The goal of the new regulations is to give Singapore’s expanding cryptocurrency investor base better financial protections.
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In an attempt to become an institutional hub for the industry while fostering user protection and financial stability, Singapore has expanded the purview of its regulations pertaining to digital assets to include the custody of tokens and a larger range of companies engaged in fund transfers.
The Monetary Authority of Singapore (MAS) said in a statement on Tuesday that the Payment Services Act (PS Act) amendments will take effect gradually beginning on April 4, 2024. The modifications are intended to “impose requirements related to financial stability and user protection” on providers of digital payment token (DPT) services.
Singapore is concentrating on developing a regulatory framework that encourages innovation while safeguarding investors and resolving issues related to the regulatory past of the cryptocurrency industry as it competes with other jurisdictions like Hong Kong and Dubai to draw in digital asset enterprises.
The amended regulations state that service providers will now be subject to the PS Act even if they do not obtain ownership of the money or coins involved in the transmission or exchange of tokens. Furthermore, the act will apply to businesses that facilitate cross-border transfers, regardless of whether the money is received or accepted in Singapore.
According to the MAS, the implementation of these measures will facilitate the authority’s ability to enforce regulations concerning anti-money laundering and counterterrorism financing. The amendments also give the MAS the authority to compel DPT service providers to adhere to user protection and financial stability standards.
Some of these changes have been in the works for years, according to Angela Ang, senior policy adviser at blockchain intelligence company TRM Labs, and they “bring regulatory clarity to key parts of the crypto ecosystem.”
Transitional arrangements will be made for entities that are currently conducting activities that come under the expanded scope of the PS Act, according to an initial report from Bloomberg. If these entities want to carry on with their operations temporarily while their license applications are being reviewed, they must notify the MAS within 30 days and submit an application within six months of April 4, 2024.
A qualified external auditor must complete an attestation report detailing the entity’s business activities and compliance with anti-money laundering and countering the financing of terrorism requirements within nine months of April 4, 2024, and submit it with the license application.
When the amendments take effect, entities that don’t comply with these requirements have to stop operating. In order to safeguard the integrity and security of customers’ assets, the new regulations also call for actions like keeping appropriate books and records, separating customers’ assets into trust accounts, and making sure efficient systems and controls are in place.
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