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The Monetary Authority of Singapore proposes to amend the Payment Services Regulations and related notices to address new services to be regulated and AML/CFT requirements.

MAS Consults on Proposed Amendments to Payment Services Regulations and Notices

Date
May 12, 2023
Author
OrionW
The Monetary Authority of Singapore proposes to amend the Payment Services Regulations and related notices to address new services to be regulated and AML/CFT requirements.
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The Monetary Authority of Singapore has responded to comments on a consultation paper proposing the creation of a platform for financial institutions to share AML/CFT information.

MAS Responds to Feedback on a Proposed FI-FI AML/CFT Information Sharing Platform

Date
May 5, 2023
Author
OrionW
The Monetary Authority of Singapore has responded to comments on a consultation paper proposing the creation of a platform for financial institutions to share AML/CFT information.
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From 1 June 2023, virtual asset service providers (VASPs) in Hong Kong and overseas VASPs that actively market their virtual asset services in HK will be subject to licence and other regulatory requirements under HK’s amended AML law.

New Hong Kong Licensing Regime for Virtual Asset Service Providers

Date
Dec 19, 2022
Author
OrionW
From 1 June 2023, virtual asset service providers (VASPs) in Hong Kong and overseas VASPs that actively market their virtual asset services in HK will be subject to licence and other regulatory requirements under HK’s amended AML law.
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The MAS has proposed regulatory measures to protect retail customers from harms related to cryptocurrency speculation and risks from the technology and business practices of digital payment token service providers.

MAS Consults on Regulatory Measures for DPT Services

Date
Oct 31, 2022
Author
OrionW
The MAS has proposed regulatory measures to protect retail customers from harms related to cryptocurrency speculation and risks from the technology and business practices of digital payment token service providers.
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MAS proposes a regulatory approach for single-currency pegged stablecoins under the Payment Services Act that involves a new stablecoin issuance service.

MAS Proposes an Approach to Regulating Stablecoins and Related Activities

Date
Oct 28, 2022
Author
OrionW
MAS proposes a regulatory approach for single-currency pegged stablecoins under the Payment Services Act that involves a new stablecoin issuance service.
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MAS proposes to increase the current caps on the daily balances and annual outflows of money in e-wallets under the Payment Services Act, and to exempt issuers of ‘white label’ e-wallets from the aggregation requirement.

MAS Consults on Restrictions on Personal Payment Accounts That Contain E-money

Date
Oct 24, 2022
Author
OrionW
MAS proposes to increase the current caps on the daily balances and annual outflows of money in e-wallets under the Payment Services Act, and to exempt issuers of ‘white label’ e-wallets from the aggregation requirement.
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OrionW is a boutique law firm specialising in Singapore and cross-border corporate, commercial and regulatory matters, with a focus on technology, media and telecommunications (TMT) and financial technology (FinTech). We are dedicated to providing excellent legal service to clients at the leading edge of their markets.
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OrionW LLC (UEN 201505714C) is a Singapore law practice incorporated with limited liability.