What is the licensing requirement for Business Solutions Providers to handle cryptocurrency?

Business Solution Providers that have integrated TradeTrust to provide digital services dealing with electronic transferable records such as eBLs, will typically manage the cryptocurrencies required to pay for their clients’ recording of their NFT transactions.

For such payments, MAS’s regulatory team has been consulted if there is a need for a licensing requirement. MAS has advised that if the Business Solution Providers are not facilitating the buying and selling of digital payment tokens (DPT) and arranging the transmission of DPTs from one account to another, they would not be deemed as conducting on a business of providing a DPT service under the Payment Services Act 2019.

MAS further recommends that Business Solution Providers perform their own legal and compliance review before proceeding.