Singapore's Payment Services Act 2019 creates licensing tiers and designated payment-service categories, bringing digital payment token (DPT) services into the regulated payments perimeter for the first time. It supports AML/CFT, technology-risk and customer-protection requirements through subsidiary rules and MAS notices. Major amendments were introduced in 2021 and 2024.
Acteffective
Payment Services Act 2019 (No. 2 of 2019)
Also known as: Payment Services Act 2019
Singapore Monetary Authority of Singapore (MAS)
Overview
Key Details
Jurisdiction
SingaporeRegulator
Monetary Authority of Singapore (MAS)
Law Type
Act
Status
In ForceOfficial Law Number
No. 2 of 2019
Official Title
Payment Services Act 2019 (No. 2 of 2019)
Enacted Date
February 11, 2019
Effective Date
January 28, 2020
Who This Law Applies To
Payment service providers operating in Singapore, including digital payment token (DPT) service providers, e-money issuers, money-changers and other designated payment-service operators.
Key Requirements
- Creates three licence types: Standard Payment Institution, Major Payment Institution and Money-Changing licence.
- Brings digital payment token services into the regulated payments perimeter under MAS supervision.
- Supports AML/CFT, technology-risk and customer-protection requirements through subsidiary rules and notices.
Official Sources
Official instrument pageRelated Laws
ActIn ForceSingapore
Financial Services and Markets Act 2022 — Part 9 Digital Token Service Providers
Financial Services and Markets Act 2022 (No. 28 of 2022) — Part 9
Added August 29, 2026Ref: No. 28 of 2022, Part 9
Part 9 of the Financial Services and Markets Act 2022 extends Singapore's regulatory oversight to Singapore-incorporated digital token service providers (DTSPs) serving customers outside Singapore. It requires licensing, fit-and-proper, AML/CFT and supervisory compliance, addressing regulatory risk from outward-facing digital token services. The DTSP regime commenced on 30 June 2025.
LicensingAML/KYCExchanges
mas.gov.sgView Law Profile
ActIn ForceSingapore
Singapore Payment Services Act DPT Regime
Payment Services Act 2019 – Digital Payment Token Service
Added August 24, 2026Effective: January 28, 2020Ref: PS Act 2019
Regulates dealing in and facilitating exchange of digital payment tokens and related services.
LicensingPaymentsAML/KYCExchanges
mas.gov.sgView Law Profile
ActIn ForceSingapore
Singapore DTSP Regime
Financial Services and Markets Act digital token service provider regime
Added August 24, 2026Effective: June 30, 2025Ref: FSMA Part 9
Regulates Singapore-based digital-token service providers that serve customers outside Singapore.
LicensingAML/KYC
mas.gov.sgView Law Profile
OtherIn ForceJurisdiction unavailable
Decision No. E/35/2023 — VASP Registration and AML/CFT Instructions
Decision No. E/35/2023 on Virtual Asset Service Provider Registration, Cancellation of Registration and AML/CFT Instructions
Added August 29, 2026Ref: Decision No. E/35/2023
Oman's FSA Decision No. E/35/2023 requires registration with the Oman Financial Services Authority (formerly Capital Market Authority) before carrying on covered virtual-asset activities in the Sultanate of Oman. It implements AML/CFT, governance and compliance requirements, and provides registration, cancellation and supervisory procedures. This is a VASP registration/AML regime and should be distinguished from any future full licensing framework.
LicensingAML/KYCExchanges
fsa.gov.omView Law Profile
RegulationPartially EffectiveJurisdiction unavailable
BCB Resolutions No. 519, 520 and 521 of 2025 — Virtual Asset Regulatory Framework
Resoluções BCB nos. 519, 520 e 521, de 10 de novembro de 2025
Added August 29, 2026Ref: BCB Resolution No. 519/2025; No. 520/2025; No. 521/2025
Brazil's Central Bank (BCB) Resolutions No. 519, 520 and 521 of 10 November 2025 implement the virtual-asset regulatory framework under the supervision of the Central Bank. Resolution 519 establishes VASP authorisation procedures; Resolution 520 sets activity, governance, controls, security and conduct requirements; Resolution 521 integrates specified virtual-asset operations into Brazil's foreign-exchange and international-capital rules. Commencement is staged during 2026 — verify the effective date for each resolution separately.
LicensingExchangesAML/KYCConsumer Protection+1 more
bcb.gov.brView Law Profile
OtherCurrent International StandardJurisdiction unavailable
IOSCO Policy Recommendations for Crypto and Digital Asset Markets (2023)
Policy Recommendations for Crypto and Digital Asset Markets — Final Report (FR11/2023)
Added August 29, 2026Ref: FR11/2023
The IOSCO Policy Recommendations for Crypto and Digital Asset Markets (2023) contain 18 recommendations grounded in the principle of consistent regulation of economically equivalent activities. They address conflicts of interest, market manipulation, custody, disclosure, retail risks and cross-border cooperation. IOSCO recommendations are not self-executing domestic law — implementation depends on member regulators in their respective jurisdictions.
SecuritiesExchangesConsumer Protection
iosco.orgView Law Profile
