Singapore Payment Services Act (PSA) — Digital Payment Token Regulation
Singapore's Payment Services Act (PSA, 2019, amended 2024) establishes a comprehensive licensing framework for payment services including digital payment token (DPT) services. Administered by the Monetary Authority of Singapore (MAS). Key requirements include: Major Payment Institution (MPI) licence for large-scale DPT services, Standard Payment Institution (SPI) licence for smaller operations, user protection requirements, AML/CFT compliance, technology risk management (MAS TRM Guidelines), and cyber hygiene. MAS has also issued PS-N02 (Notice on Prevention of Money Laundering and Countering the Financing of Terrorism for DPT Services) and Guidelines on Provision of Digital Payment Token Services to the Public.
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Framework Domains (6)
DPT Licensing
Digital payment token service regulation
Part 1 — Preliminary
| Code | Title |
|---|---|
| MHR-1 | Objects and Definitions |
| MHR-2 | Application and Scope |
| OSA-1 | Objects and Definitions |
| OSA-2 | Scope of Application |
| POFMA-1.1 | Definitions and Interpretation (Sections 2-3) |
| POFMA-1.2 | Application and Scope (Section 4) |
| Sec. 1 | Short Title and Commencement |
| Sec. 2 | Interpretation |
| Sec. 3 | Scope and Application |
| Sec. 6 | Establishment of the Commission |
Part 2 — Licensing of Payment Service Providers
| Code | Title |
|---|---|
| Sec. 11 | Deemed Consent |
| Sec. 5 | Functions and Duties of Authority |
| Sec. 6 | Establishment of the Commission |
| Sec. 7 | Responsibilities of Organisation |
| Sec. 8 | Functions of the Commission |
Part 3 — Conduct of Business
| Code | Title |
|---|---|
| Sec. 23 | Storage Limitation |
| Sec. 24 | Integrity and Confidentiality |
| Sec. 25 | Interpretation |
| Sec. 26 | Notifiable Data Breaches |
| Sec. 27 | Duty to Conduct Assessment |
Part 4 — Directions, Inspections and Investigations
| Code | Title |
|---|---|
| Sec. 31 | Unauthorised Disclosure |
| Sec. 35 | Security of Processing |
| Sec. 37 | Financial Penalties |
| Sec. 40 | Right to Object |
Part 5 — DPT-Specific Consumer Protections
| Code | Title |
|---|---|
| Sec. 54 | Risk disclosure requirements |
| Sec. 55 | Data Breach Notification |
| Sec. 56 | Complaints Mechanism |
| Sec. 57 | Business conduct standards |
| Sec. 58 | Administrative Offences |
Maps to 583 other frameworks
Frequently Asked Questions
What is Singapore Payment Services Act (PSA) — Digital Payment Token Regulation?
Singapore Payment Services Act (PSA) — Digital Payment Token Regulation is a compliance framework from Singapore (MAS) with 6 domains and 29 controls. Singapore's Payment Services Act (PSA, 2019, amended 2024) establishes a comprehensive licensing framework for payment services including digital payment token (DPT) services. Administered by the Monetary Authority of Singapore (MAS). Key requirements include: Major Payment Institution (MPI) licence for large-scale DPT services, Standard Payment Institution (SPI) licence for smaller operations, user protection requirements, AML/CFT compliance, technology risk management (MAS TRM Guidelines), and cyber hygiene. MAS has also issued PS-N02 (Notice on Prevention of Money Laundering and Countering the Financing of Terrorism for DPT Services) and Guidelines on Provision of Digital Payment Token Services to the Public. It is used by organisations to establish and maintain compliance with industry standards and regulatory requirements.
How many controls does Singapore Payment Services Act (PSA) — Digital Payment Token Regulation have?
Singapore Payment Services Act (PSA) — Digital Payment Token Regulation has 29 controls organised across 6 domains. The largest domains are Part 1 — Preliminary (10 controls), Part 2 — Licensing of Payment Service Providers (5 controls), Part 3 — Conduct of Business (5 controls). Each control defines specific requirements that organisations must implement to achieve compliance.
What frameworks does Singapore Payment Services Act (PSA) — Digital Payment Token Regulation map to?
Singapore Payment Services Act (PSA) — Digital Payment Token Regulation maps to 583 other compliance frameworks. The top mapping partners are Australia Consumer Data Right — Banking (CDR) (50% coverage), EU Network Code on Cybersecurity for the Electricity Sector (50% coverage), African Union Malabo Convention (50% coverage). Use our comparison tool to explore control-level mappings between frameworks.
How do I get started with Singapore Payment Services Act (PSA) — Digital Payment Token Regulation compliance?
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