Singapore’s expansion of payment services regulation: a moving target for firms?
The Payment Services (Amendment) Bill (“Bill”) has been moved for First Reading. The Bill effects the MAS’ proposed amendments to the Payment Services Act 2019 (“PS Act”), which were consulted on in December 2019.
Once the Bill takes effect, the PS Act will newly regulate firms conducting: (i) the transfer, custody, and brokerage of digital payment tokens; and (ii) the brokerage of cross-border money transfers. Entities conducting newly regulated activities will have a six-month exemption after the amendments take effect to vary or apply for a licence under the PS Act.
Please refer to our client alert for further details.