Singapore: Adopted Guidelines on Provision of Digital Payment Token Services to the Public

On 17 January 2022, the "Guidelines on Provision of Digital Payment Token Services to the Public" were published by the Monetary Authority of Singapore (MAS). The Guidelines state that Digital Payment Token (DPT) service providers (e.g. payment institutions, banks, other financial institutions, applicants under the Payment Services Act) should not promote their services to the general public. This includes placing advertisement or promotional material in the public areas of Singapore. Nevertheless, DPT service providers can promote their services on their website, mobile applications, or social media accounts