According to official news, the Monetary Authority of Singapore (MAS) today amended the Payment Services Act (PS Act) and its subsidiary legislation, expanding the scope of payment services regulated by MAS and imposing requirements related to user protection and financial stability on digital payment token (DPT) service providers. These amendments will take effect in stages from April 4, 2024. The amendments will bring the following activities under the regulatory scope of the PS Act:
- Regulating DPT custody services;
- Facilitating the transfer of DPT between accounts and facilitating the exchange of DPT, even if the service provider does not obtain funds or DPT;
- Facilitating cross-border remittances between different countries, even if Singapore does not accept or receive remittances. These amendments will authorize MAS to impose requirements related to anti-money laundering, combating terrorist financing, user protection and financial stability on DPT service providers.