Singapore's Monetary Authority of Singapore (MAS) has recently updated its regulatory framework for digital payment token services under the Payment Services Act.

These amendments introduce stricter requirements for service providers in the field and expand the range of services that fall under regulatory oversight.

The MAS has issued a clear warning to all digital payment token service entities, stating that those who fail to meet these new standards will be required to discontinue their operations.

This move signifies the central bank's commitment to safeguarding the financial ecosystem while fostering innovation and ensuring compliance in the rapidly evolving digital payment sector.