As crypto continues its foray into the mainstream financial world, more countries are recognizing digital assets legally. Singapore is the latest to join the party. On Jan. 28, the Monetary Authority ofSingapore’s(MAS) Payment Services Actwent into effect, setting up a framework for the regulat...
9. For more details, please refer to the consultation papershereon proposed measures for digital payment token services, andhereon proposed regulatory approach for stablecoins. MAS invites interested parties to submit their comments on the proposals by 21 December 2022. Source: MAS...
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a) digital payment token service providers (DPTSPs); b) certain types of stablecoin issuers. The proposed measures will expand the regulatory framework for DPTSPs under the Payment Services Act 2019 (PS Act), currently the principal Singapore regulatory framework governing cryptocurrency services. The...
Clear instructions: They’ve created a rulebook called the Payment Services Act that explains how digital payment services and cryptocurrencies should work. Stopping bad guys: Companies dealing with crypto in Singapore have to follow strict rules to prevent money laundering and make sure they know who...
Payment Services Act MAS Notice PS-N01 Required verification information (Singapore) FAQs Why am I being asked to provide personally identifiable information for all of my directors and/or key executives? In order to comply with existing AML/KYC regulations in Singapore, including MAS Notice PS-N...
Industry players are however hopeful that Singapore’s move is for the best as the country has been becoming more crypto-friendly. The Monetary Authority of Singapore (MAS) under the Payment Services Act of 2019 (PS Act) has granted licenses to DBS Vickers (DBSV) (the brokerage arm of DBS...
26, both consultation papers aim to reduce risks to consumers from crypto trading and improve standards of stablecoin-related transactions. The first document includes proposals for digital payment token (DPT) services or services related to major cryptocurrencies like Bitcoin BTC , Ether ETH or XRP ...
token services in Singapore. Over 90% of Ripple’s business is outside of the US, and Singapore – and to a larger degree Asia Pacific – is one of its fastest growing regions. The company will continue to prioritize the Asia Pacific region for adoption of its crypto-enabled payments ...
token services in Singapore. Over 90% of Ripple’s business is outside of the US, and Singapore – and to a larger degree Asia Pacific – is one of its fastest growing regions. The company will continue to prioritize the Asia Pacific region for adoption of its crypto-enabled...