From 1 July 2025, the Monetary Authority of Singapore (MAS) will require Digital Token Service Providers (DTSPs) that offer services solely to overseas customers to be licensed in Singapore – or cease operations.
This applies to providers dealing with digital payment tokens (such as cryptocurrencies) as well as digital capital market products. However, issuers of utility tokens or governance tokens only will not be affected by the new rules.
Currently, Singapore has 33 licensed DTSPs, while holders of Capital Markets Services (CMS) licences are already permitted to deal in digital capital market products. The updated framework aims to ensure greater regulatory oversight and safeguard Singapore’s reputation as a trusted financial hub.
For businesses, especially those with cross-border operations, this change underscores the importance of licensing, compliance, and financial governance. Firms must assess their activities to determine whether they fall under the updated DTSP regime.
At NS Global Consultants Pte. Ltd., we provide corporate secretarial, bookkeeping, compilation, and tax services to help digital asset businesses remain compliant, structured, and future-ready under evolving MAS regulations.
Contact us today to ensure your business is prepared for the upcoming DTSP licensing requirements.