Singapore to introduce Payment Services Act amendments for digital payment token service providers

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The Monetary Authority of Singapore (MAS) introduced amendments to the Payment Services Act and subsidiary legislation to expand the scope of regulated payment services and introduce new requirements for digital payment token (DPT) service providers.

The various amendments:

  • Bring new activities under the scope of regulation, including the provision of custodial services for DPTs facilitation of cross-border money transfer between different countries;
  • Empower MAS to impose requirements relating to AML/CTF, user protection and financial stability on DPT service providers; and
  • Introduce transitional and licencing requirements for specific entities.

The amendments will take effect in stages from 4 April 2024. Firms with operations in or involving Singapore should review the new and forthcoming amendments and take any appropriate action to ensure compliance.

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