On 3 May 2025, the Monetary Authority of Singapore (MAS) issued a consultation paper proposing to remove the current exclusions under the Financial Advisers Regulations and the Securities and Futures (Licensing and Conduct of Business) Regulations (SF(LCB)R) that exempt certain financial institutions from complying with advertising regulations.
This proposal is part of MAS’s broader initiative to enhance market conduct standards, following its 2023 Consultation Paper on Enhancing Safeguards for Proper Conduct of Digital Prospecting and Marketing Activities.

On 4 October 2024, the Monetary Authority of Singapore (MAS) published the Consultation Paper on Proposed Regulatory Approach, Regulations, Notices and Guidelines for Digital Token Service Providers issued under the Financial Services and Markets Act 2022 (P010-2024) (“Consultation Paper”).
The Consultation Paper, which includes a number of Annexes, sets out the MAS’ proposed new regulatory framework for digital token service providers (DTSPs) that will be regulated under Part 9 of the Financial Services and Markets Act 2022 (FSMA). The MAS’ key proposals for the new regulatory framework for DTSPs center around licensing requirements, anti-money laundering and countering the financing of terrorism compliance, financial obligations and governance requirements