On 28 January 2020, The Monetary Authority of Singapore (MAS) announced the commencement of the Payment Services Act (PS Act) which will create an enhanced regulatory framework for e-payment services in Singapore.
With this regulation implemented in Singapore, Singapore aims to be a pioneer as a financial services regulator to introduce a regulatory framework for digital payment token services including Cryptocurrency dealing or exchange services.
In details, MAS will now be regulating all domestic money transfers, merchant acquisition, and digital payment token services. Singapore Registered Companies must register with MAS in one month. Thereafter, companies will have to apply for a payment institution license within 6 months.
The Association of Cryptocurrency Enterprises and Start-ups, Singapore (ACCESS), the Singapore Blockchain Association (SBA) and the Singapore FinTech Association (SFA) will be organising workshops on licensing under the Payment Services Act 2019,
For more details, please contact EBOS Cloud Accountants.