Regulations for accepting crypto payments
As a business accepting crypto payments, what are the operational requirements under MAS?
According to MAS (Notices)
last revised on 5 Dec 2019
Businesses accepting crypto payments are required to issue receipts "for every transaction it accepts, processes or executes to a customer - (a) where the customer is an individual or sole-proprietor; and (b) in all other cases, where the customer requests a receipt."
Businesses accepting crypto payment are also required to record transaction information, such as date of transaction, type of transaction (DPTs bought or sold), total amount of money or DPTs received and date of receipt of money or DPT by payee.
"PARTICULARS TO BE INCLUDED IN THE REGISTER
(a) date of transaction;
(b) type of transaction (DPTs bought or sold);
(c) total amount of money or DPTs received... and where the licensee or exempt payment service provider did not receive Singapore dollars, the equivalent amount in Singapore dollars, and the exchange rate applied...with a breakdown of the following:
(i) amount of money or DPT received by the payee and the exchange rate applied...;
(ii) amount of commission and other service charges in Singapore dollars, if any;
(d) date of receipt of money or DPT by payee."
Information such as the exchange rate which a business accepting crypto payment is offering in respect of any purchase or sale via DPT, as well as any separate fee for the provision of the payment service, must be displayed prominently "such that a customer or potential customer would have notice of such information before using any payment service provided by the licensee".
These requirements applies to licensees that hold a licence to carry on a business of providing digital payment token (“DPT”) service or exempt payment service provider carrying on a business of providing DPT services, or money-changing services, where such services are relevant payment services.