The Monetary Authority of Singapore has issued new user protection regulations for digital payment token companies
2024-04-02 05:15:44
According to a statement, the Monetary Authority of Singapore has revised the Payment Services Act and its subsidiary legislation to expand the scope of payment services regulated by the central bank. The statement states that the Monetary Authority will implement user protection and financial stability requirements for digital payment token (DPT) service providers. The amendment will authorize the Monetary Authority of Singapore to impose requirements related to anti money laundering and counter-terrorism financing, user protection, and financial stability on digital payment token (DPT) service providers, which will take effect in stages from April 4th.
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