MAS Guide on the Tokenisation of Capital Markets Products
The Monetary Authority of Singapore ("MAS") recently updated its Guide on the Tokenisation of Capital Markets Products (the "Guide") on 14
November 2025. This update comes in light of increasing activity relating to capital markets products offered via digital tokens ("tokenised CMPs").
This updated guide replaces the earlier Guide to Digital Token Offerings first issued in 2017 and updated in 2020, and introduces a number of
significant changes. The contents of the guide remain as general reference and do not supersede any applicable laws, regulations, and requirements.
On June 6 2025, the Monetary Authority of Singapore ("MAS") issued several important clarifications on the regulatory framework for Digital Token Service Providers ("DTSPs"), following its response on 30 May 2025 to public feedback on its Consultation Paper on Proposed Regulatory Approach, Regulations, Notices and Guidelines for Digital Token Service Providers issued under the Financial Services and Markets Act 2022. these clarifications are part of MAS' ongoing efforts to strengthen oversight under the Financial Services and Markets Act 2022.
FATF Identifies Stablecoins as a Major Risk in Illicit Use of Virtual Assets
This article provides a summary on the latest Financial Action Task Force ("FATF") targeted update and a few of our own observations on the significant popularity of stablecoins.
On 26 June 2025, the FATF published its sixth targeted update on the global implementation of anti-money laundering and counter-terrorist financing ("AML/CFT") measures for
virtual assets ("VAs") and virtual asset service providers ("VASPs"). This 2025 Targeted Update identifies several emerging risks and calls for stronger global action to
safeguard the integrity of the international financial system.
Legal Developments - Digital Assets as Property - UK vs Singapore
Recent legislative reforms in the United Kingdom have introduced a new statutory category of property for digital assets, including cryptocurrencies. By contrast, Singapore continues to rely on common law principles to classify crypto as property. This update compares both approaches and highlights implications for businesses and investors operating in Singapore.
SGX RegCo advances disclosure-based regime - changes effective from 29 October 2025
On 29 October 2025, Singapore Exchange Regulation ("SGX RegCo") implemented several new measures recommended by the Equities Market Review Group, marking a major shift towards a
more disclosure-based regulatory approach.
Overall, these changes are expected to reinforce Singapore’s position as a global capital markets hub, attracting more qualified companies to list on the Singapore Exchange,
while maintaining high standards of corporate governance and investor protection.
Why Cyber Tech Disputes Are Best Resolved Through Arbitration: Efficiency, Privacy, and Expertise
The cyberspace and technology markets operate on efficiency, privacy and expertise.
In resolving disputes, an arbitration agreement is designed to protect these priorities. This update shows the benefits of arbitration in detail regarding
these cyber tech disputes.
On 13 June 2025, the Ministry of Law issued a guidance note ("Guidance Note") on certain amendments to the Trustees Act 1967 and the Trustees (Transparency and Effective Control)
Regulations 2017 ("TTEC Regulations").
In particular, the amendments to Part 7 of the Trustees Act and the TTEC Regulations apply to any express trust governed by the law of Singapore, administered in Singapore, or in respect of which
any of the trustees is resident in Singapore, except for certain exceptions prescribed in the TTEC Regulations.
Updates to the Guidelines on Licensing and Conduct of Business Guidelines for Fund Management
MAS has recently updated the Guidelines on Licensing and Conduct of Business Guidelines for Fund Management ("Guidelines") as of 3 September 2025. This article has summarised the
updated guidelines and its implications.
Our firm is well-equipped to assist FMCs in navigating these regulatory changes. We will continue to monitor developments and provide further updates as they become available.
Singapore's Asset Management Industry Grows 12% in 2024, Reaching S$6.07 Trillion in AUM
The Monetary Authority of Singapore ("MAS") has released its 2024 Singapore Asset Management Survey, highlighting another year of strong growth and international positioning for the industry. Backed by a robust financial infrastructure and a deep bench of professional services, Singapore is well positioned to support continued growth in the asset management industry. The MAS remains committed to helping the sector navigate emerging challenges and scale new opportunities across the region.