Monetary Authority of Singapore (MAS) is increasing its grip on the cryptocurrencycurrency sector by enacting new laws under the Payment Services Act. Set to take effect in stages beginning April 4. The revisions will widen the scope of regulated payment services to include the custody of digital payment tokens, assisting with their transfer, and facilitating foreign money transactions.
According to the MAS, the revisions would allow the regulator to impose obligations on DPT service providers in the areas of anti-money laundering, counter-terrorism funding, user protection, and financial stability.
The regulator will make transitional provisions, requiring businesses that carry out activities under the increased scope to notify the MAS within 30 days and file a license application within six months.
Angela Ang, a former MAS regulator and senior policy advisor at TRM Labs, applauded the move. The amendments made it easier for Singaporeans to understand the rules governing cryptocurrencycurrency custody services.
The modifications to the Payment Services Act demonstrate Singapore’s commitment to developing a viable regulation regime for the cryptocurrencycurrency community that prioritizes consumer satisfaction, is driven by service quality, and takes into account potential currency threats and illicit operations.
