Monetary Authority of Singapore issues licensing requirements for cryptocurrency custody services

According to BlockBeats, on April 3, according to an official announcement, the Monetary Authority of Singapore (MAS) announced amendments to the Payment Services Act (PS Act) and its subsidiary regulations, expanding the scope of payment services regulated by MAS and implementing user protection and financial stability requirements for digital payment token (DPT) service providers. These amendments will take effect in stages from April 4, 2024. The amendments will bring the following activities under the regulatory scope of the PS Act: (i) Providing custody services for DPT; (ii) Facilitating the transfer of DPT between accounts and the exchange of DPT, even if the service provider does not touch the funds or DPT; (iii) Facilitating cross-border fund transfers between different countries, even if the funds are not accepted or received in Singapore. Transitional arrangements will be provided for entities that are currently conducting activities under the expanded scope of the PS Act. These entities must notify MAS within 30 days from April 4 and submit a license application within six months from April 4, 2024 if they wish to temporarily continue these activities while MAS reviews their license application. Entities that do not comply with the above requirements will be required to cease activities when the amendments come into effect.