Cryptocurrency Regulations in Singapore : A Comprehensive Guide for 2024


Singapore has a regulatory system in place for overseeing crypto firms, known as "digital payment token (DPT) providers" within the nation. The Payment Services Act (PSA) 2019 establishes the regulatory framework for these DPT service providers in Singapore. In November 2023, the Monetary Authority of Singapore announced intentions to tighten regulations for DPT providers, necessitating quick adjustments to the new regulatory landscape.

To help people understand how crypto works in Singapore, we have made a guide that explains the rules in detail. Is cryptocurrency recognized as 'Legal Tender' in Singapore?

  • Cryptocurrency is not classified as legal tender in Singapore.
  • However, it can serve as an alternative method of payment.
  • Legal tender in Singapore is the Singapore Dollar (SGD), regulated by the Monetary Authority of Singapore (MAS).
  • Legal tender refers to the officially recognized currency for settling debts and fulfilling financial obligations within the country.
Regulating Digital Payment Token (DPT) Services

The primary law governing crypto businesses is the Payment Service Act (PSA), enacted in 2019 to establish comprehensive regulations, including licensing and exemptions. We will delve into this aspect further in subsequent sections.

The Monetary Authority of Singapore (MAS) is actively refining the regulatory framework for DPT services in the country, issuing various Notices and Guidelines to clarify regulatory requirements.

  • Notice PSN02: Prevention of Money Laundering and Countering the Financing of Terrorism—Digital Payment Token Service
  • Guidelines to Notice PSN02: Prevention of Money Laundering and Countering the Financing of Terrorism – Digital Payment Token Service
  • Guidelines on Provision of Digital Payment Token Services to the Public [PS-G02]

In May 2023, the MAS issued its Consultation Paper on Proposed Amendments to Payment Services Regulations 2019.

On July 3, 2023, the MAS announced new requirements for DPT services to safeguard customer assets under a statutory trust before the year's end. This aims to reduce the risk of customer asset loss or misuse and streamline their recovery in case of DPT insolvency. Subsequently, the MAS conducted a public consultation on the draft legislative amendments to the Payment Services Regulations to enact the July requirements (the consultation concluded on August 3, 2023). if you're seeking detailed information on the developments mentioned, you can find the article below. It provides comprehensive coverage and insights into the changes in regulations for DPT services by the Monetary Authority of Singapore. Click Here to Read


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