Singapore Payment Services Act 2019 (PSA) — Digital Payment Token Provisions
The Singapore Payment Services Act 2019 (PSA), administered by the Monetary Authority of Singapore (MAS), provides a modular licensing framework for payment service providers including digital payment token (DPT) services. DPT provisions cover exchanges, custodians, and transfer service providers. Anti-money laundering and consumer protection requirements. MAS has issued comprehensive DPT licensing guidelines including technology risk management, cybersecurity, and customer protection measures.
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Framework Domains (15)
AML and CFT
| Code | Title |
|---|---|
| PSA19-DPT-05 | AML and CFT Programme for DPT |
| PSA19-DPT-06 | Customer Identification and Verification |
| PSA19-DPT-07 | Ongoing Monitoring of Customer Relationships |
| PSA19-DPT-08 | Counterparty Due Diligence for DPT Transfers |
| PSA19-DPT-09 | Suspicious Transaction Reporting |
| PSA19-DPT-10 | Sanctions Compliance |
AML/CFT Obligations for DPT Providers
| Code | Title |
|---|---|
| PSN02-1 | Customer due diligence |
| PSN02-2 | Suspicious transaction reporting |
| PSN02-3 | Record-keeping requirements |
| PSN02-4 | Sanctions screening |
| PSN02-5 | Internal policies and training |
Assurance
| Code | Title |
|---|---|
| PSA19-DPT-22 | Independent Compliance and AML Audit |
Conduct and consumer protection
| Code | Title |
|---|---|
| PSA19-DPT-17 | Conduct and Fair Dealing with Customers |
| PSA19-DPT-18 | Disclosure of Risks and Fees |
| PSA19-DPT-19 | Restrictions on Promotion to the Public |
Consumer Protection for DPT Services
| Code | Title |
|---|---|
| MAS Guideline | Risk warnings and disclosures |
| MAS Notice | Segregation of customer assets |
| Sec. 56A | Restriction on lending and staking |
| Sec. 57A | Market conduct requirements |
Customer asset protection
| Code | Title |
|---|---|
| PSA19-DPT-11 | Safeguarding and Trust Arrangements |
| PSA19-DPT-12 | Custody Risk Management |
DPT Licensing
Digital payment token service regulation
DPT Service Definitions and Scope
| Code | Title |
|---|---|
| First Sched. | Payment services and DPT activities |
| Sec. 2(1) | Definition of digital payment token |
| Sec. 2(5) | DPT service activities |
| Sec. 3(1) | Territorial scope |
Licensing Requirements for DPT Providers
| Code | Title |
|---|---|
| Sec. 13 | Appointment of Commissioner |
| Sec. 5(1) | Licensing obligation |
| Sec. 6(4) | Major payment institution licence for DPT |
| Sec. 8(4) | Fit and proper criteria for DPT licensees |
Licensing and authorisation
| Code | Title |
|---|---|
| PSA19-DPT-01 | Scope Determination and Licence Classification |
| PSA19-DPT-02 | Notification of Material Changes to MAS |
Operational and technology risk
| Code | Title |
|---|---|
| PSA19-DPT-13 | Cyber Hygiene Notice Compliance |
| PSA19-DPT-14 | Incident Reporting to MAS |
| PSA19-DPT-15 | Business Continuity Management |
Outsourcing
| Code | Title |
|---|---|
| PSA19-DPT-16 | Outsourcing of Material Functions |
Prudential
| Code | Title |
|---|---|
| PSA19-DPT-03 | Capital and Financial Resources Requirements |
| PSA19-DPT-04 | Security and Undertaking Requirements |
Recordkeeping and reporting
| Code | Title |
|---|---|
| PSA19-DPT-20 | Recordkeeping and Data Retention |
| PSA19-DPT-21 | Periodic Returns and Audited Accounts |
Supervision and Enforcement
Supervisory bodies, liability, and penalty frameworks
| Code | Title |
|---|---|
| Art. 32 | Entry into Force |
| Art. 34 | Notification of Personal Information Breach |
| Art. 36 | Right to Correction or Deletion |
| Art. 69-71 | Supervisory Powers |
| Art. 70 | Criminal Penalties for False Consent |
| Art. 73 | Reporting of Serious Incidents |
| Art.45 | Entry into force |
| Art.50 | Good Practices and Governance |
| Art.51 | Exercise of the power to impose administrative penalties and remedial measures |
| Art.52 | Administrative Sanctions |
| Sec. 35 | Security of Processing |
| Sec. 37 | Financial Penalties |
| Sec. 40 | Right to Object |
| Sec. 72 | Offences and penalties |
Your Compliance Coverage
If you comply with Singapore Payment Services Act 2019 (PSA) — Digital Payment Token Provisions, you already cover:
EU Digital Markets Act
13%
7 controls mapped
Compare →Angola Personal Data Protection Law (Law No. 22/11)
9%
5 controls mapped
Compare →Japan Act on Specified Commercial Transactions (ASCT) — Digital Services
9%
5 controls mapped
Compare →+ 544 more: EU AI Act (9%), Spain Organic Law 3/2018 on Data Protection and Digital Rights (LOPDGDD) (9%)
See all 547 mapped frameworks ↓Maps to 547 other frameworks
Frequently Asked Questions
What is Singapore Payment Services Act 2019 (PSA) — Digital Payment Token Provisions?
Singapore Payment Services Act 2019 (PSA) — Digital Payment Token Provisions is a compliance framework from Singapore (MAS) with 15 domains and 53 controls. The Singapore Payment Services Act 2019 (PSA), administered by the Monetary Authority of Singapore (MAS), provides a modular licensing framework for payment service providers including digital payment token (DPT) services. DPT provisions cover exchanges, custodians, and transfer service providers. Anti-money laundering and consumer protection requirements. MAS has issued comprehensive DPT licensing guidelines including technology risk management, cybersecurity, and customer protection measures. It is used by organisations to establish and maintain compliance with industry standards and regulatory requirements.
How many controls does Singapore Payment Services Act 2019 (PSA) — Digital Payment Token Provisions have?
Singapore Payment Services Act 2019 (PSA) — Digital Payment Token Provisions has 53 controls organised across 15 domains. The largest domains are Supervision and Enforcement (14 controls), AML and CFT (6 controls), AML/CFT Obligations for DPT Providers (5 controls). Each control defines specific requirements that organisations must implement to achieve compliance.
What frameworks does Singapore Payment Services Act 2019 (PSA) — Digital Payment Token Provisions map to?
Singapore Payment Services Act 2019 (PSA) — Digital Payment Token Provisions maps to 547 other compliance frameworks. The top mapping partners are EU Digital Markets Act (13% coverage), Angola Personal Data Protection Law (Law No. 22/11) (9% coverage), Japan Act on Specified Commercial Transactions (ASCT) — Digital Services (9% coverage). Use our comparison tool to explore control-level mappings between frameworks.
How do I get started with Singapore Payment Services Act 2019 (PSA) — Digital Payment Token Provisions compliance?
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