Singapore’s Payment Services Act Expands MAS’ Scope to Regulate Crypto Payments

Singapore’s Payment Services Act Expands MAS’ Scope to Regulate Crypto Payments

by January 28, 2020

The Monetary Authority of Singapore (MAS) today announced the commencement of the Payment Services Act (PS Act). The new PS Act will enhance the regulatory framework for payment services in Singapore, strengthen consumer protection and promote confidence in the use of e-payments.

The PS Act adopts an activity-based licensing framework in recognition of the different kinds of activities and new developments in payment services. It also expands MAS’ regulatory ambit to include new types of payment services, such as digital payment token services.

MAS closely engaged the industry through dialogues and public consultations in designing the PS Act. To support the transition of payment services firms to the new PS Act, MAS has initiated a payments regulatory evaluation programme to help them connect with providers of legal services.

Loo Siew Yee

Loo Siew Yee

Ms Loo Siew Yee, Assistant Managing Director (Policy, Payments & Financial Crime), MAS, said,

“The Payment Services Act provides a forward-looking and flexible regulatory framework for the payments industry. The activity-based and risk-focused regulatory structure allows rules to be applied proportionately and to be robust to changing business models. The PS Act will facilitate growth and innovation while mitigating risk and fostering confidence in our payments landscape.”

 

 

The Money-changing and Remittance Businesses Act and the Payment Systems (Oversight) Act will be repealed with the commencement of the PS Act.

MAS thanks all respondents for their feedback to our public consultations on the PS Act-related subsidiary legislation and guidelines in 2019. The response to the feedback received can be found on the MAS website at this link .

Print Friendly, PDF & Email

76 Comments so far

Jump into a conversation
  1. #1 Singapore’s Payment Services Act enters into force — Crypto-News 28 January, 2020, 14:06

    […] the legislation takes effect on Thursday, it will serve as a comprehensive framework for all crypto-related enterprises engaged in services ranging from […]

  2. #2 Singapore’s Payment Services Act enters into force – Top Crypto News 28 January, 2020, 14:37

    […] the legislation takes effect on Thursday, it will serve as a comprehensive framework for all crypto-related enterprises engaged in services ranging from […]

  3. #3 Singapore’s Payment Services Act enters into force – Ripple XRP 28 January, 2020, 14:38

    […] the legislation takes effect on Thursday, it will serve as a comprehensive framework for all crypto-related enterprises engaged in services ranging from […]

  4. #4 Singapore AML Framework Can Attract Crypto Businesses, Not Chase It Away - Nakamoto News Network 6 February, 2020, 11:04

    […] it will do its best not to hinder innovation. As Loo Siew Yee, assistant managing director at MAS, declared in a […]

  5. #5 Singapore AML Framework Can Attract Crypto Businesses, Not Chase It Away - CryptoCurreny News 6 February, 2020, 11:05

    […] it will do its best not to hinder innovation. As Loo Siew Yee, assistant managing director at MAS, declared in a […]

  6. #6 Singapore AML Framework Can Attract Crypto Businesses, Not Chase It Away | CryptoPost 6 February, 2020, 11:07

    […] it will do its best not to hinder innovation. As Loo Siew Yee, assistant managing director at MAS, declared in a […]

  7. #7 Singapore AML Framework Can Attract Crypto Businesses, Not Chase It Away | Cryke | Cryptocurrency News - Bitcoin, Etherium, Litecoin, etc. 6 February, 2020, 11:12

    […] it will do its best not to hinder innovation. As Loo Siew Yee, assistant managing director at MAS, declared in a […]

  8. #8 Singapore AML Framework Can Attract Crypto Businesses, Not Chase It Away – News BTC Online 6 February, 2020, 11:14

    […] it will do its best not to hinder innovation. As Loo Siew Yee, assistant managing director at MAS, declared in a […]

  9. #9 Singapore AML Framework Can Attract Crypto Businesses, Not Chase It Away - CryptoCurrency Articles 6 February, 2020, 11:15

    […] it will do its best not to hinder innovation. As Loo Siew Yee, assistant managing director at MAS, declared in a […]

  10. #10 Singapore AML Framework Can Attract Crypto Businesses, Not Chase It Away - BitcoinPrice.Shop 6 February, 2020, 11:16

    […] it will do its best not to hinder innovation. As Loo Siew Yee, assistant managing director at MAS, declared in a […]

  11. #11 Singapore AML Framework Can Attract Crypto Businesses, Not Chase It Away – DeepInvesting 6 February, 2020, 11:17

