MAS

The Monetary Authority of Singapore (MAS) is looking to bolster consumer protections as bears continue dominating the crypto market. Specifically, the regulator mulls introducing new rules that would further limit crypto exposure for retail traders. In a written response to MP Murali Pillai who asked if the regulator plans to introduce further restrictions for crypto trading platforms to protect unsophisticated users, MAS Chairman Tharman Shanmugaratnam said: MAS has been carefully considering the introduction of additional consumer protection safeguards. These may…

On the 28th of January, the Payment Services Act of Singapore allowed crypto-related firms to apply for operating licenses. Additionally, the Act provides a regulatory framework for dealing with crypto-trading and digital payments operations. The Monetary Authority of Singapore, MAS, is in charge of regulation for crypto payments services, domestic transactions, and merchant regulation, which outlines the Act. Similarly, the MAS is also in charge of mitigating cyber-security risks and establishing controls to deal with the funding of terrorism and…

Singapore passed the Payment Services Act 2019 (PSA) in January 2019, and an announcement on January 28th revealed an update to the Acts. This update is called the Digital Payment Token (DPT) and includes services that cover cryptocurrency and exchange based in Singapore. This update is under the already implemented anti-money laundering (AML) and the counter-terrorist financing (CTF) rules. In this case, crypto-related businesses have to register first and then apply for a license to operate. The Fifth European Anti-Money…