Country Focus

Singapore: New Payment Services Bill targets crypto space

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.

Scott Thompson

Scott has been working in technology and business journalism for nearly 20 years, with a focus on FinTech, retail, payments and disruptive technology. He has been Editor of such titles as FStech, Retail Systems and IBS Journal and also contributed to the likes of Retail Technology Innovation Hub, PaymentEye, bobsguide, Essential Retail, Open Banking Hub, TechHQ and Internet of Business.

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