According to alexzuo, vice president of Cobo custody, the Monetary Authority of Singapore (MAS) has issued DTSP regulatory guidelines under the framework of the Financial Services and Markets Act (FSMA). The Act will come into force on June 30, 2025, at which point DTSP institutions that do not meet compliance requirements will have to cease operations.
DTSP mainly involves institutions providing token trading, transfer, custody, and other services to overseas clients in Singapore. Institutions that have obtained PSA/SFA/FAA licenses or are exempted do not need to reapply for DTSP licenses, but must comply with the new regulatory requirements, including strengthening technical risk management, conducting annual audits, and reporting significant security incidents within 1 hour.
MAS focuses on Compliance enforcement in this regulatory framework and adopts a tiered regulatory approach for stablecoins.
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