The Monetary Authority of Singapore (MAS) has announced plans to enforce amendments to the Payment Services Act (PS Act), aiming at broadening the regulatory framework for digital payment token (DPT) service providers.

This initiative, set to commence in several phases beginning April 4, will extend regulations to include activities such as custodial services for DPTs, the facilitation of token transfers and exchanges, as well as the enablement of cross-border money transactions.

The MAS emphasised that the revised legislation would apply regardless of whether the service providers physically handle the funds or if the transactions are conducted within Singapore's borders.

Transitional arrangements are also in place to accommodate the entities impacted by these new amendments, ensuring a smooth transition into the expanded scope of regulated services under the PS Act.