BitRss.com latest World Crypto News

Search and discover the latest Cryptocurrency updated Stories in Categories

24-7 World Cryptocurrency News about Blockchain, Technology and much more, only from Top Leading Sources

Singapore revises Payments Service Act to include cross-border transfers

Singapore revises Payments Service Act to include cross-border transfers
The Monetary Authority of Singapore (MAS) has significantly amended its Payments Service Act (PSA) to enhance its jurisdiction and bolster user protection within the crypto industry, according to an April 2 statement .
These revisions align with Singapore’s commitment to solidifying its position as a cryptocurrency-friendly hub, underpinned by regulatory frameworks that foster innovation while prioritizing investor protection.
Notably, these moves have made the country a choice destination for several crypto firms, including Coinbase , Ripple , and others looking to expand into the Asia market .
PSA regulation
MAS incorporated three new digital payment token (DPT) services into the PSA, including custodial services, facilitating the transmission of crypto between accounts and exchanges, and cross-border money transfers,
Notably, in the latter two categories, the service provider need not have possessed or accepted the digital assets within Singapore.
Under the new regulations, DPT service providers must establish trust accounts for customer funds and implement robust security protocols to safeguard these assets.
In addition, all entities offering these services must adhere to the strict anti-money laundering and counter-terrorism financing regulations. They also must fulfill user protection and financial stability requirements.
Implementation timeline
The amended regulations will become effective on April 4.
However, the regulator has extended a grace period to existing service providers under a “transitional arrangement.” These incumbents must notify MAS within 30 days and apply for licensing within a six-month window to continue operating in the country.
Furthermore, MAS mandates that any application must be accompanied by an attestation report from an external auditor, verifying compliance history and business operations. This report must be furnished within nine months from April 4.
Failure to meet the stipulated requirements within the designated timeframe will result in cessation of operations within the country. The full effectuation of the amendments is anticipated by October 4, when the enhanced user protection measures will come into force.
The post Singapore revises Payments Service Act to include cross-border transfers appeared first on CryptoSlate .

BitRss.com shares this Contents always with License.

Thank you for Share!

   
Tumblr
LinkedIn
Reddit
VK

WhatsApp
Telegram

Cool to know huh? Read the full Article

Read the full Article:  ⭲ Singapore revises Payments Service Act to include cross-border transfers


Search about Crypto News


BITRSS | CRYPTOCURRENCY WORLD NEWS

The latest Top News, only from Leading exponents of BlockChain, Bitcoin and different Accredited Crypto Currency Sources.

Since 2015, our Mission was to Share, up-to-date, those News and Information we believe to represent in an Ethical and sincere manner the current Crypto Currencies World: everything you are looking for, in one place!

We have always tried to give priority to the News; for this reason we have designed BitRss.com simple and intuitive, usable by all Devices, fast and effective.


| LEARN MORE ABOUT |

Today Most Popular News



Dokky PRO - Bookcase Shop Script