• Sat, 24 Aug 2019, 10:51 PM
  • All times are UTC
  • Edition:
    International
Copy link
Increase text size
Decrease text size
Link copied

Monetary Authority of Singapore seeks to introduce regulation for cryptocurrency exchange services

The logo of the Monetary Authority of Singapore (MAS). (Photo: Reuters/Edgar Su)

Tue, 15 Jan 2019, 04:37 am UTC

The Monetary Authority of Singapore (MAS) is seeking to introduce a regulatory framework for cryptocurrency exchange services.

During the second reading of the “Payment Services Bill,” Ong Ye Kung, Minister For Education, on behalf of Tharman Shanmugaratnam, Deputy Prime Minister and Minister-In-Charge of the MAS, said that the bill provides a forward-looking and flexible framework for the regulation of payment systems and payment service providers in the country.

“[The bill] provides for regulatory certainty and consumer safeguards, while encouraging innovation and growth of payment services and FinTech,” according to the transcript of the speech published on January 14.

Among other things, the bill expands MAS’ regulatory scope to include more types of payment services, such as digital payment token services and merchant acquisition, Ong added.

“We will be among the first few financial services regulators in the world to introduce a regulatory framework for digital payment token services, or what are commonly understood as cryptocurrency dealing or exchange services,” he said.

Further noting the significant money laundering and terrorism financing risks associated with digital payment token services, Ong said that the bill will require “all providers of digital payment token dealing or exchange services in Singapore” to meet anti-money laundering and counter financing of terrorism (AML/CFT) requirements.

The bill also updates the definition of “e-money” which will go beyond stored value or pre-paid services, such as public transport cards, to include e-wallets. It essentially means that e-money issuers have an obligation to protect the value held in major e-wallets for consumers and merchants.

He concluded saying:

“The Bill is a necessary piece in Singapore’s Smart Nation journey. It will help us build a technologically robust smart financial centre, that preserves stability while facilitating innovation and growth in the payments landscape.”

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
More
  • Bitcoin (BTC) $10,043.90 (-3.57%)
  • Ethereum (ETH) $188.74 (-2.85%)
  • XRP (XRP) $0.271000 (-1.92%)
  • Bitcoin Cash (BCH) $305.36 (-3.00%)
  • Litecoin (LTC) $72.98 (-3.03%)
  • Bitcoin (BTC) $10,043.90 (-3.57%)
Aug 23, 2019 (Friday)
11:35
Stablecoin project Terra receives funding from HashKey Capital
10:49
Three of the founding members of Libra Association consider backing out: Report
08:55
Overstock's Patrick Byrne steps down as CEO
08:52
Pundi X brings XPOS crypto payments to Venezuela's Traki retail stores
07:22
Blockchain startup Blockstack scores strategic investment from Japan's Recruit Holdings
07:19
BitGo announces support for multi-signature EOS wallet and custody services
06:39
US Treasury blacklists crypto addresses of suspected Chinese fentanyl traffickers
06:14
Chainalysis launches ‘Chainalysis KYT Alerts’ to detect suspicious cryptocurrency activity in real-time
05:13
Cryptocurrencies used to buy fentanyl, other illicit drugs: White House
05:04
Blockchain energy startup Power Ledger extends energy trading trial in Fremantle
03:53
Blockchain accelerator initiatives launched at the University of California campuses
Aug 22, 2019 (Thursday)
13:05
Crypto exchange Coincheck mulls launching IEO Platform
12:46
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
11:53
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
11:42
Sierra Leone launches blockchain-based National Digital Identity Platform
10:43
Blockchain startup Blocko secures $7.4M in Series B+ round from major South Korean financial institutions
09:52
Crypto Technicals: Ethereum Classic ignores crypto space weakness, extends gains to break above 200-DMA
09:16
Former Zaif exchange owner Tech Bureau to discontinue crypto business after completing customer refunds
08:32
Crypto Technicals: XLM/USD bearish trend intact, hits multi-month lows at 0.06542
07:33
Russian firm ICORating settles $270K fine with SEC for concealing ICO touting payments
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft