PANews reported on June 6 that the Monetary Authority of Singapore (MAS) today clarified the scope of application of the Digital Token Service Providers (DTSPs) system. From June 30, 2025, DTSPs that only provide digital payment tokens and capital market product token-related services to customers outside Singapore must obtain a license. The MAS license issuance standards are high, such businesses have a high risk of money laundering, and the main regulated activities are outside Singapore, making it difficult for MAS to effectively regulate. Those who are not licensed will stop regulated activities. Providers who provide related services to Singapore customers are already regulated, their business scope remains unchanged, and they can also provide services to overseas customers. Other service providers such as utility tokens and governance tokens are not affected by the new system.

Given the higher risk, existing DTSPs that only provide services to overseas clients are required to cease such activities when the regime takes effect. MAS has been communicating its position and communicating with those who may be affected since February 2022, and there are very few such providers.