Singapore: MAS consults on changes to subsidiary legislation for the Payment Services Act 2019

In brief

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").


Contents

Such payment services include, among others:

  1. facilitating the transmission of digital payment tokens ("DPTs") from one account to another;
  2. custodial services for DPTs;
  3. facilitating the exchange of DPTs where the service provider does not come into possession of the money or DPTs involved;
  4. domestic money transfers where financial institutions are either the payer or the payee (which were previously carved out);
  5. cross-border money transfer services which involve the facilitation of transfers of money between persons in different jurisdictions, even where the money does not flow through Singapore (the "Newly Scoped-In Services").

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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