Singapore's single licensing framework for payments, administered by MAS. It replaced the previous money-changing and remittance regime with three licence classes covering seven regulated payment services. Its digital payment token service licence is the route by which crypto exchanges and custodians are regulated in Singapore, and the 2021 amendments expanded that definition to catch transfer, custody and brokering. The stablecoin framework MAS finalised in 2023 still requires further legislation and was not yet in force as of August 2026.