Singapore is introducing regulations that appear to be more stringent for companies engaging in cryptocurrency services or digital payment token (DPT) services.

The Monetary Authority of Singapore announced on Tuesday that it is expanding the scope of regulated payment services by introducing amendments to the Payment Services Act and its subsidiary legislation.

The amendments are expected to take effect from April 4 in stages, according to the statement. Specifically, the MAS noted that the new rules would cover custodial services for DPTs, facilitation of the transmission of DPTs, and facilitation of cross-border money transfers between countries “even where moneys are not accepted or received in Singapore.”

“The amendments will empower MAS to impose requirements relating to …