Singapore amends Payment Services Act to cover token custody and transfers
The amendments will be implemented in several stages starting on April 4, and transitional arrangements will be provided for affected entities.
The Monetary Authority of Singapore (MAS) announced that it would implement amendments to the country’s Payment Services Act (PS Act) to expand the scope of regulated services related to digital payment token (DPT) service providers.
On April 2, Singapore’s central bank said it would bring several activities within the scope of the PS Act. This includes providing custodial services for DPTs, facilitating token transfers and exchange and the facilitation of cross-border money transfers.
The regulator also clarified that the law covers cases even where the service provider does not come into possession of the funds or where the money is not accepted or received in Singapore.
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