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) $9,805.18 (+0.13%)
  • Ethereum (ETH) $269.05 (+7.65%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Bitcoin Cash (BCH) $413.00 (+6.86%)
  • Bitcoin SV (BSV) $319.43 (+18.10%)
  • Bitcoin (BTC) $9,805.18 (+0.13%)
Feb 18, 2020 (Tuesday)
05:36
Binance launches cloud solution to simplify launching cryptocurrency exchanges
04:52
Crypto Technicals: BTC/USD hovers around 21-EMA (9690), potential 'Golden Cross' limits downside
04:51
Telecom giants jointly test blockchain solution for automating roaming discount agreements
Feb 17, 2020 (Monday)
13:34
Fullerton Markets adds support for cryptocurrency deposits and withdrawals
13:02
Crypto asset custodian Copper raises $8M in Series A round
12:06
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
12:05
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
11:58
CFTC sues Colorado resident with fraud in crypto-related Ponzi scheme
11:22
Crypto Technicals: ETH/USD slips below 5-DMA, 'Golden Cross' to limit downside
11:15
Central Bank of The Bahamas to roll out CBDC in H2 2020
10:45
Stellar Development Foundation joins Blockchain Association
10:21
Dubai Multi Commodities Centre to launch blockchain-based sugar trading platform
10:20
Crypto Technicals: BTC/USD holds 21-EMA support, break below could see further weakness
09:22
Binance applied for an operating license in Singapore, CEO confirms
07:23
IOHK establishes new research lab at University of Wyoming
06:53
Chinese forex regulator SAFE’s blockchain cross-border financing pilot continues expansion
05:14
Blockchain social media platform Steemit to migrate to TRON network
Feb 14, 2020 (Friday)
13:11
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
13:11
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
12:24
Israel’s stock exchange partners with Edinburgh-based startup for its Blockchain Securities Lending platform
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft