In this regular update, we round-up FinTech-related regulatory developments for the week ending 20 August 2021. Continue reading
In this bulletin we cover the following key developments in the payments and fintech space:
- Payment Services Bill: On 14 January 2019, the Payment Services Bill (Bill) was passed by the Singapore Parliament. When it comes into force, the Payment Services Act (as the enacted Bill will be known) will introduce two regulatory frameworks: a designation scheme which enables the Monetary Authority of Singapore (MAS) to designate significant payment systems for financial stability reasons, and a licensing regime which allows MAS to regulate a wider range of payment services, including cryptocurrency dealing and exchange services, in a proportionate manner depending on the scope and scale of the provider’s services.
- Sandbox Express: On 14 November 2018, MAS released a consultation paper on Sandbox Express, which comprises a set of pre-defined sandboxes to complement the existing approached of customized sandboxes.
- Digital Token Offerings: On 3 December 2018, MAS updated its Guide to Digital Token Offerings which provides general guidance on the application of the securities laws administered by MAS to offers or issues of digital tokens in Singapore.
For more information on these key developments, please see our full bulletin here.
The extraordinary returns generated by cryptocurrencies have led to a frenzy of investment activity and interest from investors. Several new crypto hedge funds have emerged, and cryptocurrency is fast establishing itself as a mainstream asset class.
However, numerous operational and regulatory concerns remain. While regulators are increasing oversight, established players and startups are moving to address the current gaps in infrastructure, control and compliance.
Read our latest article for Regulation Asia to learn more about overcoming the challenges to make the most of the opportunities of this new asset class.
Blockchain technology is ushering in a new epoch of monetary oversight, creating opportunities and challenges for regulators in a world disrupted by the advent of cryptocurrencies Continue reading