The Monetary Authority of Singapore ("MAS") recently updated its Guidelines on Consumer Protection Measures by Digital Payment Token Service Providers ("DPTSPs") [PS-G03] ("Guidelines"), which set out MAS' expectations of the measures that DPTSPs should have in place to address consumer protection risks.
In the most recent update, additional sections have been added relating to consumer access, conflicts of interests and business conduct measures – these sections of the Guidelines (other than section 5.3, which relates to personnel responsible for safeguarding of customer assets) will take effect on 19 June 2025. The additional sectors cover matters such as: (a) guidance on measures that DPTSPs should implement to provide retail customers with an appropriate level of risk awareness, including restrictions on offering of incentives, or credit or leverage; (b) guidance on mitigating conflicts of interest specific to activities conducted by DPTSPs, e.g. conflicts that may arise from vertical integration of DPT trading activities or from the DPTSP's issuance of its own tokens; and (c) guidance on other business conduct measures such as publishing clear policies on how DPTSPs evaluate, list, and delist DPTs, and having effective policies for handling customer complaints, and ensuring fair and timely resolution.
The revised Guidelines are accessible here.
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