April

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Scope

Today on April 2, 2024, when the overall cryptocurrency market experienced massive downside momentum during this period the Monetary Authority of Singapore (MAS)introduced amendments to the Payment Services Act (PS Act) and its subsidiary legislation to expand the scope of payment services. The main purpose of this amendment is to impose user protection and financial stability-related requirements on digital payment token (DPT) service providers.&nbsp; Why did MAS introduce an amendment to the PS Act? 
Additionally, this amendment will take effect in series from April 2, 2024, to support user protection and financial stability in Singapore’s digital payment landscape. The key points included in this amendment are:&nbsp;
<ul>
 <li>Expanded Scope of Regulation: The amendments bring several activities under the regulatory purview of the PS Act. This includes custodial services for DPTs, transmission, and exchange of DPTs, and cross-border money transfers between different countries, even without funds passing through Singapore.</li>
 <li>Imposition of Requirements: MAS is now authorized to impose strict action related to anti-money laundering (AML), countering the financing of terrorism (CFT), user protection, and financial stability on DPT service providers. These measures are crucial for safeguarding the integrity of Singapore’s financial system.</li>
 <li>Transitional Arrangements: Entities currently engaged in activities falling under the expanded scope of the PS Act are provided with transitional arrangements. They must notify MAS within 30 days and submit a license application within six months to continue operations temporarily while MAS reviews their applications. Additionally, they are required to submit a report completed by a qualified external auditor within nine months.</li>
 <li>Safeguarding of Assets: The amended Payment Services Regulations highlight the safeguarding of customers’ assets. This includes segregating customers’ assets in trust accounts, maintaining proper records, and implementing strong systems and controls to ensure the security and integrity of customers’ assets.</li>
</ul> The aim of MAS in the digital payment sector 
However, this amendment in Singapore highlights its commitment to <a href="https://news.todayq.com/mas-finalizes-regulatory-framework-to-ensure-stablecoin-value-stability/" rel="noopener noreferrer nofollow">safeguarding users</a>‘ assets as well as supporting innovation in this rapidly evolving cryptocurrency landscape while maintaining a regulatory environment. With this amendment, MAS aims to enhance customer confidence and promote the long-term stability and growth of the digital payment sector in Singapore.
This might be Singapore’s step to attract crypto-related businesses from countries across the world. Currently, the overall cryptocurrency market is down by over 3.5% and top cryptocurrencies like Bitcoin, Ethereum, Solana, and many others have massively dropped.

MAS’s user protection amendment in the digital payment sector

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