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Singapore Authorities Issue Caution Against Offering Incentives for Crypto Payments

1 min
Updated by Geraint Price
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In Brief

  • The Monetary Authority of Singapore (MAS) has warned DPT service providers to avoid offering incentives for crypto payments.
  • Furthermore, MAS requires DPT service providers to maintain high availability and recoverability of its critical systems.
  • This comes amid ongoing efforts by MAS to oversee crypto in the nation, including a task force and licensing crypto firms.
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The Monetary Authority of Singapore (MAS) has published public feedback to its proposed regulations on Digital Payment Token (DPT) service providers in Singapore.

“DPT service providers should discourage cryptocurrency speculation by retail customers,” the statement declared.

MAS Warning Against Rewards for Crypto Payments in Singapore

According to a recent statement, the MAS reiterates that it will be issuing guidance for DPT service providers to ensure they follow the correct regulations in place.

“With regard to business conduct, MAS will issue guidance for DPT service providers to implement these measures, which received broad support from a wide range of respondents.”

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Additionally, those offering the ability for customers to use crypto for transactions must not offer any incentives for doing so, according to the MAS. Furthermore, it must do a risk analysis of customers before allowing them the ability to use crypto for payment services.

“We urge consumers to remain vigilant and exercise utmost caution when dealing in DPT services, and to not deal with unregulated entities, including those based overseas,” she stated.

MAS Intensifies Oversight of Crypto Activities

Meanwhile, this comes after MAS announced Project Guardian, an initiative designed to enhance cross-border crypto regulations.

Project Guardian is set to focus on advancing crypto pilots in fixed income, foreign exchange, and asset management products.

However, Singapore has initiated a task force dedicated to addressing illicit activities on cryptocurrency exchanges.

The crypto industry in Singapore has experienced increased business activity in recent times. This coincides with the Monetary Authority of Singapore (MAS) granting licenses to crypto firms in the country.

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Ciaran Lyons
Ciaran is a cryptocurrency journalist based in Sydney, Australia. He particularly enjoys writing about CBDC developments and the practical implementations of cryptocurrency in real-world scenarios. He has also appeared across major television networks in Australia including Channel Ten, Channel Nine and SBS TV. Prior to his foray into cryptocurrency, Ciaran worked as a presenter on national radio station Triple J.
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