    […] it will do its best not to hinder innovation. As Loo Siew Yee, assistant managing director at MAS, declared in a […]

  12. #12 Singapore AML Framework Can Attract Crypto Businesses, Not Chase It Away | CryptoDataDaily - Cryptocurrency News & Information 6 February, 2020, 11:18

    […] it will do its best not to hinder innovation. As Loo Siew Yee, assistant managing director at MAS, declared in a […]

  13. #13 Singapore AML Framework Can Attract Crypto Businesses, Not Chase It Away - blockchain news 6 February, 2020, 11:19

    […] it will do its best not to hinder innovation. As Loo Siew Yee, assistant managing director at MAS, declared in a […]

  14. #14 Singapore AML Framework Can Attract Crypto Businesses, Not Chase It Away - CoinCapp 6 February, 2020, 11:21

    […] it will do its best not to hinder innovation. As Loo Siew Yee, assistant managing director at MAS, declared in a […]

  15. #15 Сингапурская AML Framework может привлекать крипто-бизнес, а не гоняться за ним — Блокчейн технологии 6 February, 2020, 11:21

    […] Как Лу Сью Йи, помощник управляющего директора MAS, объявленный в […]

  16. #16 Singapore AML Framework Can Attract Crypto Businesses, Not Chase It Away – Coinflee 6 February, 2020, 11:23

    […] it will do its best not to hinder innovation. As Loo Siew Yee, assistant managing director at MAS, declared in a […]

  17. #17 Singapore AML Framework Can Attract Crypto Businesses, Not Chase It Away | Last crypto news 6 February, 2020, 11:25

    […] it will do its best not to hinder innovation. As Loo Siew Yee, assistant managing director at MAS, declared in a […]

  18. #18 Singapore AML Framework Can Attract Crypto Businesses, Not Chase It Away - Prosperity 6 February, 2020, 11:32

    […] it will do its best not to hinder innovation. As Loo Siew Yee, assistant managing director at MAS, declared in a […]

  19. #19 Singapore AML Framework Can Attract Crypto Businesses, Not Chase It Away - Worldwide Bitcoin News 6 February, 2020, 11:32

    […] it will do its best not to hinder innovation. As Loo Siew Yee, assistant managing director at MAS, declared in a […]

  20. #20 Singapore AML Framework Can Attract Crypto Businesses, Not Chase It Away | 6 February, 2020, 11:38

    […] it will do its best not to hinder innovation. As Loo Siew Yee, assistant managing director at MAS, declared in a […]

  21. #21 Singapore AML Framework Can Attract Crypto Businesses, Not Chase It Away – Decentralplaza 6 February, 2020, 11:40

    […] it will do its best not to hinder innovation. As Loo Siew Yee, assistant managing director at MAS, declared in a […]

  22. #22 Singapore AML Framework Can Attract Crypto Businesses, Not Chase It Away – CoinsJar 6 February, 2020, 11:42

    […] it will do its best not to hinder innovation. As Loo Siew Yee, assistant managing director at MAS, declared in a […]

  23. #23 Singapore AML Framework Can Attract Crypto Businesses, Not Chase It Away - The Crypto Guide 6 February, 2020, 11:48

    […] it will do its best not to hinder innovation. As Loo Siew Yee, assistant managing director at MAS, declared in a […]

  24. #24 Singapore AML Framework Can Attract Crypto Businesses, Not Chase It Away - CryptoNewsTrending 6 February, 2020, 11:49

    […] it will do its best not to hinder innovation. As Loo Siew Yee, assistant managing director at MAS, declared in a […]

  25. #25 Singapore AML Framework Can Attract Crypto Businesses, Not Chase It Away - CryptoNewsOne 6 February, 2020, 11:49

    […] it will do its best not to hinder innovation. As Loo Siew Yee, assistant managing director at MAS, declared in a […]

  26. #26 Singapore AML Framework Can Attract Crypto Businesses, Not Chase It Away - Plenty Of Crypto News 6 February, 2020, 11:50

    […] it will do its best not to hinder innovation. As Loo Siew Yee, assistant managing director at MAS, declared in a […]

  27. #27 Singapore AML Framework Can Attract Crypto Businesses, Not Chase It Away - The Free Bitcoin News 6 February, 2020, 11:50

    […] it will do its best not to hinder innovation. As Loo Siew Yee, assistant managing director at MAS, declared in a […]

