MAS issues Guide on the Tokenisation of Capital Markets Products

18 December 2025

On 14 November 2025, the Monetary Authority of Singapore (“MAS”) re-issued the Guide on Digital Token Offerings (“DTO Guide”) as the Guide on the Tokenisation of Capital Markets Products (“Guide”).

The DTO Guide was first published in 2017 and updated in 2020, providing guidance on the application of MAS-administered laws, particularly in relation to issuances or offerings of digital tokens in Singapore. With the emergence of new arrangements and activities relating to such tokens, MAS has observed growing interest in the issuance and offering of capital markets products (“CMPs”) in the form of digital tokens via the process of tokenisation (“tokenised CMPs”). Activities involving tokenised CMPs have also expanded beyond issuances and offerings to encompass the entire capital markets value chain, for example, secondary trading, settlement, and custody.

MAS explains that the combination of tokenisation and distributed ledger technology (“DLT”) offer significant opportunities, by allowing CMPs to be digitally represented, fractionalised, stored, and exchanged on DLT networks that keep immutable records of transactions. This can potentially facilitate more efficient transactions, enhance financial inclusion, and unlock greater economic value. However, legal uncertainties may arise from the use of tokenised CMPs and activities involving such CMPs.

To support the development of a responsible digital asset ecosystem in Singapore, the Guide focuses on the application of Securities and Futures Act 2001, Financial Advisers Act 2001, and relevant subsidiary legislation to (i) issuances and offerings of tokenised CMPs; and (ii) entities that facilitate activities in relation to such tokenised CMPs.

The technology-neutral approach that MAS set out in the DTO Guide remains relevant for the Guide. MAS will continue to focus on the economic substance of tokenised CMPs and the associated activities that entities are facilitating vis-à-vis tokenised CMPs when determining the applicability of regulatory requirements under the securities law. Notwithstanding the Guide’s focus on tokenised CMPs, digital tokens that fall within the regulatory ambit of other Acts administered by MAS, such as the Payment Services Act 2019, are covered where relevant.

Reference materials

The Guide on the Tokenisation of Capital Markets Products is available on the MAS website www.mas.gov.sg.