Singapore Imposes New Rules for Digital Payment Token Services

[sirty143]

Singapore Imposes New Rules for Digital Payment Token Services

Singapore’s central bank, the Monetary Authority of Singapore (MAS), has announced amendments to the Payment Services Act to impose additional requirements on digital payment... See more for yourself here.

Your opinion is greatly appreciated.

[Zed0X]

I don't really get what DPTs are but the additional requirements sounds like more money for the Government because of additional license. It's also just another privacy invading policy to monitor movement of user funds but disguised as for user protection.

[TomPluz]

I consider Singapore to be mildly friendly to the cryptocurrency industry and it is one of the few that got its regulatory framework now working for firms who are doing business within this small country and those who are planning to enter it into the future. With the understanding that there is a robust market in Singapore for crypto-related business, I guess that this move can further illuminate on many things down the road. I always prefer for a country to have a clearly defined and even strict regulatory guidelines rather than what is happening in USA where things can get muddy and then we just hear cases filed against crypto players. Though we could not be sure if this new rules can put many players out of business or will it make things attractive for new players to come in. As one can be saying, you either adopt and thrive or you go somewhere else.

[Kemarit]

Nothing new, and since Singapore is one crypto hub not just in Asia, they will have at some point in time regulate digital payment token (DPT) service providers. So that includes crypto exchange whether local or international. The good thing about Singaporean government is that they are really strict on implementing their laws. If no one is aware of or has not been in Singapore, is it a "fine city".

Meaning even throwing a gum is prohibited or smoking on public places. And if you are caught, you are going to pay a hefty fine and you are lucky if you will not get any jail sentence even if you are a foreigner.