Coinspeaker
Singapore Expands Crypto Regulation Rules to Cover Custody

The Monetary Authority of Singapore (MAS) announced earlier today that it is amending the Payment Services Act and its subsidiary laws to broaden the range of payment services that are subject to regulation.

The amendment, which seeks to impose user protection and financial stability-related requirements on Digital Payment Token (DPT) service providers, is said to become effective from April 4. For those undertaking activities under the expanded regulatory scope, the MAS stated that it will provide “transitional arrangements.”

However, they must notify the regulator within 30 days and submit a license application within six months from April 4. Following the effective date of the amendment, companies that do not meet the outlined conditions are obligated to stop operations.

Notably, the revised rulebook covers service providers who assist in the transfer or exchange of tokens even if they don’t have their hands on the cash or coins involved. In the same way, businesses that facilitate international transfers are now subject to the act, even if the money being transferred isn’t received or ac...