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In a significant move aimed at bolstering the financial ecosystem, Singapore has unveiled a series of strict regulations targeting companies offering cryptocurrency services or digital payment token (DPT) services. The Monetary Authority of Singapore (MAS), the city-state’s central bank and financial regulator, announced substantial amendments to the Payment Services Act and its subsidiary legislation on Tuesday.
The revised regulations, slated to be rolled out in stages starting April 4, seek to expand the regulatory framework to cover a wider range of services. These include custodial services for DPTs, the facilitation of DPT transmissions, and the facilitation of cross-border money transfers, even when transactions do not involve the acceptance or receipt of funds in Singapore.
MAS introduced amendments to the Payment Services Act and its subsidiary legislation to expand the scope of payment services regulated by MAS, and to impose user protection and financial stability-related requirements on DPT service providers. https://t.co/H35hX2c7zO
— MAS (@MAS_sg) April 2, 2024
One key aspect of the amendments, as reported by The Block, is the empowerment of MAS to enforce stringent requirements related to anti-money laundering, countering the financing of terrorism, user protection, and the overall financial stability of DPT service providers. This move underscores Singapore’s commitment to maintaining a secure and reliable financial environment while encouraging innovation in the burgeoning digital currency sector.
To ease the transition into the expanded regulatory landscape, MAS has outlined “transitional arrangements” for entities engaged in activities falling under the new scope. These entities must notify MAS within 30 days and submit a license application within six months from the commencement date.
Singapore Aims to Bring Clarity to Local Crypto Industry with Latest Regulatory Expansion
According to The Block, the regulatory expansion, which has been in the works since 2021, is expected to bring much-needed clarity to the crypto custody sector in Singapore. Angela Ang, a former MAS regulator and senior policy advisor at blockchain intelligence firm TRM Labs, noted that the changes were anticipated and provided a clear regulatory framework for industry players.
Kelvin Low, a law professor at the National University of Singapore, echoed this sentiment, suggesting that any potential impact on crypto exchanges or firms considering exiting Singapore would have been foreseen and accounted for well in advance.
In addition to the legislative amendments, MAS released guidelines detailing the consumer protection measures that DPT service providers must adopt. These measures include segregating customer assets, maintaining accurate books and records, and ensuring the integrity and security of customer assets. The guidelines are set to take effect on October 4, marking a significant step in safeguarding consumer interests in the digital finance space.
As Singapore navigates the complex and evolving landscape of cryptocurrency, these regulations demonstrate the nation’s balanced approach—promoting innovation while ensuring robust consumer protection and financial stability.
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