Singapore’s currency control (MAS), actually performing the function of the Central Bank, approved a new bill on payment services, which expands the sphere of influence on cryptocurrency operations in its jurisdiction.
The document submitted by Parliament should replace the two existing laws regulating payment systems, business and money transfers. Coordination of the rules to improve the protection of consumer rights, UM / FT and cybersecurity began in 2016, but the public discussion was delayed. The new article is divided into two parts.
The first is called «mode definition», and allows Mas to determine which payment systems is important for financial stability, respectively, their activities should be regulated. The second part describes the mechanisms of compulsory licensing companies providing payment services.
Licensing levels depend on the specifics of the activity of the subject, monthly turnover and classification of a legal entity. Currency management gives a business that works with cryptocurrent, six months for the passage of accreditation and obtaining the necessary permits.
In October, the head of Mas Ravi Menon