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Singapore

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This blog entry focuses on Phase 2 of amendments to Singapore payments legislation. It expanded of the scope to domestic money transfer (DMT) service, cross-border money transfer (CBMT) service and digital payment token (DPT) service. Persons who started providing the expanded scope of services from 4 April 2024, must immediately cease providing such services, unless they can rely on an applicable exemption or exclusion. Persons who had started providing the expanded scope of services before…

The Monetary Authority of Singapore (MAS) has proposed a new Omnibus Act (New Act), which will contain a new regulatory framework for Singapore digital token service providers performing digital token services outside Singapore. The new regulatory framework entails two key aspects: (a) licensing requirements; and (b) anti money laundering (AML) and countering the financing of terrorism (CFT) regulations The Financial Action Task Force recently revised the FATF Standards (Standards) to enhance regulation of virtual asset service…

In statements published today, officials in Singapore confirmed a mainly hands-off policy regarding cryptocurrencies and stated that they had no plans to ban  cryptocurrency as part of its future regulatory plans. As have many other governments, it warned about the risks of investing in cryptocurrency. At the same time, the government said it wanted to “continue to encourage experiments in the blockchain space that may involve the use of cryptocurrencies, because some of these innovations…