KEY POINTS
- MAS said the amendments should empower the central bank to counter money-laundering activities
- Entities already providing services mentioned in the amendments will be offered 'transitional arrangements'
- Singapore is one of the few countries that embraced regulation of the rising crypto industry
The Monetary Authority of Singapore (MAS) on Tuesday announced amendments to the Payment Services Act (PS Act) to include custody and transfers in services within the digital payment token (DPT) or cryptocurrency sector.
