The amendments will bring the following activities within the scope of regulation under the PSA — provision of custodial services for DPTs; facilitation of the transmission of DPTs between accounts and facilitation of the exchange of DPTs; and facilitation of cross-border money transfer between different countries, even where monies are not accepted or received in Singapore.
The Monetary Authority of Singapore (MAS) has amended the Payment Services Act (PSA) and its subsidiary legislation taking effect in stages from April 4.
This is done to expand the scope of payment services regulated by the MAS as well as to impose user protection and financial stability-related requirements on digital payment token (DPT) service providers.
