Singapore's crypto regulation bill moves forward

posted 5 months ago
Singaporean authorities are pressing ahead with a new regulatory framework for payment services. The Monetary Authority of Singapore (MAS) today moved the Payment Services Bill for its first reading in Parliament. The Bill expands the scope of regulated payment services. The Bill is comprised of 2 regulatory frameworks. The 1st enables MAS to designate payment systems and regulate operators, settlement institutions, and participants of these designated payment systems. The 2nd framework is a licensing regime that will enable MAS to regulate the provision of payment services.

In the Bill, a “digital payment token service” is defined as “buying or selling digital payment tokens (commonly known as cryptocurrencies), or providing a platform to allow persons to exchange digital payment tokens in Singapore”. Providers of payment services will be required to hold a licence. MAS will have general powers over all regulated entities, including powers to conduct inspections and investigations, and emergency powers. The Bill will require regulated entities to comply with general requirements relating to corporate governance, capital adequacy and business conduct.
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