According to PANews, the Monetary Authority of Singapore (MAS) has revised the Payment Services Act (PS Act) and its subsidiary legislation, expanding the scope of MAS-regulated payment services and imposing user protection and financial stability requirements on digital payment token (DPT) service providers. These revisions will be implemented in phases starting from April 4, 2024. The amendments include: regulating custodial services for DPTs, facilitating the transfer and exchange of DPTs, and standardizing cross-border remittance services; granting MAS the power to impose requirements related to anti-money laundering, counter-terrorism financing, user protection, and financial stability on DPT service providers; and setting transitional arrangements, requiring relevant entities to notify MAS and submit license applications within the specified time frame.
Singapore's MAS Expands Regulatory Scope and Imposes Requirements on DPT Service Providers
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