新加坡金管局推动资产代币化商业化合规指南
作者：东南亚合规中心编辑团队
TL;DR · 核心要点
新加坡金融管理局（MAS）宣布支持资产代币化商业化落地，聚焦监管沙盒优化、基础设施升级与跨机构协作。关键合规信息包括：1）代币化资产须符合《证券与期货法》（SFA）及《支付服务法》（PSA）双重监管框架；2）发行方需持MAS牌照（如CMS或PSA牌照），视代币性质而定；3）托管、交易及结算平台须通过MAS认可的合规审计；4）反洗钱（AML/CFT）要求全面适用于代币化业务全链条。对企业而言，需重新评估现有数字资产架构合规性，加速牌照申请进程，并建立链上KYC/AML监控系统，尤其影响跨境数字资产服务商、基金公司及金融科技初创企业。
✅ 合规行动清单 · Compliance Checklist
- ›立即启动代币法律定性分析，委托新加坡持牌律所出具SFA/PSA适用意见书
- ›向MAS提交监管沙盒申请（若属创新模式），同步启动CMS或PSA牌照预审流程
- ›在2025年Q2前完成托管与交易智能合约的MAS认可第三方安全审计
- ›Conduct legal characterisation of your token with a MAS-recognised Singapore law firm to determine SFA or PSA applicability
- ›Submit a Regulatory Sandbox application to MAS if deploying novel infrastructure or business models
- ›Engage a MAS-approved auditor to assess custody, trading, and settlement smart contracts by Q2 2025
English Summary
MAS has unveiled a strategic initiative to accelerate the commercialisation of asset tokenisation in Singapore. Key compliance requirements include: (1) Tokenised assets classified as capital markets products must comply with the Securities and Futures Act (SFA); those functioning as payment tokens fall under the Payment Services Act (PSA). (2) Entities involved in issuance, custody, trading, or settlement require MAS licensing—either a Capital Markets Services (CMS) licence or a Major Payment Institution (MPI) licence. (3) All service providers must implement MAS-aligned AML/CFT controls, including on-chain KYC and transaction monitoring. Foreign businesses targeting Singapore’s market must appoint a local representative for MAS liaison and complete regulatory assessments before launch. No formal deadline is set, but MAS expects firms to engage proactively via its Regulatory Sandbox and FinTech Office. Practical implications include increased due diligence costs, mandatory third-party audits of smart contracts, and alignment of governance frameworks with MAS’s Technology Risk Management Guidelines.
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