Cobo Custody Vice President: Singapore Issues Regulatory Guidelines for Crypto Service Providers, Regulations to Take Effect on June 30
Alex Zuo, Vice President of Custody at Cobo, stated that the Monetary Authority of Singapore (MAS) has released the final guidelines for the DTSP regulatory framework under the Financial Services and Markets Act (FSMA), which will take effect on June 30, 2025. Non-compliant DTSPs must cease operations immediately. DTSP refers to institutions providing token buying, selling, transferring, and custody services to overseas clients in Singapore. However, those already holding PSA/SFA/FAA licenses or exempted do not need to apply for a new DTSP license but must meet additional obligations, such as stricter technology risk management, annual audits, and reporting major security incidents within one hour. MAS emphasizes a shift from "licensed or not" to "compliant or not" and implements tiered regulation for stablecoins.
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