Virtually Everything | Series 3, Episode 6 | Insights from Singapore

In the sixth episode of Series 3 of our Virtually Everything podcast, hosts Lucy Nash and Vyasna Mahadevey are joined by Zhen Guang Lam, Senior Associate in our Singapore office, to explore the country’s evolving regulatory landscape for digital assets and payments.

Following previous discussions on the UAE’s virtual assets regime, this episode shifts focus to Singapore, where recent regulatory developments are reshaping the digital assets ecosystem and prompting global comparisons.

The conversation begins with an overview of the Monetary Authority of Singapore’s (the MAS) new rules for crypto service providers operating outside the country but with Singaporean touchpoints. These changes, which came into effect on 30 June 2025, introduce compulsory licensing, strict AML/CFT compliance and limited transitional relief. The move created some industry reactions, with some firms reconsidering their presence in Singapore and others adapting to meet the new standards.

Zhen Guang explains that while the MAS has long signalled its intent to tighten oversight, the timing and scope of the new rules could have led to confusion and operational shifts across the sector. The discussion also touches on the broader policy context, including the collapse of FTX, Singapore’s largest-ever money laundering case and international pressure from bodies such as the Financial Action Task Force.

The episode expands to consider how other Asian jurisdictions are responding. Thailand and Malaysia are both refining their regulatory frameworks, with Thailand barring unlicensed foreign exchanges and Malaysia exploring faster asset listing processes. These developments reflect a regional trend toward clearer, more robust digital asset regulation.

From a user perspective, the tightening of rules means slower onboarding and stricter controls, but also greater transparency and trust. Zhen Guang highlights the importance of cybersecurity and governance, noting that digital asset firms must now operate with the rigour expected of financial institutions.

The episode concludes with a look at Singapore’s payments landscape. Zhen Guang introduces the Singapore Payments Network (SPaN), a new entity established by MAS and the Association of Banks in Singapore to oversee the country’s national payment schemes. SPaN is expected to unify governance, enhance cross-border capabilities, and foster innovation across the payments ecosystem.

This episode offers valuable insights into Singapore’s regulatory direction and how it compares to other jurisdictions in Asia. It’s a must-listen for anyone navigating the digital assets and payments space in the region.

Listen now to hear the full discussion and stay informed on the latest developments in fintech regulation.

This podcast forms part of the Virtually Everything podcast series. To find out more about the topics discussed in the series, please visit our dedicated Digital Assets and Blockchain page.