Payment Service Providers
Expansion of regulated activities under the Payment Services Act (PS Act)
2 April 2024
MAS amended the PS Act to expand the scope of regulated activities to include the provision of custodial services for digital payment tokens (DPTs) and empower MAS to impose user protection and financial stability-related measures on DPT service providers. The amendments took effect in April 2024. Additional business models that similarly pose money laundering/terrorism financing risks were also brought within the scope of existing regulated activities. These include facilitating the transmission of DPTs between accounts, facilitating the exchange of DPTs even where the service provider does not come into possession of the moneys or DPTs, as well as facilitating cross-border money transfers between different countries, even where moneys are not accepted or received in Singapore.