The central bank of Singapore has finalized the country’s new regulatory framework for payment services, which now includes cryptocurrency. Crypto payment service providers, which fall outside of the current regulatory framework, will need to be licensed under the new regime.
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Regulating Crypto Payment Services
The Monetary Authority of Singapore (MAS), the country’s central bank, announced on Monday that it has finalized the new regulatory framework for payment services. The Payment Services Bill “will provide a more conducive environment for innovation in payment services, whilst ensuring that risks across the payments value chain are mitigated,” the central bank explained. The bill was submitted to parliament by Education Minister and MAS board member Ong Ye Kung, the Straits Times reported.
Cryptocurrency service providers that fall outside of the current regulation can expect to be licensed under the new regulatory framework, the publication described. “It is expected to affect electronic wallets and digital payment tokens such as Grabpay, bitcoin and ethereum,” the news outlet added, noting:
Activities to be regulated by the bill include the issuing of accounts and electronic money, the transfer of money within and out of Singapore, the acquisition of merchants who will use their platform, money changing, and the dealing in and exchange of digital payment tokens such as bitcoin.