News

Singapore Expands Crypto Rules, Now Covers Custody and Payments

single-image

The goal of the new regulations is to give Singapore’s expanding cryptocurrency investor base better financial protections.

Stay in the know on crypto by frequently visiting Crypto News Today

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.

Advertisement

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.

Advertisement

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.CRYPTOCASTER® - DECENTRALIZED FREEDOM!


We hope you found this article insightful. Before you go, please consider supporting CryptoCaster’s independent journalism.

In the world of media owned by billionaires like Elon Musk, Larry Fink (BlackRock), and Jamie Dimon (JP Morgan Chase), influence over narratives surrounding cryptocurrency and Web3 often reflects their interests. CryptoCaster is different. With no billionaire backers or shareholder obligations, we are committed solely to public interest journalism, covering crypto advancements and institutional changes without profit-driven motives.

Unlike much of mainstream media, which can fall into neutrality traps that obscure the real impacts on retail investors, we’re guided by transparency and integrity. We are unafraid to take a stand in the ongoing struggle against fiat banking dominance and in support of the monetary innovation driven by crypto and Web3. Reporting on issues like FTX, Binance, and Ripple, we bring a bold, unfiltered outsider’s view on global financial disruption—free from the constraints of traditional media narratives.

CryptoCaster remains paywall-free, accessible to everyone, thanks to the support of readers like you. Your contributions keep us independent and help ensure that critical information on the crypto landscape reaches all. If you value our work, please consider supporting us with a one-time contribution starting at just $1 in Bitcoin or Ether, or even monthly if you’re able. Scroll down to find our wallet addresses and help keep CryptoCaster independent and thriving.

Thank you for your support,

Kristin Steinbeck
Editor, CryptoCaster


Please Read Essential Disclaimer Information Here.
© 2024 Crypto Caster provides information. CryptoCaster.world does not provide investment advice. Do your research before taking a market position on the purchase of cryptocurrency and other asset classes. Past performance of any asset is not indicative of future results. All rights reserved.


Contribute to CryptoCaster℠ Via Metamask or favorite wallet. Send Coin/Token to Addresses Provided Below.
Thank you!
BTC – bc1qgdnd752esyl4jv6nhz3ypuzwa6wav9wuzaeg9g
ETH – 0x7D8D76E60bFF59c5295Aa1b39D651f6735D6413D
SOL – DLvdMu85dW6pZMhw2E4S3pp81qQQGpy5UcdTsFEFBu4b
LITECOIN – ltc1qxsgp5fykl0007hnwgl93zr9vngwd2jxwlddvqt


CRYPTOCASTER HEATMAP


You may also like