As the regulatory landscape for digital assets rapidly evolves, Singapore has made significant strides in 2025 to enhance its crypto-asset framework. Key developments - from new licensing requirements applicable to crypto-asset activities to the proposed regulatory regime for issuers of stablecoins - underscore the Monetary Authority of Singapore’s commitment to fostering innovation while ensuring strong safeguards.

The Singapore Country Update on Crypto-asset Regulation 2025, published by Thomson Reuters, highlights these developments in detail. In this update, our Co-Head of Financial Services Regulatory Elaine Chan and Partner Tian Sion Yoong discuss the expanded scope of licensable digital payment token services under the Payment Services Act 2019, the commencement of the new licensing regime for digital token service providers under the Financial Services and Markets Act 2022 on 30 June 2025, and MAS’s latest Guidelines on Consumer Protection Safeguards. Crypto-asset service providers will need to consider these new rules in the light of their proposed activities to assess if the new requirements would be applicable to their business model.

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