Showing 4218 Documents for "DPT service"
Filter by
Sort by
- MAS
- Parliamentary Replies
Last revised date:
- 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.
- MAS has explained its approach to regulating financial institutions providing cryptocurrency services, also known as digital payment token (DPT) service providers, in Singapore. 10.
- 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:
- Once it commences, entities performing DPT services will be licensed under the Act and come under MAS’ AML/CFT supervision. MAS has consulted on the requirements that will apply to DPT service providers.
- These requirements, which take into account the ML/TF risks arising from such activities, are in line with international standards. 26 MAS has warned consumers of the speculative nature of many of these virtual assets, but from the perspective of combatting financial crime we also need to guard against
- 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:
- 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 also conducts surveillance to identify unlicensed firms that illegally provide DPT services or solicit customers in Singapore. It will instruct these entities to stop offering services to Singapore residents and refer them to the Police for investigation.
- MAS
- Speeches
Last revised date:
- 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 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.
- 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
- 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
- Speeches
Last revised date:
- In the last two years, we have granted licences or in-principle approvals to 11 digital payment tokens service providers. They include global stablecoin players like Paxos, crypto exchanges like Coinhako as well as established financial institutions like DBS Vickers.
- 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
- Parliamentary Replies
Last revised date:
- 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:
- The panel, moderated by Gillian Tett (Financial Times), comprised: Kristalina Georgieva, Managing Director, International Monetary Fund Roberto Campos Neto, Governor, Central Bank of Brazil Nirmala Sitharaman, Finance Minister, India Ravi Menon, Managing Director, Monetary Authority of Singapore Watch the full video of the panel discussion here . Summary of remarks by Ravi Menon A crypto asset or token is about digitally representing anything we regard as having value, putting encryption around it
- MAS
- Notices
Last revised date:
- 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
- payment token service; a digital payment token transfer service; a custodian wallet service; (a) (b) (c) [MAS Notice 626A (Amendment) 2022] STR means suspicious transaction report; STRO means the Suspicious Transaction Reporting Office, Commercial Affairs Department
- means a person (whether a natural person, legal person or legal arrangement) with whom the licensee establishes or intends to establish 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