MAS Enforces Stricter Crypto Regulations for Service Providers

2024/04/03 11:00

The Monetary Authority of Singapore (MAS) has expanded the regulatory framework under the Payment Services Act, introducing amendments that will be implemented in phases starting from 4 April.

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

These amendments cover various aspects such as custodial services for digital payment tokens (DPTs), facilitation of DPT transmission, and cross-border money transfers, even encompassing activities involving funds from overseas.

This broader regulatory scope empowers the MAS to impose stricter requirements on DPT service providers, reflecting a proactive approach to managing risks associated with digital assets.

MAS stated:

"The amendments will empower MAS to impose requirements relating to anti-money laundering and countering the financing of terrorism, user protection and financial stability on DPT service providers."

Concurrently, MAS has issued consumer protection guidelines for DPT service entities, slated to be effective from 4 October.

These guidelines mandate measures like segregating customer funds, maintaining meticulous records, and implementing robust security protocols to safeguard customers' assets.

Singapore's Stance on Crypto Regulations

Singapore's regulatory approach to digital currency strikes a balance between fostering innovation and risk management, as it seeks to attract crypto firms while intensifying regulatory scrutiny in tandem with sector expansion.

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