Showing 4218 Documents for "DPT service"
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- MAS
- Speeches
Last revised date:
- The Bill will enable MAS to impose user protection measures on DPT service providers when necessary. This could include, for example, requiring a DPT service provider to segregate customer assets from its own assets.
- of DPTs where the service provider does not come into possession of the moneys or DPTs involved. 10.
- Under the PS Act, MAS currently regulates service providers dealing in DPTs and facilitating the exchange of DPTs where the service provider comes into possession of moneys or DPTs. These are common business models of DPT service providers that operate in Singapore. 8.
- MAS
- Speeches
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- (III) Including powers to enable MAS to impose measures on DPT service providers 10 MAS currently regulates DPT service providers primarily for ML/TF risks.
- To align Singapore’s regime with the enhanced FATF standards applicable to DPT service providers, the Bill will expand the definition of DPT service in the PS Act to include the following services: (a) Transfer of DPTs; (b) Provision of custodian wallet services for DPTs; and (c) Facilitating
- ; (vi) Digital payment token service; and (vii) Money-changing service. under the Payment Services Act 2019 (“PS Act”).
- MAS
- Notices
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- ; (e) digital payment token services; (f) money-changing services.
- 3 -------- Digital payment token service Money- changing service (k) Form 6A Digital Payment Token service (monthly submission) (l) Form 6B Digital Payment Token service (semi-annual submission) (m) Form 7 Money- service Changing (annual submission)
- payment token services were provided for the purpose of (a) Transfers of digital payment tokens from one digital payment token address to another, within the same DPT service provider (b) Transfers of digital payment tokens from one digital payment token address to
- MAS
- Acts
Last revised date:
- Where the DTs are DPTs, such entities may be considered to be carrying on business of providing DPT service under the PS Act.
- There was also a suggestion to scope in the proposed DT activities into the PS Act or SFA instead of FSMA.
- service providers (December 2019 Consultation Paper).
- MAS
- Monographs/Information Papers
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- This paper provides a technical overview to the concept of PBM, which enables money to be directed towards a specific purpose, without requiring money itself to be programmed. PBM features the use of a common protocol that is designed to work with different ledger technology and forms of money. With a standardised format, users will be able to access digital money using the wallet provider of their choice. Purpose Bound Money (PBM) Technical Whitepaper -------- Contents 1. Introduction .......
- MAS
- Consultations
Last revised date:
- MAS is of the view that regulating Payment Token Derivatives offered by non-AE entities (including digital payment token service providers under the Payment Services Act2 (PS Act)) will confer misplaced confidence in such highly volatile products that could lead to a wider offering
- The appropriate scope of regulatory requirements for such activities had previously been considered.4 MAS had also issued a consultation paper5 on 23 December 2019 which discussed, among other things, powers to impose user protection measures on certain digital payment token service providers,
- MAS
- Consultations
Last revised date:
- under the PS Act today.
- DPT service providers are regulated primarily for money laundering (ML) and terrorism financing (TF), and technology risks.
- MAS seeks comments on whether three business days is a reasonable timeline for DPT service providers to transmit SCS from a payer to payee. 9 This will be a regulated DPT service when the amendments to PS Act, passed by Parliament in January 2021, come into effect.
- MAS
- Media Releases
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- on the proposed regulatory measures for DPT services. public consultation on regulatory measures to enhance investor protection and market integrity in DPT services.
- The Monetary Authority of Singapore (MAS) today announced new requirements for Digital Payment Token (DPT) service providers to safekeep customer assets under a statutory trust before the end of the year.
- This will mitigate the risk of loss or misuse of customers’ assets, and facilitate the recovery of customers’ assets in the event of a DPT service provider’s insolvency.
- MAS
- Monographs/Information Papers
Last revised date:
- This report highlights one of the foundational principles of Project Guardian – the establishment of open and interoperable networks. A framework is introduced for understanding the design options to enable the trading of digital assets across networks and liquidity pools. This framework considers the core principles of financial market infrastructure and takes reference from projects that have sought to push the boundary on these topics. The report was jointly developed with subject matter experts
- MAS
- Parliamentary Replies
Last revised date:
- MAS has adopted this approach because DPT services are at a nascent stage of development and far from gaining mainstream adoption.
- Hence, MAS will require DPT service providers to make appropriate disclosures, including stating clearly to their customers, both individuals and merchants, that the product purchased is a DPT and is not subject to safeguarding protection under the Act. 7.