The Monetary Authority of Singapore has released the final guidelines for cryptocurrency payment providers

ChainCatcher news, according to Chainalysis, the Monetary Authority of Singapore (MAS) has released the final part of its consultation response regarding the conduct and consumer protection obligations of digital payment token service providers (DPTSPs). The response covers measures related to consumer access, business conduct, management technology, and cyber risks.

Regarding consumer access requirements, MAS stated that consumers must undergo a risk awareness assessment before investing. DPTSPs are not allowed to provide incentives to attract retail investors, nor are they permitted to offer debt financing or leveraged DPT trading to retail investors; generally, DPTSPs must not engage in proprietary trading on their own platforms and must ensure functional separation when conducting various related activities, such as operating markets and acting as brokers.

DPTs are required to disclose their listing and governance policies. While DPTSPs are not prohibited from listing tokens they issue themselves or related tokens, appropriate customer disclosures must be made. Additionally, DPTSPs will be required to ensure high reliability, availability, and recoverability of critical IT systems and implement IT controls to protect customer information.