(b)  is not denominated in any currency, and is not pegged by its issuer to any currency; (c)  is, or is intended to be, a medium of exchange accepted by the public, or a section of the public, as payment for goods or services or for the discharge of a debt; (d)  can be transferred, stored or traded electronically; and, (e)  satisfies such other characteristics as the Authority may prescribe. A recent case in point is Singapore, a leading blockchain hub that introduced its new Payment Services Act 2019 (PSA) at the end of January. The island nation already boasts more than 400 fintech firms – among them the global cryptocurrency exchange Binance – and as more crypto companies look to establish a presence in the Asia Pacific region, we can expect that several of them … For example, a cryptocurrency exchange service provider may have to remit fiat currency in the course of providing cryptocurrency to fiat currency exchange services. Accessibility | The new Payment Services Act will enhance the regulatory framework for payment services in Singapore, strengthen consumer … Cryptocurrency exchanges are also subject to money laundering regulations. 5          The Money-changing and Remittance Businesses Act and the Payment Systems (Oversight) Act will be repealed with the commencement of the PS Act. (Li Chuan Hsu et al., The Payment Services Act and How It Affects FinTech in Singapore, JDSUPRA (Mar. Official blog from the Law Library of Congress, (Apr. Singapore’s Payment Services Act that comes into effect on January 28th, 2020, contains new payments legislation that offers global cryptocurrency firms a chance to expand their operations in the country by applying for operating licenses for the first time. in recognition of the different kinds of activities and new developments in payment services. The new PS Act will enhance the regulatory framework for payment services in Singapore, strengthen consumer protection and promote confidence in the use of e-payments. 6          MAS thanks all respondents for their feedback to our public consultations on the PS Act-related subsidiary legislation and guidelines in 2019. The Payment Services Act provides a forward-looking and flexible regulatory framework for the payments industry. NFIs that are licenced as major payment institutions under the Payment Services Act will be allowed to connect directly to Fast and Secure Transfers (FAST) and PayNow. To support the transition of payment services firms to the new PS Act, MAS has initiated a payments regulatory evaluation programme to help them connect with providers of legal services. 5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. For more information, please refer to the, Second Reading Speech of the Payment Services Bill. Payment Services Act, 2019. Details of the workshops are available on the associations’ respective websites. (MAS, “Payment Services Bill” – Second Reading Speech by Mr. Ong Ye Kung, Minister For Education, on Behalf of Mr. Tharman Shanmugaratnam, Deputy Prime Minister and Minister-in-Charge of the Monetary Authority of Singapore (Jan. 14, 2019) (Second Reading Speech), MAS website. The activity-based and risk … Understand the various initiatives for technology solutions and projects in Green Finance. The country’s fintech sector is slated to continue to grow this year, in part because of the implementation of Singapore’s Payment Services Act (PSA), which brought a renewed bout of attention to the nation as an international hub for the cryptocurrency and fintech industries. In January 2020, Singapore’s Payment Services Act (PSA) came into effect. A year later, the Payment Services Act 2019 (PSA) was passed, bringing exchanges and other cryptocurrency businesses under the regulatory authority of MAS from January 2020, and requiring them to obtain a MAS operating license. 1. 3          MAS closely engaged the industry through dialogues and public consultations in designing the PS Act. The Act regulates seven types of payment services, including the “digital payment token service.” (Act First Sched., Pt. The move is said to bring Singapore at par with other crypto-favoring countries like Japan, which has already approved over twenty-two licenses since 2017. MAS is consulting on related regulations and guidelines.) It’s the nation’s first law providing a legal definition for cryptocurrencies and licensing framework for cryptocurrency businesses, as well as compliance requirements that fall in line with FATF recommendations. ), According to the MAS, the appropriate requirements for anti-money laundering and countering the financing of terrorism (AML/CFT) are to be imposed on relevant licensees through notices issued under the MAS Act. With the implementation of the PS Act, there is now a clearer regulatory regime distinguishing between digital assets that constitute Capital Markets Products and assets … Earlier in September, Singapore’s Parliament passed the Payment Services Act which comes into effect on January 