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<ul><li>MAS expands the Payment Services Act, enhancing oversight of digital payments and DPTs for better consumer protection, effective April 4, 2024.</li><li>Updated regulations target DPT service providers, emphasizing anti-money laundering and financial stability, with phased implementation from April 2024.</li><li>New MAS rules require DPT entities to apply for licenses, ensuring compliance and safeguarding financial integrity from April 4, 2024.</li></ul>The Monetary Authority of Singapore (MAS) has announced comprehensive amendments to the Payment Services Act (PS Act) and its subsidiary legislation, marking a significant step in expanding the regulatory framework for digital payment token (DPT) service providers. Renowned crypto journalist Colin Wu, through Wu Blockchain, shared his insights in a recent X post that this move aims to encompass a broader array of payment services under MAS oversight, emphasizing enhanced user protection and financial stability measures.<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/d9de4316ccb64cd78dedde398dd028d2.png" />According to a recent <a href="https://www.mas.gov.sg/news/media-releases/2024/mas-expands-scope-of-regulated-payment-services#:~:text&#61;The%20Monetary%20Authority%20of%20Singapore,token%20%28DPT%29%20service%20providers" rel="noopener noreferrer nofollow">report</a>, regulatory updates will be implemented in stages starting from April 4, 2024. These changes demonstrate MAS&#39;s proactive approach to adapting to the evolving digital finance landscape. Under the new <a href="https://cryptotale.org/blackrock-ceo-remains-optimistic-of-ethereum-etf-despite-sec-regulatory-hurdles/" rel="noopener noreferrer nofollow">regulatory framework</a>, several key activities will now fall under MAS&#39;s jurisdiction. This includes the provision of custodial services for DPTs, the facilitation of DPT transactions between accounts, the facilitation of DPT exchanges without direct possession of the money or DPTs, and the facilitation of cross-border money transfers, regardless of whether the transactions involve receiving or accepting money in Singapore.Visit the links below for more information about Cryptotale :<a href="https://www.instagram.com/cryptotalenews/" rel="noopener noreferrer nofollow">https://www.instagram.com/cryptotalenews/</a><a href="https://www.facebook.com/cryptotalemedia" rel="noopener noreferrer nofollow">https://www.facebook.com/cryptotalemedia</a><a href="https://twitter.com/cryptotalemedia" rel="noopener noreferrer nofollow">https://twitter.com/cryptotalemedia</a><a href="https://t.me/cryptotale_news" rel="noopener noreferrer nofollow">https://t.me/cryptotale_news</a><a href="https://www.linkedin.com/company/cryptotalemedia/" rel="noopener noreferrer nofollow">https://www.linkedin.com/company/cryptotalemedia/</a><a href="https://cryptotale.org/singapore-strengthens-crypto-regulations-with-expanded-payment-services-act/" rel="noopener noreferrer nofollow">Read full article at CryptoTale.</a>

Singapore Strengthens Crypto Regulations with Expanded Payment Services Act

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