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On 8 May 2023, the Monetary Authority of Singapore ("MAS") issued Consultation Paper P004-2023 proposing changes to subsidiary legislation to address, among others, the regulatory requirements applicable to payment services that will soon become licensable under the Singapore Payment Services Act 2019 ("PSA").
Such payment services include, among others:
The MAS also proposes to make some technical amendments to the Payment Services Regulations 2019 ("PSR") and Notices to the PSA which will be of general application to licensees, as well as to introduce new regulations on transitional exemptions.
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