The Monetary Authority of Singapore (MAS) has issued a consultation paper on proposed market integrity measures for digital payment token (DPT) service providers (DPTSPs) to ensure that DPT trading platforms are operated fairly. The need for market integrity measures was first raised in MAS’s Consultation Paper on Proposed Regulatory Measures for Digital Payment Token Services (see our article on the previous consultation paper).
The measures proposed by the current consultation paper include requiring DPTSPs to develop and implement adequate systems and processes to:
MAS also intends to amend the Payment Services Act 2019 to introduce prohibitions against unfair trading practices which already apply to securities and other capital markets products under the Securities and Futures Act 2001, such as false trading, market manipulation and insider trading.
The consultation comment period closes on 3 August 2023.
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Disclaimer: This article is for general information only and does not constitute legal advice.