Singapore may put crypto services under central bank oversight

27 Nov, 2018 | Updated: 27 Nov, 2018
by David Robb
Regulation
Singapore may put crypto services under central bank oversight

Singapore is considering a new approach to regulating cryptocurrency services. The parliament has tabled a bill that proposes putting payment processors and wallets under the oversight of the country's central bank.

The new Payment Services Bill is due to place the providers of payment services that are not under the regulatory oversight of Money-Changing and Remittance Businesses Act or the Payment Systems Oversight Act, under the jurisdiction of Singapore’s central bank, the Monetary Authority of Singapore (MAS).The services affected include: account issuance services, domestic money transfer services, cross border money transfer services, merchant acquisition services, e-money issuance services, digital payment token services, and money-changing services.

A new licensing framework will be introduced, requiring new crypto projects to apply for official certification. A requirement to acquire a license will be that the payment service has at least one permanent office or place of business located in Singapore.

This is potentially a progressive move from the parliament, which will provide clarity for new businesses as well as stability and security for any new potential clients looking to move into the crypto space. 

Read more: Singapore hosted more ICOs than the US in AugustCrypto.com’s MCO Visa cards begin shipping in Singapore today

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