Singapore: Adopted MAS amendments to Payment Services Regulations 2019 and other notices including operational license requirements for digital payment token providers

On 2 April 2024, the Monetary Authority of Singapore (MAS) adopted amendments to the Payment Services Act 2019 (PS Act), the Payment Services Regulations 2019, and the Financial Support for Anti-Money Laundering/Countering the Financing of Terrorism (AML/CFT)'s notices PSN01, PSN02, PSN04, PSN07, and PSN08. The amendments expand the scope of payment services regulated by MAS to include digital payment token (DPT) service providers. In particular, amended regulations require DPT providers to obtain a license to operate and will be subject to user protection measures. Furthermore, the amendments include provisions regarding custodial services, facilitation of the transmission of DPT between accounts, and the facilitation of cross-border money transfer between different countries within the scope of the PS Act. The amendments enter into force on 4 April 2024. The DPT service providers are required to submit a license application within 6 months from 4 April 2024 and an attestation report by an external auditor within 9 months.