Regulatory And Other Developments In Singapore On Cryptocurrency And Bitcoin Exchanges – Technology – Singapore – Mondaq News Alerts



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Regulatory And Other Developments In Singapore On Cryptocurrency And Bitcoin Exchanges


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In our earlier
CNPupdate article
published on 9 May 2018, we discussed the
regulatory approach to cryptocurrency and bitcoin exchanges in
Singapore. In this article, we look at the regulatory developments
following the commencement of the Payment Services Act 2019
(“PS Act“) on 28 January 2020.

Along with the PS Act, the following key regulations relating to
the new payment services framework have also come into effect on 28
January 2020:-

Entities who operate or intend to operate Cryptocurrency and
Bitcoin Exchanges in Singapore (collectively,
Exchange Operators“) may be required to
comply with the licensing requirements for providing a
digital payment token service” and operating a
digital payment token exchange” under the PS
Act.

The Monetary Authority of Singapore (the
MAS“) formed a new Payments Department
in February 2020 to supervise the payment services industry in
Singapore the (“PD“). The PD is
responsible for supervising the regulation of the payments industry
in Singapore. The PD formulates policies on the regulation of
payment services, and supervises payment services providers (e.g.
cross-border money transfer service providers, digital payment
token service providers and money-changers) as well as payment
systems (e.g. GIRO, FAST, NETS Electronic Funds Transfer at
Point-of-Sale). PD also supervises non-bank credit and charge card
issuers regulated under the Banking Act, and credit bureaus
regulated under the Credit Bureau Act.

Over recent months, there have also been some notable
developments in the cryptocurrency landscape in Singapore. iSTOX, a
digitised securities trading platform, graduated from the MAS’
Fintech Regulatory Sandbox on 1 February 2020 [link]. Intercontinental Exchange, an approved
exchange regulated by the MAS, launched the Bakkt bitcoin
cash-settled monthly futures contract in Singapore on 9 December
2019 [link]. Xfers, a provider of e-money issuance
service, announced on 7 November 2019 that it plans to issue the
XSGD token (powered by Zilliqa), a Singapore-dollar backed and
pegged “stablecoin” under the project name
StraitsX [link].

This update is provided to you for general information and
should not be relied upon as legal advice.

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