Singapore Proposes to Regulate Singapore-Based Providers of  Offshore Virtual Asset Services

New legislation introduced in Singapore's Parliament would now regulate virtual asset service providers (VASPs) that are based in Singapore but provide offshore services. The Financial Services and Markets Bill 2022 was given its first reading on 14 February 2022.

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MAS Issues Guidelines on Providing and Promoting Digital Payment Token Services in Singapore

MAS issued guidelines banning the promotion of digital payment tokens (DPTs) to the general public in Singapore.

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Singapore and UK to Strengthen Financial Services Partnership

The United Kingdom and Singapore announced a landmark financial services partnership (the "Financial Partnership") on 30 June 2021, at the 6th UK-Singapore Financial Dialogue. The Financial Partnership, which was backed by a Memorandum of Understanding, reaffirms both countries' commitment to building more comprehensive and enhanced financial services relationship while improving regulatory and cybersecurity cooperation.

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MAS Issues Circular on Technology and Cyber Security Risks of Public Cloud Services

The Monetary Authority of Singapore issued a circular advising financial institutions of the technology and cyber security risks associated with public cloud services. The circular focuses on identifying and managing the risks associated with the adoption of public cloud services and serves as a reminder that financial institutions are ultimately responsible for managing these risks.

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MAS Revises the Technology Risk Management Guidelines

The Monetary Authority of Singapore has revised the Technology Risk Management Guidelines applicable to financial institutions and their third party service providers. The revised Guidelines highlight MAS's increased expectations for cybersecurity controls and their importance in a financial institution's technology development and delivery lifecycle.

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