The various amendments:
- Bring new activities under the scope of regulation, including the provision of custodial services for DPTs facilitation of cross-border money transfer between different countries;
- Empower MAS to impose requirements relating to AML/CTF, user protection and financial stability on DPT service providers; and
- Introduce transitional and licencing requirements for specific entities.
The amendments will take effect in stages from 4 April 2024. Firms with operations in or involving Singapore should review the new and forthcoming amendments and take any appropriate action to ensure compliance.