The Monetary Authority of Singapore (MAS) has announced the expansion of its regulation on cryptocurrency-related activities to include custodial services and cross-border money transfers. The amendments to the Payment Services Act (PS Act) aim to provide regulatory clarity and user protection in the cryptocurrency sector.
Under the new regulations, digital payment token (DPT) or cryptocurrency service providers will be required to comply with user protection and financial stability-related requirements. These include segregating customers’ assets in a trust account, maintaining proper books and records, and ensuring effective systems and controls are in place.
