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

On 21 December 2022, the Monetary Authority of Singapore (MAS) closed the public consultation on the guidelines on consumer protection measures by digital payment token service providers. The guidelines apply to digital payment token (DPT) providers and seek to mitigate consumer harm associated with cryptocurrencies. The guidelines impose obligations to enhance risk awareness, limit access to cryptocurrencies, and improve transparency and business conduct. The guidelines require providers to conduct regular assessments, avoid incentivising risky behaviours, and implement conflict management policies. The guidelines emphasise the importance of consumer awareness regarding the risks of cryptocurrency.