🇸🇬 Singapore is expanding regulation of cryptocurrencies! The Monetary Authority of Singapore (MAS) is amending the Payment Services Act (PS Act) to cover more digital payment token (DPT) services.

🔹 Includes DPT storage services, transfers and token exchange, international transfers.

🔹 The law applies even if the provider does not control the funds or the money is not accepted in Singapore.

🔹 MAS will be able to set requirements for anti-money laundering, user protection and financial stability.

🔹 The changes will come into force on April 4, with transitional measures for affected companies.

⚠️ Non-compliant companies will be closed.