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+1 (888) 647 05 40In this article, we are going to look into the Monetary Authority of Singapore’s regulation of the Digital Payment Token Service Providers activities.
Key provisions:
For an extensive stretch of time, Singapore has taken a genuinely reformist viewpoint with respect to the possession and exchanging of crypto assets, which were legally classified as “commodity”.
In this line, in 2016 Singapore has adopted a program aimed on at the development of electronic payments, which is called “Society of Electronic Payments”.
In 2019, the Singapore Monetary Authority (MAS), the public financial regulator and the national bank, has passed the Payment Services Act (PSA) to reduce the probability of systematic money trafficking in the crypto industry and the risks of financing the terrorist operations by the means of crypto assets. On July 21, 2020, the Consultation Paper on a New Omnibus Act for the Financial Sector was approved, in accordance with the Paper Singapore will enhance cooperation with the FATF in this field. The Paper regulates abroad activities of Singapore-based DPT Service Providers, which are obliged to complete abroad activity in adherence to the same legal regime as applied in Singapore.
The Payment Services Act (PSA) regulation covers not only the traditional payment institutions, but also crypto exchanges and wallets. The Act has made an update of the regulatory framework applicable to payments services in Singapore, as a result certainty and security in this field was effectively enhanced.
The PSA regulates provision of the following services:
The PSN02, that came into the power on February 28, 2020, sets upgraded AML/CFT regulations, aimed to stop unlawful incomes led through DPT. Regulation provides KYC measures (including UBO), monitoring of accounts and suspicious transactions.
The PSA defines Digital Payment Tokens as follows:
“Any digital representation of value, which is a separate unit, not expressed in any currency and not tied to any currency, intended for use as a means of payment accepted by the public, which can be stored, transferred or sold electronically.”
DPT Service Providers are defined as companies providing DPT services, or exchange platforms, which are eligible to offer such assets for sale in Singapore.
DPT-services are defined, as follows:
In order to obtain the MAS license, DPT-service providers and Singapore cryptocurrency exchanges must operate in accordance with the following AML/CFT requirements:
In March, MAS released a 73-page Notice PSN02, which clarified the AML / CFT obligations imposed on payments institutions.
The MAS established a common for all payment services providers licensing regime, which is based on a detailed classification of the different types of the activities, size of the companies and AML/FT risks. Therefore, the MAS has established three different licenses, which distinguish applicants based on their associated activity and risks involved:
Payment Services Act has provided Singapore with one of the most pragmatic and certain legal frameworks regulating crypto sphere in the world. With the Act, Singapore has positioned itself as an attractive destination for investors and service providers both interested in traditional and crypto payments services.
The specialists of our company will give competent advice on obtaining a DPT Service Provider license in Singapore, please, don’t hesitate to contact us.
The international company Eternity Law International provides professional services in the field of international consulting, auditing services, legal and tax services.