Overview

• The Monetary Authority of Singapore (MAS) announces expanded crypto regulations to include custody of tokens and fund transfers, effective April 4.
• New measures are part of Singapore's efforts to establish a tightly regulated digital asset hub, enhancing user protection and financial stability.
• Regulations now cover custodial services for digital payment tokens, cross-border money transfers, and the facilitation of token transmission.
• Entities providing these services must comply with anti-money laundering and counter-terrorism financing requirements, along with user protection guidelines.
• License applications for affected entities are due within six months, with a transition period provided for compliance.