Singapore’s financial watchdog has expanded its regulatory scope over crypto-related activities, including custody and transfer.
The Monetary Authority of Singapore (MAS) has introduced amendments to the Payment Services Act and its subsidiary legislation to expand the regulatory scope of payment services, according to a statement. Activities that will be newly brought under the expanded scope include custody services for digital payment token (DPT) service providers, token transfers and cross-border transactions.
«The amendments will empower MAS to impose requirements relating to anti-money laundering and countering the financing of terrorism, user protection and financial stability on DPT service providers,» the regulator said.
Transitional Arrangement
Entities conducting activities under the expanded scope will be given a transitional period of 30 days to notify the MAS and submit a license application within six months if they seek to continue their related operations.
«The license application must be accompanied by an attestation report of the entity’s business activities and compliance with anti-money laundering and countering the financing of terrorism requirements, duly completed by a qualified external auditor, within nine months from 4 April 2024,» MAS added.
