Singapore Has a New Regulatory Framework for Crypto Payments

Singapore Has a New Regulatory Framework for Crypto Payments

Singapore is about to have a new regulatory framework for payments services including cryptocurrency service providers according to a press release published by the Monetary Authority of Singapore, the country’s central bank.

“The Payment Services Bill will provide a more conducive environment for innovation in payment services, whilst ensuring that risks across the payments value chain are mitigated,” says the note. The license’s regime will cover payment activities such as domestic money transfers, merchant acquisition and the purchase and sale of digital payment tokens.

Before submitting the bill to Singaporean Parliament on Tuesday, MAS Managing Director, Mr Ravi Menon said, “the Payment Services Bill will enhance the regulatory framework for payment services in Singapore, strengthen consumer protection and engender confidence in the use of e-payments. The Bill also illustrates our shift towards regulation that is modular, activity-based and facilitative of growth and development in the Singapore payments landscape.”

Singapore payment services: Two regulatory frameworks

The bill includes two regulatory frameworks that will work in parallel. The first will cover the regulation of systemically important payment systems for financial stability and efficiency reasons. The second will regulate retail payment services providers and their licenses.

“The MAS will allow up to 12 months for payment service providers to comply with the changes after the new Act is in force. Those who provide digital payment tokens will be given six months to comply,” the explanation bill added.

The Monetary Authority of Singapore asked several companies to provide feedbacks on the proposed payment services bill before the final writing of the regulatory framework.

MCO crypto debit cards shipped to Singapore

Concerning crypto payments’ new regulation in Singapore, later on October, payment provider Crypto.com announced that the new MCO Visa Cards started to be sent to customers in Singapore, under a new strategy for the company that allows people to use cryptocurrencies backed prepaid debit cards.

The debit card will allow customers to spend digital coins converted to traditional cash where Visa cards are accepted. The service works with Bitcoin, Ethereum, Binance, MCO tokens and traditional fiat currencies like the US Dollars, British Pounds, Hong Kong Dollars, Singapore Dollars, Australian Dollars and Japanese Yen. “All cryptocurrency exchanges to fiat currency take place before users transact on the Visa network,” the press release said.

In the same note, Kris Marszalek, Co-Founder and CEO of Crypto.com said that the company is “thankful for the support of all our partners and our community. During this process, our team has grown tremendously and worked incredibly hard to achieve this milestone. This is an important step towards our mission of accelerating the world’s transition to cryptocurrency.”

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