Act 2022 status not recorded
Financial Services and Markets Act 2022
Issued by Monetary Authority of Singapore
Plain-English summary
Provides for financial sector-wide regulation of financial services and markets, the control and resolution of financial institutions, and the licensing and regulation of digital token service providers. MAS issues its technology risk, cyber hygiene, AML/CFT and outsourcing-related notices under it and uses section 7 (fit and proper criteria) for prohibition orders. Commencement was phased from 2022 to 2024.
Who it applies to
Banking · Insurance · Capital Markets · Payments & Fintech · Crypto / VDA
Topics
AML / CFT / Sanctions Payments & Fintech / Digital Assets Operational Risk & Outsourcing
Obligations arising from this law or regulation
| Obligation | Timing | Regulator | Source | Detail |
|---|---|---|---|---|
| Licence for digital token service providers serving customers outside Singapore | Before providing the service; regime effective 30 June 2025 | MAS | official | |
From 30 June 2025 a digital token service provider that serves only customers outside Singapore, for digital payment tokens or tokens of capital market products, must hold a licence under the Financial Services and Markets Act 2022. MAS says it will generally not issue one and that existing providers must cease the activity. Providers serving Singapore customers stay under the Payment Services Act 2019, the Securities and Futures Act 2001 or the Financial Advisers Act 2001. |
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| No obligations match these filters. | ||||
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