionally, if you have any questions about how this may impact your business or operations, please feel free to contact us.
Click here to read the full alert.
** ** ** **
© 2024 Baker & McKenzie.Wong & Leow. all rights reserved. Baker & McKenzie.Wong & Leow is a limited liability company and a member firm of Baker & McKenzie International, a global law firm with member firms around the world. Under common terminology used in professional services organizations, a “client” is a partner or equivalent of the law firm. Likewise, references to “offices” shall mean the offices of any such law firm. In some jurisdictions, this may be considered “attorney advertising” requiring notice. Previous results do not guarantee similar results.
Leave a Reply Cancel reply
You must be logged in to post a comment.