Regulations for accepting crypto payments
As a business accepting crypto payments, what customer protection measures are there with regard to transaction and account balance limits?
"The act, as defined by the Monetary Authority of Singapore (MAS), is, “A forward looking and flexible framework for the regulation of payment systems and payment service providers in Singapore. It provides for regulatory certainty and consumer safeguards, while encouraging innovation and growth of payment services and FinTech.”"
Payment companies should welcome "measures that protect consumers and encourage innovation in the payments industry", and put regulation as a priority.
"So what does this mean for [customers]?
Essentially, the act imposes new limits on [individual user's account. Requirements are outlined] below:
- Total transactions are now limited to $30,000SGD per year
- Maximum account balance is reduced to $5,000SGD
The PSA is designed to keep [users'] money as safe as possible."