Showing 2492 Documents for "DPT"
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- MAS
- Monographs/Information Papers
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- For example, MAS introduced the Payment Services in January 2020 and Act 2019 (PS Act) corresponding AML/CFT requirements to address the ML/TF risks arising from new payment services, such as digital payment token (DPT) services, given the inherent ML/TF risks posed by such
- services.5 Further amendments to the PS Act 4 This would include digital payment token service providers which MAS also regulates and supervises as FIs. 5 Given the nascent regulatory regime for the DPT sector and higher inherent ML/TF risks, MAS has required CDD to
- be conducted from the first dollar of all DPT transactions (i.e. there is no threshold below which CDD is not required, including for occasional transactions).
- MAS
- Parliamentary Replies
Last revised date:
- MAS has explained its approach to regulating financial institutions providing cryptocurrency services, also known as digital payment token (DPT) service providers, in Singapore. 10.
- Such DPT service providers are regulated by MAS to address money laundering, terrorist financing, and technology risks. Whether the DPT service providers can address these risks robustly is a key consideration in licensing them to operate in Singapore.
- Going forward, MAS plans to introduce some basic investor protection measures for DPT service providers which are licensed in Singapore.
- MAS
- Speeches
Last revised date:
- We hold digital payment token licensees to the same high anti-money laundering standards that we hold banks to. But we do not regulate them like banks because they do not conduct other activities that banks do. Payment service providers have a lighter regulatory regime overall compared to banks.
- MAS
- Parliamentary Replies
Last revised date:
- All entities dealing in cryptocurrencies (termed digital payment token or DPT service providers) in Singapore are expected to comply with the MAS guidelines.
- DPT service providers are currently regulated under the Payment Services Act (PS Act) primarily for money laundering and terrorism financing risks.
- Since then, DPT service providers have taken actions to meet these rules, such as removing cryptocurrency ATMs from public areas and taking down advertisements from public transport venues. 3.
- MAS
- Parliamentary Replies
Last revised date:
- In Singapore, as in other jurisdictions, not all activities related to digital payment tokens (“DPT”) - referred to as cryptocurrencies - are regulated.
- A company that provides a service which involves buying, selling or facilitating the exchange of DPTs would be regulated under the Payment Services Act 2019 (PS Act).
- It administers a rigorous licensing process to ensure that we admit DPT service providers with strong governance structures and robust controls to address these risks. Many applicants have been turned away.
- MAS
- Monographs/Information Papers
Last revised date:
- The Bank of Canada (BoC), Bank of England (BoE) and the MAS jointly published a report, which assesses alternative models that could enhance cross-border payments and settlements. The report examines existing challenges and considers alternative models that could in time result in improvements in speed, cost and transparency for users. CROSS-BORDER INTERBANK PAYMENTS AND SETTLEMENTS Emerging opportunities for digital transformation November 2018 Cross-Border Interbank Payments and Settlements
- MAS
- Parliamentary Replies
Last revised date:
- payment token (DPT) service providers, otherwise known as “cryptocurrency” service providers.
- MAS has issued a circular to DPT service providers to underscore the importance of proper implementation of these controls, and the need to be vigilant against potential circumvention of the financial measures. 3.
- Both licensed and exempted DPT service providers must have robust controls to avoid facilitating prohibited transactions. These include procedures to know their customers and the beneficial owners of customers, and to screen these persons and their counterparties.
- MAS
- Speeches
Last revised date:
- We will be among the first few financial services regulators in the world to introduce a regulatory framework for digital payment token services, or what are commonly understood as cryptocurrency dealing or exchange services.
- For example, payment and remittance services are now often provided as one product to customers. 8 Second, we are expanding MAS’ regulatory scope to include more types of payment services, such as digital payment token services and merchant acquisition.
- We will be regulating new services, as well as expanding the scope of activities under the services we currently regulate. 20 Services that MAS will now be regulating are domestic money transfers, merchant acquisition, and digital payment token services.
- MAS
- Speeches
Last revised date:
- If the digital asset is used as a means of payment, then it is regulated as a digital payment token under the Payment Services Act. In the last two years, we have granted licences or in-principle approvals to 11 digital payment tokens service providers.
- This is the approach we have taken for the marketing of digital payment tokens to the public. We also do a lot of public and industry consultations on new areas so that we get it right, such as on stablecoins.
- For the digital payment tokens service providers, regulation has been limited to anti-money laundering, technology risk, and access to retail public. We have taken quite a tough line on unfettered access to retail public because retail investors should not be dabbling in cryptocurrencies.
- MAS
- Notices
Last revised date:
- business relations; digital payment token has the same meaning as defined in section 2(1) of the PS Act; [MAS Notice 626A (Amendment) 2022] digital payment token service has the same meaning as defined in section 2(1) of the PS Act; [MAS Notice 626A (Amendment) 2022] digital payment
- token transfer service means the service of accepting digital payment token from one digital payment token address or account, whether in Singapore or outside Singapore, as principal or agent, for the purposes of transferring, or arranging for the transfer of,
- the digital payment token to another digital payment token address or account, whether in Singapore or outside Singapore; [MAS Notice 626A (Amendment) 2022] 1 In the case of a limited liability partnership or a limited partnership. 4 -------- domestic money transfer service