Monetary Authority of Singapore Provides Clarifications on Payment Services Act in New FAQ

The Monetary Authority of Singapore (MAS) has published an FAQ in regards to the new Payment Services Act.

The Payment Services Act has gone through a consultation process with MAS responding in December 2019. The FAQ is meant to provide guidance on the licensing and regulation of payment service providers, the oversight of payment systems, and connected matters. The Payment Services Act officially commenced on 28 January 2020.

MAS regulates seven payment services provided to consumers or merchants under the licensing framework of the Act. This means that most payment firms that consumers and merchants commonly interact with are regulated by MAS. Most providers of e-wallets and e-money for example are regulated for account issuance service, domestic money transfer service and e-money issuance. The regulation includes cryptocurrencies.

The FAQ is embedded below.

MAS Payment Services Act FAQ 13 April 2020
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