According to reports from Wu, Alex Zuo, Vice President of Cobo Custody, stated that Singapore's MAS has released the final guidelines for the DTSP regulatory framework under the Financial Services and Markets Act (FSMA). The FSMA will take effect on June 30, 2025, and non-compliant DTSPs must cease operations immediately. DTSP refers to institutions providing token trading, transfers, custody, and other services to overseas clients from Singapore. Entities holding PSA/SFA/FAA licenses or those exempt do not need to reapply for a DTSP license, but must meet new obligations, such as technical risk management, annual audits, and reporting significant security incidents within one hour. MAS emphasizes a shift from 'licensing' to 'compliance' and implements tiered regulation for stablecoins.