Regulations for fiat on/off-ramps

Is a fiat on-ramp service required to safeguard the cryptocurrency purchased with fiat?

According to MAS (FAQs)
last revised on 31 March 2021

At the moment, MAS does not [...] provide any regulatory safeguards for investments in DPTs, the safety and soundness of DPT service providers or the proper processing of DPT transactions. Providers of DPT services are regulated primarily for ML/TF risks.