Singapore’s central bank, the Monetary Authority of Singapore (MAS), has finalized new regulatory framework for payment service providers in Singapore. The new regulation allows payment service providers that are licenced under the regime to support certain cryptocurrencies in their services.
Payment Services Bill (PSB)
As explained by Singapore’s central bank:
The Payment Services Bill will provide a more conducive environment for innovation in payment services, whilst ensuring that risks across the payments value chain are mitigated.
In addition to payment service providers already under the current regulation, it’s been reported that cryptocurrency service providers who were previously outside of regulation can now expect to be licenced under the new Payment Services Bill.
Activities to be regulated by the bill include the issuing of accounts and electronic money, the transfer of money within and out of Singapore, the acquisition of merchants who will use their…