Monetary Authority of Singapore releases new user protection rules for digital payment token companies

The Monetary Authority of Singapore has amended the Payment Services Act and its subsidiary legislation to expand the scope of payment services regulated by the central bank, according to a statement. The statement pointed out that the Hong Kong Monetary Authority will implement user protection and financial stability-related requirements for digital payment token (DPT) service providers. The amendments will authorize the Monetary Authority of Singapore to impose requirements on digital payment token (DPT) service providers related to anti-money laundering and countering the financing of terrorism, user protection and financial stability. The regulations will come into effect in phases from April 4.

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