Singapore presses ahead with new payment services regulations that will apply to cryptocurrency exchanges

0
77

A new Bill will empower MAS to regulate seven types of payment services, including digital payment token services.

Singaporean authorities are pressing ahead with a new regulatory framework for payment services. The Minister for Education, Mr Ong Ye Kung, on behalf of Mr Tharman Shanmugaratnam, Deputy Prime Minister and Minister-in-charge of the Monetary Authority of Singapore (MAS) today moved the Payment Services Bill for its first reading in Parliament.

To take into account new developments in payment services and the various risks they pose, the Bill will expand the scope of regulated payment services. The Bill will empower MAS to regulate payment services for the following key risks and concerns:

  • money-laundering and terrorism financing (“ML/TF”);
  • loss of funds owed to consumers or merchants due to insolvency;
  • fragmentation and limitations to interoperability; and
  • technology and cyber risks.

The Bill comprises two parallel regulatory frameworks.

Designation Framework for Significant Payment…

Read More…