The Monetary Authority of Singapore (MAS) has announced that from June 30, 2025, Digital Token Service Providers (DTSPs) offering services related to digital payment tokens and capital market product tokens to customers outside Singapore must obtain a license. This move aims to address the high money laundering risks associated with these services, especially when the main activities occur outside Singapore, complicating effective supervision by MAS. DTSPs serving Singaporean customers are already regulated and can continue their operations, including services to overseas clients. However, those focusing solely on overseas markets must cease operations if unlicensed. The new regime does not affect providers dealing with utility or governance tokens. MAS has been communicating with potentially affected entities since February 2022, noting that the number of such providers is minimal.