As 2025 draws to a close, we look back at developments during the year. Singapore’s role as a global digital-asset hub continued to evolve — not just through innovation, but through a sharpening of regulatory discipline. The Monetary Authority of Singapore (MAS) has rolled out a suite of important changes and initiatives that reflect the city-state’s ambition to balance growth, stability, and integrity in the digital-asset sector.

 

1. The Digital Token Service Provider (DTSP) Regime

The most significant regulatory shift came with MAS’s enforcement of its Digital Token Service Provider (DTSP) licensing regime. As of 30 June 2025, any company incorporated in Singapore that offers digital token services exclusively to overseas clients must secure a DTSP license — or cease operations. MAS has clarified that it will generally not grant these licenses, citing money-laundering and supervisory risks associated with cross-border business models. The bar is set deliberately high, where minimum capital requirements, stronger AML/CTF obligations, and ongoing supervision are all part of the regime.

 

2. Tokenisation, CBDC, and Stablecoins — Building the Infrastructure

Despite the regulatory tightening, MAS is simultaneously pushing hard on tokenisation, central bank digital currency (CBDC), and regulated stablecoins. At the Singapore FinTech Festival (SFF) 2025 held in November, the following key highlights were outlined:

  • MAS announced expanded trials under its BLOOM initiative. This includes experiments on tokenised bank liabilities and regulated stablecoins for settlements.
  • Three major banks — DBS, OCBC, and UOB — successfully conducted interbank overnight lending transactions using a live wholesale Singapore-dollar CBDC. Looking ahead, MAS plans to issue tokenised MAS bills, which will be settled using its CBDC.
  • On the regulatory front, MAS is preparing stablecoin legislation, emphasising sound reserve backing and redemption reliability. On 30 September, Singapore launched its first ever Singapore dollar-back stablecoin on Coinbase, the largest US-based crypto exchange.

Tokenisation and CBDC trials suggest MAS is laying the groundwork for a future where financial assets are natively digital.

 

3. Industry Engagement

Regulations aside, 2025 also saw activity on the community and industry front. The Digital Assets Association (DAA) Singapore launched its inaugural Digital Assets Summit on 30 September 2025, bringing together key stakeholders — regulators, banks, crypto firms, legal experts — to discuss tokenisation, real-world assets (RWA), DeFi, and the global regulatory landscape.

 

4. Reputational Risks & Enforcement

While the regulatory environment tightens, challenges remain — particularly around illicit financial activity and reputational risk. US and UK authorities recently exposed a transnational cyberscam syndicate that used Singapore-based companies to launder money. These revelations could test the effectiveness of Singapore’s AML and due-diligence frameworks, especially as digital assets become more deeply integrated into the financial system.

As criminal actors exploit digital asset channels, Singapore needs to maintain robust AML/CFT systems to protect its financial ecosystem and reputation.

 

How RSM can help?

RSM Singapore helps businesses navigate regulatory complexity, manage risk, and build trust amid Singapore’s rapidly evolving digital-asset landscape. By tapping into the expertise and global reach of the RSM network firms, we work together to deliver customised guidance and secure solutions that give you confidence and control as you grow in digital finance. These include:

a. Licensing and Regulatory Compliance

  • Advisory on Licensing Requirements under the Payment Services Act (PSA) for Digital Payment Token (DPT) service providers.

b. Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) Compliance

  • Advisory including development of AML/CFT policies and procedures, Customer Due Diligence (CDD) and Know Your Customer (KYC) frameworks.

c. Technology and Cybersecurity Risk Management

  • Review of Cyber Hygiene, Technology Risk Management (TRM), Outsourcing, Business Continuity controls in accordance with MAS guidelines.
  • Cybersecurity assessments including wallet security, smart contract audits, and secure key management.
  • Advisory on incident response planning and cyber resilience strategies.

d. Governance, Risk, and Internal Controls

  • Advisory and establishment of governance frameworks for digital asset operations.
  • Enterprise risk assessments covering market, operational, legal, and compliance risks.
  • Development of internal policies, procedures, and risk management frameworks aligned with MAS PSA expectations.

e. Business Continuity Planning (BCP) and IT Resilience

  • Design and testing of Business Continuity Plans and Disaster Recovery Plans.
  • Review of IT resilience practices to ensure operational continuity in case of disruptions.

 

Looking Ahead

In 2025, Singapore is building a mature, regulated, and future-ready digital finance ecosystem. Regulatory rules have been tightened for service providers, enforced licensing, and catalysed innovation through tokenisation and CBDC trials. At the same time, the industry itself is coming together, through summits and collaboration, to define what the future of finance might look like. If successful, these efforts could solidify Singapore’s position as a global tokenised finance hub.

 

To find out more about RSM’s Business Consulting Services, contact our specialists:

Hoi Wai Khin
Partner, Business Consulting
E: [email protected]

Kendrick Choo
Associate Director, Technology Consulting
E: [email protected]