MAS Strengthens Regulatory Measures for Digital Payment Token Services 新加坡金融管理局（MAS）加强对数码支付代币（DPT）服务之监管
On 23 November 2023, the Monetary Authority of Singapore (“MAS”) published its final tranche of responses to feedback received on its proposed regulations for Digital Payment Token (“DPT”) service providers in Singapore. 1
新加坡金融管理局（MAS）（即新加坡的央行）（“金管局”）于2023年11月23日就数码支付代币（DPT）服务商的拟议监管措施收到的反馈发布了进一步回应。1
The consulted proposals detail business conduct and consumer access measures to limit potential consumer harm, and stipulate minimum technology and cyber risk management requirements for DPT service providers. A summary is set out below.
该回应详细说明了DPT服务商应当遵守的合规要点。该拟议颁布的合规措施包括了限制对消费者利益造成损害的商业行为，以及DPT服务商应制定最基本的技术和网络风险管理要求。具体概述，参见下文。
BUSINESS CONDUCT MEASURES
商业行为监管措施
MAS will issue guidance for DPT service providers to implement measures including conflict identification and disclosure, policies governing the listing of a DPT, and customer complaint resolution procedures.
金管局将发布指导方针，旨在确保DPT服务商落实以下服务措施，包括冲突识别和披露、制定DPT上市政策以及客户投诉解决程序的措施。
CONSUMER ACCESS MEASURES
对消费者获取加密货币途径之监管措施
To deter cryptocurrency speculation by retail customers, specific measures including assessing customer risk awareness, avoiding incentives for cryptocurrencies trading, restricting financing options, and limiting the value of cryptocurrencies in determining a customer’s net worth will be introduced.
为了规避与遏制零售端客户涉足加密货币投机，金管局的拟议监管措施具体包括评估客户的风险认知程度、限制对加密货币交易的激励措施及融资选项，以及限制加密货币在客户净值评估中的比例。
TECHNOLOGY AND CYBER RISK MANAGEMENT REQUIREMENTS
技术和网络风险管理要求
MAS will require DPT service providers to maintain high system availability and recovery standards for critical systems – aligning with the current requirements for financial institutions.
为了与当前传统金融机构的技术和网络风险管理的监管要求保持一致，金管局将规定DPT服务商对其关键科技系统保持高度的系统可使用性与可恢复性。
TRANSITIONAL PERIOD
过渡期间安排
MAS’ regulatory measures on DPT services will be implemented through regulations and guidelines, which will take effect in phases from mid-2024. This will provide an adequate transitional period for DPT service providers to properly implement these measures. MAS therefore encourages early preparation by the industry players for implementing these measures and commits to engaging with the industry on the progress of implementation.
金管局将从2024年中期开始，通过颁布法规和指导方针的方式，分阶段实施对DPT服务的监管 。相信这个过渡期将为DPT服务商提供充分的准备时间。金管局特别建议行业参与者尽早做好这即将到来的监管措施的对应准备，并承诺在有必要时候与DPT服务行业的从业者就监管实施措施的进展进行交流。
CONCLUDING REMARKS
本所观察
The proposed measures are in line with MAS’ aim to enable growth of an innovative and responsible digital asset ecosystem in Singapore in a risk-focused manner whilst actively discouraging retail participation in cryptocurrency trading – which MAS has repeatedly warned is “plainly hazardous” 2. Nonetheless, the impact of such measures on the future compliance and operational costs of the industry players, and consequently, their bottom line, remains to be seen.
上述的拟议监管措施符合金管局旨在以风险为主要考量的方式促进新加坡创新和负责任的数字资产生态系统之增长的理念，同时亦积极遏制零售端客户参于投资DPT。本所注意到，金管局已屡次警告普通大众参与加密货币交易与投资属于“明显有害”的行为。2 当然，拟议落实的监管措施对DPT行业参与者的未来合规和运营成本的增加，以及对其利润的冲击仍有待观察。
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