2020. ), According to the Act, a “digital payment token” means, any digital representation of value (other than an excluded digital representation of value) that —. That … Singapore is aiming to boost cryptocurrency exchanges by offering them a chance to apply for operating licenses. Background. Donate Its the city-state's first enforcement action. The response to the feedback received can be found on the MAS website at this link . China has banned banks and payment firms from offering cryptocurrency-related services even though the country continues to be a global hub for bitcoin mining. Under the PS Act, businesses transacting in digital payment tokens (whether as a cryptocurrency exchange or as an individual entity) may require a Payment Institution Licence. Singapore Payment Services Act Scope Singapore’s Payment Services Act (PSA) applies to a wide range of payment providers, namely; 2          The PS Act adopts an activity-based licensing framework in recognition of the different kinds of activities and new developments in payment services. Article 33 (1) If an Issuer of Prepaid Payment Instruments falls under any of the following items, it must notify the Prime Minister to that effect without delay: (i) when the Issuer of Prepaid Payment Instruments has discontinued all or part of the business of issuing Prepaid Payment Instruments; or. ), According to the Minister for Education’s speech on behalf of the MAS Minister-in-Charge during the second reading of the Payment Services Bill, “digital payment token services” are “commonly understood as cryptocurrency dealing or exchange services.” The Minister stated that the MAS would become one of the first few financial services regulators in the world to introduce a regulatory framework for digital payment token services. The FAQs do not constitute legal advice. It also expands MAS’ regulatory ambit to include new types of payment services, such as digital payment token services. Ms Loo Siew Yee, Assistant Managing Director (Policy, Payments & Financial Crime), MAS. 26, 2019). The PS Act will facilitate growth and innovation while mitigating risk and fostering confidence in our payments landscape.”. Singapore’s financial watchdog says it … The activity-based and risk-focused regulatory structure allows rules to be applied proportionately and to be robust to changing business models. China has banned financial institutions and payment companies from providing services related to cryptocurrency transactions, and warned investors against speculative crypto trading. SPEAK TO OUR EXPERTS Singapore: Payment Services Act Passed, Regulating Cryptocurrency Dealing or Exchange Services (Apr. China has banned financial institutions and payments companies from providing services related to cryptocurrency transactions, and warned investors against speculative crypto trading. The new PS Act will enhance the regulatory framework for payment services in Singapore, strengthen consumer protection and promote confidence in the use of e-payments. When the Payment Services Act takes effect, all providers of digital-payment-token dealing or exchange services in Singapore must meet the AML/CFT requirements. The, PS Act will facilitate growth and innovation while mitigating risk, and fostering confidence in our payments landscape.”, “Innovation in Central Banking – Seizing Opportunities, Securing Our Future” - Remarks by Ms Jacqueline Loh, Deputy Managing Director (Corporate Development), Monetary Authority of Singapore, at BIS Innovation Summit on 25 March 2021, "Payment Services (Amendment) Bill" - Second Reading Speech by Mr Ong Ye Kung, Minister for Transport, on behalf of Mr Tharman Shanmugaratnam, Senior Minister and Minister-in-charge of the Monetary Authority of Singapore, on 4 January 2021, Non-Bank Financial Institutions to have Access to FAST and PayNow, Supervisory Approach and Regulatory Instruments, Lists of Designated Individuals and Entities, Grants for Smaller Financial Institutions, Recent Economic Developments in Singapore, Singapore Overnight Rate Average (SORA) Interest Rate Benchmark, Singapore Government Securities (SGS) Bonds, Investing in Singapore Government Securities (SGS) Bonds, Investing in Singapore Savings Bonds (SSB), Brunei-Singapore Currency Interchangeability Agreement, Reproduction of Singapore Currency Images, Money and Banking Monthly Statistical Bulletin, Financial Sector Development Fund Annual Report, Interest Rates of Banks and Finance Companies, Monetary Authority: Assets and Liabilities, International Reserves/Foreign Currency Liquidity, View a list of Application Programming Interfaces (APIs), Opportunities for Mid-Career Professionals. 