The Monetary Authority of Singapore (MAS), the country’s central bank, is spearheading a Payment Services Bill which aims to better safeguard consumers’ money, counter terrorism financing and boost cybersecurity measures.
The bill, submitted by Education Minister Ong Ye Kung, will bring payment service providers that are currently not regulated by the Payment Systems (Oversight) Act (PS(O)A) and the Money-Changing and Remittance Businesses Act (MCRBA) under the charge of the MAS.
Activities to be regulated include the issuing of accounts and electronic money, the transfer of money within and out of Singapore, the acquisition of merchants who will use their platform, money changing and the dealing in and exchange of digital payment tokens such as Bitcoin.
Further details here.
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