Singapore: Bill Tabled to Place Crypto Payment Services Under Central Bank Oversight

A new bill which will impact electronic wallets and digital payment tokens such as bitcoin has been tabled in Singapore’s parliament.

A new bill which will impact electronic wallets and digital payment tokens such as bitcoin has been tabled in Singapore’s parliament.

The Payment Services Bill will place the providers of payment services that are not under the regulatory oversight of Money-Changing and Remittance Businesses Act and the Payment Systems Oversight Act under the umbrella of Singapore’s central bank, the Monetary Authority of Singapore(MAS).

This has come about following the growing usage of cryptocurrencies and the realization that the existing legislation does not cover them adequately.

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