Source of article: Channel News Asia

The recent in-principle approvals granted to 3 more players dealing in digital payment tokens (“DPT”) by the MAS underscores Singapore’s intent to promote the use of the blockchain technology that drives cryptocurrencies, whilst protecting retail investors from the risks associated with the highly volatile nature of the industry.

The Payment Services Act and the Financial Services and Markets Bill that was passed in Parliament on 5 April 2022 would require DPT service providers serving the local or overseas markets to be registered and licensed by the MAS.

Even as it aims to be a crypto hub, Singapore will continue to update our laws to align with international standards such as the Enhanced Financial Action Task Force standards for digital token service providers.

I shared my views in an interview with the CNA on the announcement made by Singapore Deputy PM, Mr Heng Swee Keat, at the inaugural Point Zero Forum held in Zurich on 22 Jun 2022.

Refer to my post on LinkedIn here.