Aiying reported that Singapore is introducing stricter regulations for companies engaged in cryptocurrency services or digital payment token (DPT) services.
The Monetary Authority of Singapore has amended the Payment Services Act and its subsidiary legislation to expand the scope of payment services regulated by the central bank, according to a statement.
The statement pointed out that the MAS will impose user protection and financial stability-related requirements on digital payment token (DPT) service providers. The amendment will authorize the MAS to impose requirements related to anti-money laundering and combating terrorist financing, user protection and financial stability on digital payment token (DPT) service providers, and the regulation will take effect in stages from April 4.