Singapore: Implemented MAS guidelines on consumer protection measures by digital payment token service providers including consumer access and business conduct measures

On 19 June 2025, the guidelines on consumer protection measures by digital payment token service providers adopted by the Monetary Authority of Singapore (MAS) enters into force. 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 measures to boost retail customers' risk awareness, including a risk awareness assessment. The conflict of interest provisions in the guidelines mandate transparency, functional separation for complex operations, and senior management oversight. The guidelines also require providers to ensure clear DPT listing criteria, robust complaint handling, and fair dispute resolution without restricting customer recourse.