MAS Issues Clarification on the Regulatory Regime for Digital Token Service Providers under the Financial Services and Markets Act 2022

By Leon Yee and Sally Kim

On 30 May 2025, the Monetary Authority of Singapore (“MAS”) published its response to feedback on the proposed regulatory approach, regulations, and notices for digital token service providers (“DTSPs”) under the Financial Services and Markets Act 2022 (“FSM Act”). This article provides a summary of the key features of the new regime, MAS’s clarifications, and practical implications for affected entities.

Scope of the DTSP Regime
The DTSP regime applies to individuals, partnerships, or Singapore-incorporated entities that carry on a business of providing digital token (“DT”) services outside Singapore. The regulatory focus is on mitigating money laundering and terrorism financing (“ML/TF”) risks, as well as reputational risks to Singapore, given the cross-border and internet-based nature of such services.

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Duane Morris & Selvam LLP is delighted to welcome Akshay Kishore as Director and Head of the India Dispute Resolution Practice

SINGAPORE, 16 June 2025 – We are pleased to announce that Akshay Kishore has joined Duane Morris & Selvam LLP as a Director and Head of the India Dispute Resolution Practice.

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The potential impact of Mexico’s judicial reforms: does Singapore have a role to play as an international arbitration centre?

The Global Arbitration Review (GAR) has launched the Asia-Pacific Arbitration Review 2026.  Duane Morris & Selvam’s Director Ramiro Rodriguez and Duane Morris’s Partner S. Saliya Subasinghe P.C. have contributed to this edition.

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Expert Evidence Under the Singapore Rules of Court 2021: Advantage Arbitration?

Signing a document

By Leonard Loh

Key Takeaway: The need for an additional step (as required under the Singapore Rules of Court 2021) (“ROC 2021”) before being allowed to introduce expert evidence and the attendant additional costs and risks could reduce the attractiveness of litigation in Singapore in favour of arbitration. All should thus be aware of the additional complexities introduced by ROC 2021, and consider whether litigation under Singapore law remains the best solution in a dispute or if arbitration is the better option.

One of the changes made by ROC 2021 is to introduce court control over a party’s previously unrestricted right to introduce expert evidence. If a litigant wishes to introduce his own expert to give evidence, he has to convince the Court, among other things, that (1) expert evidence will contribute materially to the determination of any issue and (2) that the default rule that parties are to agree on one common expert should be departed.

While this change is welcomed when viewed through the lens of expeditious proceedings and efficient use of court resources (see Order 3, Rule 1(2) of the ROC 2021), it requires lawyers and (potential) litigants to grapple with the additional complexities of litigation in Singapore. This article will discuss a couple of such additional complexities and discuss whether they increase the attractiveness of arbitration, especially in complex disputes where expert evidence is an important, if not integral, part of the process.

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Selvam LLC Celebrates Recognition in Benchmark Litigation Asia Pacific 2025 Edition

SINGAPORE, 7 May 2025 – Selvam LLC is proud to announce that we have been recognized in the prestigious Benchmark Litigation Asia Pacific 2025 edition. We are delighted to be newly listed in the Family and Matrimonial practice area, marking an exciting milestone for our firm. Additionally, we are pleased to share that our International Arbitration practice has advanced by one rank, further underscoring our expertise and continued growth in this field.

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Overview of Key Updates on Employment Laws and Guidelines in Singapore – 2025 & Ahead

By Patrick Ong and Sally Kim

As part of Singapore’s push for a more supportive workplace to remain relevant to a changing workforce, recent legislative developments introduce new obligations for employers, including the structured handling of flexible work arrangement requests, enhancements to paternity leave, the implementation of workplace fairness legislation, additional protections for platform workers and upcoming guidelines on restrictive covenants.

It would be prudent for employers to take note of such changes and their impact on existing policies. This article provides an overview of these developments.

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Congratulations to Vin’s Holdings Ltd on its Successful Listing on SGX Catalist

SINGAPORE, 16 April 2025 – We are proud to have acted as Solicitors to the Issue Manager, Full Sponsor and Placement Agent, RHB Bank Berhad, as to Singapore law in connection with the successful initial public offering and listing of Vin’s Holdings Ltd on the Catalist board of the Singapore Exchange (“SGX”).

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The opinions expressed on this blog are those of the author and are not to be construed as legal advice.

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