Singapore: Adopted MAS guidelines on consumer protection measures by digital payment token service providers

On 19 September 2024, the Monetary Authority of Singapore (MAS) adopted the guidelines on consumer protection measures by digital payment token service providers. The guidelines apply to all digital payment token (DPT) service providers in Singapore and establish consumer protection standards covering asset custody, consumer access, and conflict of interest management. The guidelines require DPT providers to implement robust asset segregation practices to safeguard customer assets and inform retail customers of risks before providing services. The guidelines also require adopting measures to manage conflicts of interest and drawing on traditional capital markets legislation and best practices.