Singapore’s overseas-only digital-token service regime has commenced
From 30 June 2025, relevant Singapore-based digital-token service providers serving only overseas customers require licensing under the DTSP regime. MAS says it sets a high bar and generally will not issue licences for this model. Its clarification distinguishes these businesses from providers serving Singapore customers under existing regimes.
- Source publication
- 6 Jun 2025
- DTSP regime commencement
- 30 Jun 2025
- Source reviewed
- 1 Nov 2026
Practical impact
Customer geography is part of the regulatory analysis. Incorporating in Singapore while serving exclusively foreign customers is not an unrestricted route around the domestic framework. The token and service definitions also matter; the clarification should not be generalised to every software or utility-token project.
What to check
Document where customers are located, what token rights are involved and which functions the business performs. Resolve the applicable regime before relying on a Singapore entity as the operational base, and use current MAS guidance for any proposed change in the customer model.