The Monetary Authority of Singapore (MAS), the country’s central bank, announced that it has finalized the new regulatory framework for payment services which includes cryptocurrency, according to the report of local news media Straits Times.
It was also stated that all cryptocurrency payment service providers which were not included in the current regulatory framework, will need to be licensed under the new regime in order to provide their services within the country
All payment service providers willing to receive a license will have to choose between applying as a money-changer, a standard payment institution, or a major payment institution. The former two will be regulated primarily for money laundering and terrorism financing risks while the latter more comprehensively.
Earlier it was reported that the Monetary Authority of Singapore (MAS) and Singapore Exchange (SGX) have announced the successful development of Delivery versus Payment (DvP) capabilities for the settlement of tokenized assets across different blockchain platforms.
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