- MAS expands crypto regulation for better oversight, including custodial and cross-border services.
- New MAS rules align with global AML/CFT standards, enhancing financial stability and user protection.
- DPT providers must segregate assets and guard against cyber threats, with guidelines effective from Oct 4.
In a step to tighten supervision of the growing crypto market, the Monetary Authority of Singapore (MAS) has declared a series of amendments to its Payment Services Act and related laws.
The Monetary Authority of Singapore (MAS) today introduced amendments to the Payment Services Act (PS Act) and its subsidiary legislation to expand the scope of payment services regulated by MAS, and to impose user protection and financial stability-related requirements on…— Wu Blockchain (@WuBlockchain) April 2, 2024
Effective April 4th, the regulatory scope will be extended to cover a larger spectrum of digital payment token (DPT) services. This includes custodial services, the facilitation of DPT transmissions, and cross-border money transfers, even when transactions do not involve the receipt of funds in Singapore.
This regulatory expansion is part of MAS’s ef…
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