  28. #28 Singapore AML Framework Can Attract Crypto Businesses, Not Chase It Away - RitCoin 6 February, 2020, 11:51

    […] it will do its best not to hinder innovation. As Loo Siew Yee, assistant managing director at MAS, declared in a […]

  29. #29 Singapore AML Framework Can Attract Crypto Businesses, Not Chase It Away - The Bitcoin News 6 February, 2020, 11:53

    […] it will do its best not to hinder innovation. As Loo Siew Yee, assistant managing director at MAS, declared in a […]

  30. #30 Singapore AML Framework Can Attract Crypto Businesses, Not Chase It Away — CoinBoom — cryptonews camp 6 February, 2020, 11:59

    […] it will do its best not to hinder innovation. As Loo Siew Yee, assistant managing director at MAS, declared in a […]

  31. #31 Singapore AML Framework Can Attract Crypto Businesses, Not Chase It Away | Crypto Breaking News 6 February, 2020, 12:01

    […] it will do its best not to hinder innovation. As Loo Siew Yee, assistant managing director at MAS, declared in a […]

  32. #32 Singapore AML Framework Can Attract Crypto Businesses, Not Chase It Away - Complete Crypto Guide 6 February, 2020, 12:02

    […] it will do its best not to hinder innovation. As Loo Siew Yee, assistant managing director at MAS, declared in a […]

  33. #33 Singapore AML Framework Can Attract Crypto Businesses, Not Chase It Away – Feeds.24On 6 February, 2020, 12:10

    […] it will do its best not to hinder innovation. As Loo Siew Yee, assistant managing director at MAS, declared in a […]

  34. #34 Singapore AML Framework Can Attract Crypto Businesses, Not Chase It Away - Крипто Новости 6 February, 2020, 12:12

    […] it will do its best not to hinder innovation. As Loo Siew Yee, assistant managing director at MAS, declared in a […]

  35. #35 Singapore AML Framework Can Attract Crypto Businesses, Not Chase It Away - All-round Gists 6 February, 2020, 12:14

    […] it will do its best not to hinder innovation. As Loo Siew Yee, assistant managing director at MAS, declared in a […]

  36. #36 Singapore AML Framework Can Attract Crypto Businesses, Not Chase It Away | BitValley Tech 6 February, 2020, 12:15

    […] it will do its best not to hinder innovation. As Loo Siew Yee, assistant managing director at MAS, declared in a […]

  37. #37 Singapore AML Framework Can Attract Crypto Businesses, Not Chase It Away - Winning With Bitcoin 6 February, 2020, 12:30

    […] it will do its best not to hinder innovation. As Loo Siew Yee, assistant managing director at MAS, declared in a […]

  38. #38 सिंगापुर एएमएल फ्रेमवर्क क्रिप्टो व्यवसायों को आकर्षित कर सकता है, न कि इसका पीछा करना - Coin News 6 February, 2020, 12:38

    […] के रूप में, MAS में सहायक प्रबंध निदेशक, घोषित गवाही […]

  39. #39 Singapore AML Framework Can Attract Crypto Businesses, Not Chase It Away - Coin 6 February, 2020, 12:47

    […] it will do its best not to hinder innovation. As Loo Siew Yee, assistant managing director at MAS, declared in a […]

  40. #40 Singapore AML Framework Can Attract Crypto Businesses, Not Chase It Away | Fuzzy.One 6 February, 2020, 12:48

    […] it will do its best not to hinder innovation. As Loo Siew Yee, assistant managing director at MAS, declared in a […]

  41. #41 Singapore AML Framework Can Attract Crypto Businesses, Not Chase It Away - Coin Buzz 6 February, 2020, 12:55

    […] it will do its best not to hinder innovation. As Loo Siew Yee, assistant managing director at MAS, declared in a […]

  42. #42 Singapore AML Framework Can Attract Crypto Businesses, Not Chase It Away 6 February, 2020, 13:00

    […] it will do its best not to hinder innovation. As Loo Siew Yee, assistant managing director at MAS, declared in a […]

  43. #43 Singapore AML Framework Can Attract Crypto Businesses, Not Chase It Away - Digital Currency Guy - Daily Crypto Alert News 6 February, 2020, 13:04

    […] it will do its best not to hinder innovation. As Loo Siew Yee, assistant managing director at MAS, declared in a […]

  44. #44 Singapore AML Framework Can Attract Crypto Businesses, Not Chase It Away - Your daily dose of crypto news! 6 February, 2020, 13:05

