The Monetary Authority of Singapore (MAS) has made a significant move to broaden the regulatory framework surrounding digital payment token (DPT) service providers under the country’s Payment Services Act (PS Act). This initiative aims to incorporate a variety of activities within the regulatory perimeter, including the provision of custodial services for DPTs, the facilitation of token transfers and exchanges, and the enabling of cross-border money transfers. The MAS emphasized that these regulations would apply even when the funds are not physically handled by the service provider or when the transactions do not directly involve money entering or leaving Singapore. With
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