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Singapore amends Payment Services Act to include cross-border money transfers
Singapore’s new cryptocurrency regulations will come into effect in phases from April 4.
The Monetary Authority of Singapore (MAS) has significantly amended its Payment Services Act (PSA) to enhance its jurisdiction and enhance user protection in the cryptocurrency industry, according to an April 2 statement.
These amendments are in line with Singapore’s commitment to cementing its position as a crypto-friendly hub, supported by a regulatory framework that simultaneously fosters innovation and prioritizes investor protection.
Notably, these moves have made the country a preferred destination for several cryptocurrency companies, including Coinbase, Ripple, and others looking to expand into the Asian market.
The Monetary Authority of Singapore (MAS) has significantly amended its Payment Services Act (PSA) to enhance its jurisdiction and enhance user protection in the cryptocurrency industry, according to an April 2 statement.
These amendments are in line with Singapore’s commitment to cementing its position as a crypto-friendly hub, supported by a regulatory framework that simultaneously fosters innovation and prioritizes investor protection.
Notably, these moves have made the country a preferred destination for several cryptocurrency companies, including Coinbase, Ripple, and others looking to expand into the Asian market.
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