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Singapore Enacts Licencing Requirements for Crypto Custody Services and Others

Singapore has expanded the scope of what cryptocurrency-related activities it regulates to include custodial services, the Monetary Authority of Singapore (MAS) announced on Tuesday. The change in scope also includes cross-border money transfers even when the money is not accepted or received in the city-state, and the facilitation of the transmission of crypto between accounts and exchanges. The legislation was passed in 2021 with amendments to the Payment Services Act (PS Act), the framework to regulate payment service providers. The amendments would impose user protection and financial stability-related requirements on digital payment tokens (DPT).

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