The Monetary Authority of Singapore (MAS) has on Thursday published its final tranche of responses to feedback received on its proposed regulations for digital payment token (DPT) service providers in Singapore.
It also stipulates minimum technology and cyber risk management requirements for DPT service providers.
With regard to business conduct, MAS said it will issue guidance for DPT service providers to implement these measures, which received broad support from a wide range of respondents: identify, mitigate and clearly disclose potential and actual conflicts of interest; publish policies, procedures and criteria that govern the listing of a DPT; and establish effective policies and procedures to handle customer complaints and resolve disputes.
In the area of technology and cyber risk, MAS said it will require DPT service providers to maintain high availability and recoverability of their critical systems, in line with current requirements imposed on financial institutions.
According to the statement, MAS’ regulatory measures on DPT services will be implemented through regulations and guidelines, which will take effect in phases from mid-2024.
“DPT service providers have the obligation to safeguard the interests of consumers who interact with their platforms and use their services,” said Ho Hern Shin, Deputy Managing Director (Financial Supervision), MAS.
“While these business conduct and consumer access measures can help meet this objective, they cannot insulate customers from losses associated with the inherently speculative and highly risky nature of cryptocurrency trading,
“We urge consumers to remain vigilant and exercise utmost caution when dealing in DPT services, and to not deal with unregulated entities, including those based overseas,” she added.
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