Cobo Vice President of Custody: Singapore Issues Regulatory Guidelines for Crypto Service Providers, Related Regulations to Take Effect on June 30
Powered by ChatGPTAccording to ChainCatcher, Alex Zuo, Vice President of Custody at Cobo, posted that the Monetary Authority of Singapore (MAS) has issued the final guidelines for the DTSP regulatory framework under the Financial Services and Markets Act (FSMA). The FSMA will come into effect on June 30, 2025, and non-compliant DTSPs must cease operations immediately. DTSP refers to institutions in Singapore providing token trading, transfer, custody, and other services to overseas clients. Those already holding PSA/SFA/FAA licenses or exempted do not need to apply for a new DTSP license but must comply with new obligations such as stricter technical risk management, annual audits, and reporting major security incidents within 1 hour. MAS emphasizes a shift from "licensed or not" to "compliance or not," and implements tiered regulation on stablecoins.