Crypto Law Profile
Singapore’s 2025 DTSP Regulations implement FSMA Part 9 for digital token services provided outside Singapore, setting licensing, financial, fee and audit rules from 30 June 2025.
As of 6 June 2026, Singapore’s Financial Services and Markets (Digital Token Service Providers) Regulations 2025, S 342/2025, are in force. The Monetary Authority of Singapore made the regulations on 29 May 2025, they were first published in the Government Gazette on 30 May 2025, and they came into operation on 30 June 2025. The instrument supports Part 9 of the Financial Services and Markets Act 2022, Singapore’s sector-wide financial services statute, by supplying operational rules for the digital token service provider, or DTSP, licensing regime.
The regulations are concise but operationally important. They prescribe the forms, timing, fees, financial requirements, senior officer approval process and audit reporting mechanics for the DTSP licence. Regulation 6 states that a licence application is made in Form 1 and must include relevant documents or information specified by MAS. Regulation 7 sets the financial requirements for applicants: individuals must maintain at least S$250,000 as cash security with MAS, companies must have base capital of at least S$250,000, and partnerships or limited liability partnerships must have total capital contribution of at least S$250,000.
Those financial requirements continue after licensing. Regulation 9 requires the same S$250,000 floor while the licence is in force, using the relevant measure for the licensee’s legal form. Regulation 8 also provides lapse mechanics where a licensee fails to begin, continues to suspend, or ceases the licensed digital token service for the prescribed six-month periods, unless MAS allows a longer period.
The regulations should be read with Part 9 of the FSMA. The regime targets Singapore-linked persons providing digital token services outside Singapore, including Singapore corporations and individuals or partnerships operating from a place of business in Singapore. Digital tokens for this purpose include digital payment tokens and digital representations of capital markets products that can be transferred, stored or traded electronically. MAS materials and Singapore legal updates state that utility and governance tokens are outside the new regime, and persons already licensed or exempt under the Payment Services Act, Securities and Futures Act, or Financial Advisers Act for the relevant service are generally not required to obtain a separate FSMA DTSP licence for the same activity.
The schedule sets a S$1,500 application fee for a licence covering one or more digital token services and a S$10,000 annual licence fee, with a pro-rated formula for the year of grant. Regulation 10 requires applications for approval of a chief executive officer, director, partner or manager to be made in Form 2 and allows MAS to request supporting information. Regulation 11 requires an audit report to be submitted in Form 3 within six months after the relevant financial year or statement period, and to identify and be signed by the auditor.
MAS issued the DTSP framework alongside notices and guidelines, including AML/CFT, suspicious activity and fraud reporting, regulatory returns, technology risk management, cyber hygiene, conduct, disclosures and communications, and forms. MAS also clarified in June 2025 that the licensing threshold would be high, that it would generally not issue licences for business models it viewed as difficult to supervise, and that there would be no transitional arrangement. Existing in-scope DTSPs serving only customers outside Singapore were therefore expected to cease the regulated activity when the regime took effect unless licensed or exempted.
For CryptoSlate readers, the significance of the DTSP Regulations is not that they create a broad retail crypto framework for Singapore customers. Instead, they close a cross-border regulatory perimeter: Singapore-formed or Singapore-operating providers that conduct digital token services only for overseas customers are brought within a licensing, capital, fee and audit structure administered by MAS.
Licence applications are lodged with MAS in Form 1 with documents or information specified in the form or by the Authority.
Applicants and licensees must meet a S$250,000 floor through cash security, base capital or total capital contribution, depending on legal form.
The schedule sets a S$1,500 application fee and a S$10,000 annual licence fee, with pro-rating for the year of grant.
Applications for approval of a CEO, director, partner or manager of a licensee use Form 2, and MAS may request supporting information.
Audit reports must be submitted to MAS in Form 3 within six months after the relevant financial year or statement period and signed by the auditor.
MAS issued its consultation on the proposed DTSP regulatory approach, regulations, notices and guidelines.
Public consultation on draft DTSP regulations, notices and guidelines closed.
MAS made the Financial Services and Markets (Digital Token Service Providers) Regulations 2025.
S 342/2025 was first published in the Government Gazette at 5 pm.
MAS clarified the scope of the DTSP regime and the absence of a transitional arrangement.
The Regulations and related Part 9 DTSP framework came into operation.
Monetary Authority of Singapore
Digital payment tokens, Tokenized capital markets products
Profile covers S 342/2025 and related MAS materials for the DTSP licensing regime under Part 9 of the Financial Services and Markets Act 2022. It is a legal-reference summary, not legal advice.