    […] it will do its best not to hinder innovation. As Loo Siew Yee, assistant managing director at MAS, declared in a […]

  45. #45 Singapore AML Framework Can Attract Crypto Businesses, Not Chase It Away | Living the Crypto Life 6 February, 2020, 13:05

    […] it will do its best not to hinder innovation. As Loo Siew Yee, assistant managing director at MAS, declared in a […]

  46. #46 Singapore AML Framework Can Attract Crypto Businesses, Not Chase It Away - Chubweb 6 February, 2020, 13:11

    […] it will do its best not to hinder innovation. As Loo Siew Yee, assistant managing director at MAS, declared in a […]

  47. #47 Singapore AML Framework Can Attract Crypto Businesses, Not Chase It Away – Top Crypto News 6 February, 2020, 13:14

    […] it will do its best not to hinder innovation. As Loo Siew Yee, assistant managing director at MAS, declared in a […]

  48. #48 Singapore AML Framework Can Attract Crypto Businesses, Not Chase It Away - Phatcat Crypto Currency 6 February, 2020, 13:17

    […] it will do its best not to hinder innovation. As Loo Siew Yee, assistant managing director at MAS, declared in a […]

  49. #49 Singapore AML Framework Can Attract Crypto Businesses, Not Chase It Away - GoForCrypto.com 6 February, 2020, 13:21

    […] it will do its best not to hinder innovation. As Loo Siew Yee, assistant managing director at MAS, declared in a […]

  50. #50 Singapore AML Framework Can Attract Crypto Businesses, Not Chase It Away - Crypto Awareness 6 February, 2020, 13:31

    […] it will do its best not to hinder innovation. As Loo Siew Yee, assistant managing director at MAS, declared in a […]

  51. #51 Singapore AML Framework Can Attract Crypto Businesses, Not Chase It Away – The Crypto Blogger 6 February, 2020, 13:32

    […] it will do its best not to hinder innovation. As Loo Siew Yee, assistant managing director at MAS, declared in a […]

  52. #52 Singapore AML Framework Can Attract Crypto Businesses, Not Chase It Away - BitcoinExpress 6 February, 2020, 13:33

    […] it will do its best not to hinder innovation. As Loo Siew Yee, assistant managing director at MAS, declared in a […]

  53. #53 Singapore AML Framework Can Attract Crypto Businesses, Not Chase It Away | AltNews.nu 6 February, 2020, 14:00

    […] it will do its best not to hinder innovation. As Loo Siew Yee, assistant managing director at MAS, declared in a […]

  54. #54 Singapore AML Framework Can Attract Crypto Businesses, Not Chase It Away - BTC Crypto Today 6 February, 2020, 14:04

    […] it will do its best not to hinder innovation. As Loo Siew Yee, assistant managing director at MAS, declared in a […]

  55. #55 Premium Investment Service » Singapore AML Framework Can Attract Crypto Businesses, Not Chase It Away 6 February, 2020, 14:06

    […] it will do its best not to hinder innovation. As Loo Siew Yee, assistant managing director at MAS, declared in a […]

  56. #56 Singapore AML Framework Can Attract Crypto Businesses, Not Chase It Away | Bitcoin In The 20's | Bitcoin2020s.com 6 February, 2020, 14:08

    […] it will do its best not to hinder innovation. As Loo Siew Yee, assistant managing director at MAS, declared in a […]

  57. #57 Singapore AML Framework Can Attract Crypto Businesses, Not Chase It Away - CryptoNight 6 February, 2020, 14:33

    […] it will do its best not to hinder innovation. As Loo Siew Yee, assistant managing director at MAS, declared in a […]

  58. #58 Singapore AML Framework Can Attract Crypto Businesses, Not Chase It Away – Crypto Currency Lord 6 February, 2020, 14:41

    […] it will do its best not to hinder innovation. As Loo Siew Yee, assistant managing director at MAS, declared in a […]

  59. #59 Singapore AML Framework Can Attract Crypto Businesses, Not Chase It Away | Crypto Updates 6 February, 2020, 14:49

    […] it will do its best not to hinder innovation. As Loo Siew Yee, assistant managing director at MAS, declared in a […]

  60. #60 Singapore AML Framework Can Attract Crypto Businesses, Not Chase It Away - Bitcoin News 6 February, 2020, 15:43

    […] it will do its best not to hinder innovation. As Loo Siew Yee, assistant managing director at MAS, declared in a […]

