MAS introduces new crypto regulations, including digital asset custody.

The Monetary Authority of Singapore (MAS) has introduced cryptocurrency-related amendments to the Payment Services Act, focusing on digital payment token (DPT) service providers. Alongside this, it has published guidelines for digital asset custody.

The Act has been expanded to regulate three types of additional services:

• Digital asset custody
• Payments or transfers involving tokens, even if the service provider does take possession of the DPTs
• Cross-border payments, regardless of whether the funds are within Singapore.

The announcement includes transitional arrangements for existing providers who need to become licensed. These providers must notify MAS within 30 days.

MAS also provided detailed guidelines concerning digital asset custody following a consultation and an outline of the pending rules last November.