Regulations for crypto funds

Does the Travel Rule apply to the setting up of crypto funds in Singapore?

"MAS issued (effective from 28 January 2020) a notice on the prevention of money laundering and countering the financing of terrorism – Holders of Payment Service Licence (Digital Payment Token Service) (the “PSN02”). This would require VASPs intending to carry out payment services to comply with and be subject to the effective systems of continuous AML monitoring and CTF supervision. PSN02 is aligned with the Travel Rule and is referred to in paragraph 13 of PSN02:

“Paragraph 13 shall apply to a payment service provider when it effects the sending of one or more digital payment tokens by value transfer or when it receives one or more digital payment tokens by value transfer on the account of the value transfer originator or the value transfer beneficiary but shall not apply to a transfer and settlement between the payment service provider and another financial institution where the payment service provider and the other financial institution are acting on their own behalf as the value transfer originator and the value transfer beneficiary.”"

Source: CNP Law, 5 Aug 2021