  61. #61 Singapore's AML framework can appeal to crypto companies, not chase it | Bitcoin Profit Hub 6 February, 2020, 15:55

    […] do its finest to not hinder innovation. Like Bathroom Siew Yee, Deputy Director Basic at MAS, declared in a […]

  62. #62 Singapore AML Framework Can Attract Crypto Businesses, Not Chase It Away - Pi Crypto 6 February, 2020, 16:11

    […] it will do its best not to hinder innovation. As Loo Siew Yee, assistant managing director at MAS, declared in a […]

  63. #63 Singapore AML Framework Can Attract Crypto Businesses, Not Chase It Away - Coin Snippets 6 February, 2020, 16:15

    […] it will do its best not to hinder innovation. As Loo Siew Yee, assistant managing director at MAS, declared in a […]

  64. #64 Singapore AML Framework Can Attract Crypto Businesses, Not Chase It Away - ATF News 6 February, 2020, 16:43

    […] it will do its best not to hinder innovation. As Loo Siew Yee, assistant managing director at MAS, declared in a […]

  65. #65 Singapore AML Framework Can Attract Crypto Businesses, Not Chase It Away - BiKi Exchange 6 February, 2020, 16:59

    […] it will do its best not to hinder innovation. As Loo Siew Yee, assistant managing director at MAS, declared in a […]

  66. #66 Singapore AML Framework Can Attract Crypto Businesses, Not Chase It Away | TheCryptoReport.com 6 February, 2020, 17:07

    […] it will do its best not to hinder innovation. As Loo Siew Yee, assistant managing director at MAS, declared in a […]

  67. #67 Singapore AML Framework Can Entice Crypto Companies, Not Chase It Away – Forex Notice Today 6 February, 2020, 17:21

    […] do its finest to not hinder innovation. As Bathroom Siew Yee, assistant managing director at MAS, declared in a press […]

  68. #68 Golden Crest Investment » Singapore AML Framework Can Attract Crypto Businesses, Not Chase It Away 6 February, 2020, 17:27

    […] it will do its best not to hinder innovation. As Loo Siew Yee, assistant managing director at MAS, declared in a […]

  69. #69 Singapore AML Framework Can Attract Crypto Businesses, Not Chase It Away - DiscoverCrypto 6 February, 2020, 17:42

    […] do its greatest to not hinder innovation. As Bathroom Siew Yee, assistant managing director at MAS, declared in an […]

  70. #70 Singapore AML Framework Can Attract Crypto Businesses, Not Chase It Away - My blog 6 February, 2020, 19:06

    […] it will do its best not to hinder innovation. As Loo Siew Yee, assistant managing director at MAS, declared in a […]

  71. #71 Singapore AML Framework Can Attract Crypto Businesses, Not Chase It Away - Bitcoin360 6 February, 2020, 19:08

    […] it will do its best not to hinder innovation. As Loo Siew Yee, assistant managing director at MAS, declared in a […]

  72. #72 Singapore AML Framework Can Attract Crypto Businesses, Not Chase It Away – Financial Gambits 6 February, 2020, 21:05

    […] it will do its best not to hinder innovation. As Loo Siew Yee, assistant managing director at MAS, declared in a […]

  73. #73 Singapore AML Framework Can Attract Crypto Businesses, Not Chase It Away - Latest cryptocurrency news be ahead of the game this is the future. 6 February, 2020, 22:21

    […] it will do its best not to hinder innovation. As Loo Siew Yee, assistant managing director at MAS, declared in a […]

  74. #74 Singapore AML Framework Can Attract Crypto Businesses, Not Chase It Away - Emerging Markets Movers Provides the Latest News Across The Biggest Emerging Markets 7 February, 2020, 07:40

    […] it will do its best not to hinder innovation. As Loo Siew Yee, assistant managing director at MAS, declared in a […]

  75. #75 Singapore AML Framework Can Appeal to Crypto Companies, Not Chase It Away - Coin news today 9 February, 2020, 13:25

    […] do its greatest to not hinder innovation. As Lavatory Siew Yee, assistant managing director at MAS, declared in a press […]

  76. #76 MAS Proposes New Regulations Amid Emerging Risks Arising from Digital Assets | Fintech Singapore 3 August, 2020, 14:36

    […] exploring the potential of the technology since late-2016. In January this year, the PS Act came into effect, providing intermediaries dealing with cryptocurrencies with a regulatory […]

<