Singapore Boosts Payment Services Act: What Changes Are Coming for Token Management?

Singapore's Monetary Authority (MAS) announces enhancements to the Payment Services Act (PS Act) targeting digital payment token (DPT) providers. The amendments, effective April 4, entail expanding regulatory oversight to encompass token custody, transfers, and cross-border transactions.

MAS Enforces Stricter AML Measures on Video Streaming Providers

MAS underscores its authority to enforce anti-money laundering measures, user protection, and financial stability mandates on DPT service providers. Amendments empower MAS to impose stringent requirements, ensuring compliance with regulatory standards.

Affected entities will undergo phased compliance starting April 4. Transitional provisions are in place to ease the transition for impacted businesses.

Entities must notify MAS within 30 days and apply for licenses within six months post-April 4 to continue operations during review periods. Non-compliant entities risk closure upon the amendments' enforcement.

Singapore Strengthens Regulation of Payment Token Service Providers, Cryptocurrency Giants Approved to Serve Local Market

Further amendments mandate the safeguarding of customer assets by payment token service providers. Measures include asset segregation, trust account placement, and enhanced security protocols.

Leading crypto firms, such as Crypto.com, Coinbase, and Ripple, secure payment institution licenses to serve the Singaporean market. Notable milestones include Crypto.com's Major Payment Institution license acquisition in June 2023 and Coinbase's full MPI license attainment in October 2023.