4          Ms Loo Siew Yee, Assistant Managing Director (Policy, Payments & Financial Crime), MAS, said, “The Payment Services Act provides a forward-looking and flexible regulatory framework for the payments industry. The Payment Services Act (“PSA”) provides a forward-looking and flexible framework for the regulation of payment systems and payment service providers in Singapore. MAS expects industry participants to … In 2019, Singapore passed the Payment Services Act (PSA), which sought to clarify the legal status of cryptocurrencies or ‘Digital Payment Tokens’ and how they should be regulated. Industry collaboration that explores blockchain’s usage for Central Bank Digital Currency, World’s largest festival for the FinTech community to connect, collaborate and co-create, Fast track intellectual property protection through various initiatives, A collaborative AI-driven global solutions hub to foster SME digitalisation, Find out about the opportunities and plans that MAS has to grow your business areas, Read about the support that is available for your business operations, Find out how MAS and our partners build a pipeline of financial professionals and leaders, Read about MAS’ monetary policy framework, central bank operations and related information, Get information on SSB, SGS Bonds, T-bills, MAS Bills and MAS FRN, Discover more about the Singapore’s currency, Access the various consultations, monographs, macroeconomic reviews and other publications, View data on Singapore’s financial sector, reserves statistics, exchange rates and others, Get the latest news, speeches, updates and announcements, Find out about working in MAS and the various opportunities that are available. On 14 January 2019, Singapore passed its comprehensive Payment Services Act (PSA), consolidating years of regulatory development. Details are available on the SAL website. Legal | It also expands MAS’ regulatory ambit to include new types of payment services, such as digital payment token services. (Second Reading Speech, supra. The new law brings crypto-businesses under the purview of the MAS with a specific focus on AML/CFT compliance. Access regulations, updates and licensing information, Regulations, guidance and licensing for deposit-taking institutions, Regulations, guidance and licensing for capital market entities, Regulations, guidance and licensing for insurers, Regulations, guidance and licensing for payment service providers and systems, Information on MAS’ approach, strategies and efforts in these key areas, MAS’ approach to supervision and the instruments under the Acts it administers, Find out about MAS’ strategies to develop and support the financial sector, Discover what makes Singapore a leading global financial centre, Find out how MAS is co-creating a Smart Financial Centre, Latest information on MAS’ FinTech strategy, initiatives and funding schemes, Get funding on proof-of-concepts, hiring, business development and more, Sandbox relaxes regulatory requirements to enable live experiments of innovation, Various payment initiatives including SGQR, FAST and PayNow, World’s first open architecture platform for FIs to discover FinTechs and deploy solutions. 2 of 2019 (Jan. 14, 2019, assented to by the President on Feb. 11, 2019), Singapore Statutes Online. Payment Services Act Comes Into Force Singapore, 28 January 2020… The Monetary Authority of Singapore (MAS) today announced the commencement of the Payment Services Act (PS Act). Play Now! These payment services, though incidental, may still be regulated under the PSA; each of these payment services has different rules. (Act § 2. Inspector General | PAYMENT SERVICES ACT 2019 FREQUENTLY ASKED QUESTIONS (FAQs) ON THE PAYMENT SERVICES ACT (PS ACT) Disclaimer: These FAQs are meant to provide guidance on the licensing and regulation of payment service providers, the oversight of payment systems, and connected matters. (PSA has not come into effect. Instead of relying on informal referrals, PREP provides payment firms with a streamlined process to gain access to lawyers specialising in payment services regulations to meet their compliance needs. The PSA, also known as the PS Act, aims to regulate both traditional and cryptocurrency-based payments under comprehensive piece of legislation. ), Under the Payment Services Act, any entity that provides any type of payment service needs a license entitling the entity to carry on a business providing that type of payment service, unless otherwise exempted. Gox, then one of biggest bitcoin exchanges, alleged the theft of around … MAS announced today that eligible non-bank financial institutions (NFIs) will have direct access to the banking system’s retail payments infrastructure from February 2021. The crypto-friendly initiative called the Payment Services Act was initiated to encourage crypto enterprises to lawfully conduct operations in the country by applying for a license and even get an opportunity to expand their businesses. Singapore, 28 January 2020… The Monetary Authority of Singapore (MAS) today announced the commencement of the Payment Services Act (PS Act). On May 1st, 2020, Japan’s new crypto-asset regulations, promulgated in April 2019, officially finally come into effect.

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