Annotation

The article analyzes the new regulations governing the activities of digital token service providers (DTSPs) in Singapore, which took effect on June 30, 2025, pursuant to Part 9 of the Financial Services and Markets Act 2022. It examines the reasons for the reform, which are linked to compliance with FATF recommendations and the need to address regulatory gaps in the digital assets sector. Particular attention is paid to the extraterritorial nature of licensing, the expansion of the definition of “digital token” (to include tokenized securities and derivative financial instruments), requirements regarding the “place of business,” conduct of business criteria, and the prohibition on providing credit services to individuals.